<SEC-DOCUMENT>0001292814-23-004672.txt : 20231115
<SEC-HEADER>0001292814-23-004672.hdr.sgml : 20231115
<ACCEPTANCE-DATETIME>20231115162052
ACCESSION NUMBER:		0001292814-23-004672
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20231115
DATE AS OF CHANGE:		20231115

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:		231410864

	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>pamfs3q23_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;November, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>(Commission File
No. 001-34429),</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B><A HREF="ex99-1.htm"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2023
</FONT></A></FONT></P>


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

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

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



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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;November 13, 2023</P>

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

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

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

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

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

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

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

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish
for publication in Argentina</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><IMG SRC="pamfs3q236k_001.jpg" ALT="" STYLE="width: 426px; height: 122px"></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><B>AS OF SEPTEMBER 30, 2023 </B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><B>AND FOR THE NINE AND THREE-MONTH PERIODS THEN ENDED</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><B>PRESENTED IN COMPARATIVE FORMAT</B></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;<B>REPORT ON REVIEW OF THE CONSOLIDATED CONDENSED INTERIM
FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">To the Shareholders, President and Directors of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">Pampa Energ&iacute;a S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">Legal address: Maip&uacute;, 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">Autonomous City of Buenos Aires</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">Tax Code No.: 30-52655265-9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Report on the consolidated condensed interim financial statements
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">We have reviewed the accompanying consolidated condensed interim
financial statements of Pampa Energ&iacute;a S.A. and its subsidiaries (hereinafter &quot;the Group&quot;), which comprise the consolidated
statement of financial position as of September 30, 2023, the consolidated statements of comprehensive income for the periods of nine
and three months ended September 30, 2023, of changes in equity and cash flows for the nine months ended September 30, 2023, and selected
explanatory notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Board's responsibility</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">The Board of Directors of the Company is responsible for the
preparation and presentation of the financial statements in accordance with International Financial Reporting Standards, adopted by the
Argentine Federation of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards
and incorporated by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International
Accounting Standards Board (IASB), and therefore is responsible for the preparation and presentation of the consolidated condensed interim
financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 <I>&#8220;Interim Financial
Reporting&#8221; </I>(IAS 34).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Scope of the review</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">Our responsibility is to express a conclusion on these consolidated
condensed interim financialstatements based on our review, which was performed in accordance with the International Standards on Review
Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the entity, adopted as a review
standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards
Board (IAASB). A review of consolidated condensed interim Financial Statements consists of inquiries primarily of Company staff responsible
for financial and accounting matters, and applying analytical and other review procedures. This review is substantially less in scope
than an audit examination conducted in accordance with international standards on auditing and consequently it does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0">Price Waterhouse &amp; Co. S.R.L., Bouchard 557, floor 8&deg;, C1106ABG &ndash;
Autonomous City of Buenos Aires</P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0">T: +(54.11) 4850.6000, www.pwc.com/ar</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.35pt 0 0">Based on our review, nothing has come to our attention that
causes us to believe that the consolidated condensed interim Financial Statements mentioned in the first paragraph of this report have
not been prepared, in all material respects, in accordance with International Accounting Standard 34.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><B>Report on compliance with current regulations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 12pt 0">In accordance with current regulations, we report, in connection
with Pampa Energ&iacute;a S.A., that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt">a)&nbsp; the consolidated condensed interim
financial statements of Pampa Energ&iacute;a S.A. are recorded to the &#8220;Inventory and Balance Sheet&#8221; book, and complies in
what is a matter of our competence, with the provisions of the General Companies Law and in the pertinent resolutions of the National
Securities Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: 60.6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt">b) &nbsp;the individual condensed interim
financial statements of Pampa Energ&iacute;a S.A. arise from accounting records kept in their formal aspects in accordance with legal
regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt">c)&nbsp; we have read the Summary of
Activity (&#8220;Rese&ntilde;a Informativa&#8221;), on which, as regards those matters that are within our competence, we have no observations
to make;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.35pt 0 14pt; text-indent: -14pt">d) &nbsp;as of September 30, 2023, the
debt accrued by Pampa Energ&iacute;a S.A. in favor of the Argentine Integrated Social Security System according to the Company's accounting
records and calculations amounted to $ 730.5 million, none of which was claimable at that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0.35pt 12pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Autonomous City of Buenos Aires, November 8, 2023</P>

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

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    <TD STYLE="border-bottom: black 1pt solid; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PRICE WATERHOUSE &amp; CO. S.R.L.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">(Partner)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt">Carlos Mart&iacute;n Barbafina</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">GLOSSARY OF TERMS</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-top: 6pt; border-bottom: Black 1pt solid; vertical-align: middle; width: 15%">Terms</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; border-bottom: Black 1pt solid; vertical-align: middle; width: 80%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">ADR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">American Depositary Receipt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">AFIP</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Federal Administration of Public Revenue&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">BCRA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Argentina&rsquo;s Central Bank&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">BNA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Banco de la Naci&oacute;n Argentina</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">BYMA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Bolsas y Mercados Argentinos&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CAMMESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico Mayorista S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Corporate Bonds&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CENCH</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Hydrocarbons Unconventional Exploitation Concession</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CIESA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Comercializadora e Inversora S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Citelec</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n El&eacute;ctrica Citelec S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CNV</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">National Securities Commission of Argentina&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CNY</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Yuan Republic of China</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CSJN</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Argentina&rsquo;s Supreme Court of Justice</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CTB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CT Barrag&aacute;n S.A</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CTGEBA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Central T&eacute;rmica Genelba</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">CTLL</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Central T&eacute;rmica Loma de la Lata</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">EAR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Effective Annual Rate&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">EISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Energ&iacute;a Inversora S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">ENARSA&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Energ&iacute;a Argentina S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">ENARGAS&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">National Regulatory Authority of Gas&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">ENRE&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">National Regulatory Authority of Electricity&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">GASA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Generaci&oacute;n Argentina S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Greenwind</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Greenwind S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">GyP</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Gas y Petr&oacute;leo del Neuqu&eacute;n S.A.P.E.M.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">HIDISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Hidroel&eacute;ctrica Diamante S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">HINISA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Hidroel&eacute;ctrica Los Nihuiles S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">IAS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">International Accounting Standards&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">IASB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">International Accounting Standards Board</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">IFRS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">International Financial Reporting Standards</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">MAT</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Forward Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">MATER</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Renewable Energy Forward Market</TD></TR>
  </TABLE>

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


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    <!-- Field: /Page -->

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-top: 6pt; border-bottom: Black 1pt solid; vertical-align: middle; width: 15%">Terms</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; border-bottom: Black 1pt solid; vertical-align: middle; width: 80%">Definitions</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">MLC</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Foreign Exchange Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">MW</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Megawatt</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">NYSE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">New York Stock Exchange</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">OCP Ltd</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Oleoductos de Crudos Pesados Ltd</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">OCP SA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Oleoductos de Crudos Pesados S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PB18</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Bloque 18 S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a Bolivia S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PECSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a Chile S.p.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEN</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Federal Executive Branch&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEPE II</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a II Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEPE III</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a III Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEPE IV</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a IV Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PEPE VI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a VI Wind Farm</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">PESOSA</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a Soluciones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-top: 6pt">PISA</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">Pampa Inversiones S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Refinor</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Refiner&iacute;a del Norte S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">RTI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Tariff Structure Review&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">SACDE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Argentine Society of Construction and Strategic Development&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">SADI</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Argentine Interconection System</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">SE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Secretary of Energy</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">TGS</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Transportadora de Gas del Sur S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">TGU</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Transporte y Servicios de Gas en Uruguay S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">TJSM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">TMB</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Termoel&eacute;ctrica Manuel Belgrano S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">The Company / Pampa</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">The Group</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Pampa Energ&iacute;a S.A. and its subsidiaries</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Transba</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Transener</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">US$</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">U.S. dollar</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">UTE</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Uni&oacute;n Transitoria de Empresas</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">VAR</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Vientos de Arauco Renovables S.A.U.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">WEM</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">Wholesale Electricity Market</TD></TR>
  <TR>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">YPF</TD>
    <TD STYLE="padding-top: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; vertical-align: middle">YPF S.A.</TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF</P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMPREHENSIVE INCOME</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month
periods ended September 30, 2023, presented in comparative format.</B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine
Pesos (&ldquo;$&rdquo;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">Nine months</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">Three months</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; background-color: white; width: 44%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">8</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">346,957</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">168,748</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">152,701</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69,225</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(209,953)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(104,023)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(92,014)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(43,127)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">137,004</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">64,725</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">60,687</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">26,098</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,333)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,719)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,610)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,998)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(33,554)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,389)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,990)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,063)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Exploration expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,772)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(22)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">31,627</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,345</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,338</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,988</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,079)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,209)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(10,704)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,577)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(324)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,260)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">124</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,490)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(672)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(553)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(153)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,044</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13,610</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5,474</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,749</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">486</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">486</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Operating income&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">114,609</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">61,408</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">53,105</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">30,160</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,090</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">597</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">662</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">147</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(71,096)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,127)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(30,018)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,333)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">95,794</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">4,108</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">40,333</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">8,278</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,788</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,422)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,977</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(908)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Profit before income tax</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">140,397</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">47,986</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">64,082</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">29,252</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; text-align: center">10.6</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(20,437)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5,224)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,350)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5,195)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Profit for the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white">119,960</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white">42,762</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white">50,732</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right; background-color: white">24,057</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left; background-color: white">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Exchange differences on translation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">437,248</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">91,231</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">243,988</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">48,796</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic; text-align: left; background-color: white">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">3,930</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">8,125</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">56</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">74</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive income of the period</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">441,178</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">99,356</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">244,044</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">48,870</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total comprehensive income of the period</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">561,138</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">142,118</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">294,776</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">72,927</TD></TR>
  </TABLE>

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM </B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>STATEMENT OF
COMPREHENSIVE INCOME </B></FONT>(Continuation)</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month
periods ended September 30, 2023, presented in comparative format. </B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine
Pesos (&#8220;$&#8221;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Nine months</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Three months</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; width: 44%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Owners of the Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">119,708</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">42,448</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">50,611</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">23,979</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">252</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">314</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">121</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">78</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">119,960</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">42,762</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">50,732</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">24,057</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total comprehensive income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Owners of the Company</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">559,794</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">141,484</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">294,062</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">72,678</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Non-controlling interest</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,344</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">634</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">714</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">249</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">561,138</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">142,118</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">294,776</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">72,927</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Earnings per share attributable to equity holders of the Company</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Basic and diluted earnings per share</TD>
    <TD STYLE="font-weight: bold; text-align: center">13.2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">87.51</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">30.74</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: -7.05pt">The accompanying notes are an integral
part of these Unaudited Consolidated Condensed Interim Financial Statements.</P>


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<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of September 30, 2023, presented in comparative
format.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; width: 57%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">846,115</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">383,464</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">34,072</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">24,364</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,043</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,521</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,616</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,326</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Investments in associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">325,458</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">159,833</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,128</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">18,000</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,615</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,867</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">158</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">91</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,358</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,415</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,243,563</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">601,881</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">73,942</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">30,724</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">24,289</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,357</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">248,926</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">103,856</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">289</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">158,061</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">83,328</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">64,117</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">18,757</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">569,624</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">238,183</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,813,187</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">840,064</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT
</B></P>

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of September 30, 2023, presented in comparative
format.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&#8220;$&#8221;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; width: 57%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">13.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,360</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,380</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,126</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,231</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,950</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Treasury shares</TD>
    <TD STYLE="font-weight: bold; text-align: center">13.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(211)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,280)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">16,041</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,137</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">500,993</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">171,243</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(448)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other comprehensive income</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">256,501</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">113,720</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">161,920</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">84,505</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">963,757</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; background-color: white">403,463</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,398</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,157</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">966,155</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">404,620</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">54,194</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">26,062</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Income tax and minimum notional income tax provision</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6</TD>
    <TD STYLE="color: white; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">40,593</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">31,728</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.3</TD>
    <TD STYLE="color: white; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,821</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">19,854</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">10,060</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,908</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">451,083</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">237,437</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Trade and other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.6</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">13,231</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,757</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">588,982</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">323,746</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,205</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">779</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Income tax liability</TD>
    <TD STYLE="font-weight: bold; text-align: center">11.6</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">12,392</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">927</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Tax liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,762</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,966</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">915</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,021</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,433</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,627</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Derivative financial instruments</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">318</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.5</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">123,132</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">48,329</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Trade and other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.6</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">99,209</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">49,731</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">258,050</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">111,698</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">847,032</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">435,444</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">1,813,187</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">840,064</TD></TR>
  </TABLE>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF CHANGES IN EQUITY</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the nine-month period ended September 30,
2023, presented in comparative format.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Attributable to owners</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Retained earnings</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Total equity</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2021</TD>
    <TD STYLE="text-align: right">1,382</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">7,245</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">19,950</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">21</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">(238)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">5,203</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">54,528</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">(550)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">51,432</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">44,454</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">183,431</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">609</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">184,040</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Constitution of legal and voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(485)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44,939</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(44,454)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">209</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(193)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Treasury shares acquisition</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,251)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividens ditribution</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(25)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(25)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Profit for the nine-month period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,448</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,448</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">314</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42,762</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other comprehensive income for the nine-month period</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,048</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">43,125</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">42,108</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,755</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99,036</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">320</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">99,356</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of September 30, 2022</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; background-color: white">1,380</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,231</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(2,280)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">6,766</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">142,399</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(550)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">93,540</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">54,203</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">322,664</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,218</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">323,882</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Stock compensation plans</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Profit (Loss) for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22,411</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22,411</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(273)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">22,138</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other comprehensive income for the complementary three-month period</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,371</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">28,844</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20,180</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,891</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">58,286</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">212</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">58,498</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2022</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,380</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,231</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(2,280)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">8,137</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">171,243</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(448)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">113,720</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">84,505</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">403,463</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,157</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">404,620</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the nine-month period ended September 30,
2023, presented in comparative format.</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of Argentine Pesos (&#8220;$&#8221;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 7pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Treasury shares</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total equity</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of December 31, 2022</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,231</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,950</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,280)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,137</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">171,243</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(448)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">113,720</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">84,505</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">403,463</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,157</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">404,620</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Constitution of legal and voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(16)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">84,521</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(84,505)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(105)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,069</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,944)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Treasury shares acquisition</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(105)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">105</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">500</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">500</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividens ditribution</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(103)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(103)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Profit for the nine-month period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">119,708</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">119,708</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">252</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">119,960</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other comprehensive income for the nine-month period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,920</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">247,173</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">142,781</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">42,212</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">440,086</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,092</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">441,178</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Balance as of September 30, 2023</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,360</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,126</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">19,950</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(211)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">16,041</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">500,993</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">52</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">256,501</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">161,920</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">963,757</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,398</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">966,155</TD></TR>
  </TABLE>

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

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

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF CASH FLOWS</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period
ended September 30, 2023, presented in comparative format.</B></P>

<P STYLE="text-align: center; margin-top: 0; font: 11pt Times New Roman, Times, Serif; margin-bottom: 0">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 54%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 14%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 14%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from operating activities:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Profit for the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119,960</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,762</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">14.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">48,203</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,750</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">14.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(41,515)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(22,788)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Net cash generated by operating activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">126,648</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">50,724</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from investing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for property, plant and equipment acquisitions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(128,619)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38,018)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for intangibles assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,312)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Collections for sales (Payment for) public securities and shares acquisitions, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,420)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(16,874)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Recovery of mutual funds, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,682</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,777</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for the acquisition of associates</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,398)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collection for equity interests in companies sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,655</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,804</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collections for property, plant and equipment sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">77</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collections for intangible assets sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,626</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,377</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Dividends received</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,730</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">(Payment) Collection of loans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,448)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,172</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Net cash used in investing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(113,445)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; background-color: white">(48,687)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from financing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">98,835</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,211</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30,438)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17,453)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(51,886)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12,642)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for treasury shares acquisition</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,251)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,335)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,449)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payments of leases</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(311)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(340)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payments of dividends</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(139)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Net cash generated by (used in) financing activities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">14,726</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">(2,954)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">27,929</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">(917)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,757</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11,283</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange and conversion difference generated by cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,431</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,893</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27,929</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(917)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">12.4</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,117</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,259</TD></TR>
  </TABLE>

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

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

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


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<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED
INTERIM</P>

<P STYLE="font: bold 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period
ended September 30, 2023, presented in comparative format.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of Argentine
Pesos (&ldquo;$&rdquo;))</FONT></P>

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

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

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 1</U>: GENERAL INFORMATION</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">General
information of the Company</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the generation segment, the Company,
directly and through its subsidiaries and joint ventures, has a 5,332 MW installed capacity as of September 30, 2023, which represents
approximately 12% of Argentina&#8217;s installed capacity, and being one of the four largest independent generators in the country. Additionally,
the Company is currently undergoing a process to expand its installed capacity by an additional 140 MW.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the oil and gas segment, the Company
develops an important activity in gas and oil exploration and production, with operations in 11 production areas and 4 exploratory areas
reaching a production level of 10.8 million m3/day of natural gas and 5.0 thousand boe/day of oil in Argentina, during the nine-month
period ended September 30, 2023. Its main natural gas production blocks are located in the Provinces of Neuqu&eacute;n and R&iacute;o
Negro.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the petrochemicals segment, operations
are located in Argentina, where the Company operates two high-complexity plants producing styrene, synthetic rubber and polystyrene, with
a domestic market share ranging between 95% and 100%.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, through the holding and others
segment, the Company participates in the electricity transmission and oil and gas transportation businesses. In the electricity transmission
business, the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and
maintenance of a 22,171&nbsp;km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity
transmission market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS,
a company holding a concession for the transportation of natural gas with 9,220 km of gas pipelines in the center, west and south of Argentina,
and which is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a Blanca,
in the Province of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Besides, the Company owns a
30.1% indirect interest in OCP (see Note 5.1.4), licensee company of an oil pipeline in Ecuador that has a transportation capacity of
450&nbsp;thousand barrels/day. Additionally, the segment includes advisory services provided to related companies.</P>


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    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 2</U>: REGULATORY FRAMEWORK</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.1</TD><TD STYLE="text-align: justify">Generation</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1.1</TD><TD STYLE="text-align: justify">Sales contracts with large users within the MAT</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.1.1.1</I></TD><TD STYLE="text-align: justify"><I>Renewable Energy Term Market (&#8220;MATER&#8221; Regime</I>)</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 20, 2023, SE Resolution No. 165/23
was passed, which modified the penalty system applicable to MATER and Renovar projects, including projects awarded under the Renovar MiniRen
Program, Round 3. Penalties for breaches in the committed supply of energy were incorporated into the system, to be discounted in 12 monthly
and consecutive installments as from commercial commissioning, keeping the generator&#8217;s option to cancel the penalties in 48 monthly
and consecutive installments with the application of a 1.7% EAR in U.S. dollars. To avoid affecting the projects&#8217; minimum maintenance,
a 20% discount cap for the monthly transaction was established for those generators opting into the 48-installment scheme. The balance
following the application of this cap will be discounted in the first transaction in which the penalty is below the stated cap; if the
number of installments is exceeded, the scheme will be maintained until the penalties&#8217; full cancellation and, in case the contract
term is exceeded, the payment scheme may be restructured, or the discount cap may be increased to 40% of the transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.2 Amendment to the dispatch priority
system</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 360/23 introduced several
changes to the effective priority dispatch system. These modifications include the granting of a dispatch priority to renewable generation
projects to be sold in the MATER that finance the corresponding transmission expansions and/or renewable energy generation projects with
an associated demand larger than 10 MW.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Besides, it established a new referential
dispatch priority system in corridors without full availability at every hour of the year. In this way, the dispatch priority will have
an injection probability of 92% of the typical annual&nbsp;energy.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Moreover, it establishes that partially
commissioned projects regarding the committed capacity will pay the dispatch priority charge exclusively for the difference between the
assigned power capacity and that commissioned, provided the accumulated commissioned capacity is at least 50% of that assigned.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, projects with commissioned power
capacity lower than assigned power capacity will lose dispatch priority for uncommissioned power capacity.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.1.2</TD><TD STYLE="text-align: justify"><U>Supply Agreements with CAMMESA </U></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In line with the scheme set forth by SE
Resolution No. 1,260/21 and to address the issue of projects under the different Renovar rounds breaching the committed commercial commissioning
dates, on April 25, 2023, the SE passed Resolution No. 284/23 to release the transportation capacity committed under different Renovar
Rounds having difficulties with the projects' conclusion. The new scheme authorizes holders of these projects to terminate the Supply
Agreement with CAMMESA against the payment of an amount equivalent to US$ 35,000 per MW of the project&#8217;s power capacity, the waiver
of claims against the Federal Government, the SE and/or CAMMESA, an indemnity commitment to realease these authorities against claims
by its shareholders or controlling, controlled and/or affiliated companies, and the waiver of granted and unused fiscal benefits. Applications
should be presented to CAMMESA within 30 calendar days from the resolution&#8217;s publication; the above-stated documentation should
be completed within 90&nbsp;calendar days, and agreements opting into the Fund for Renewable Energy Development (<I>Fondo para el Desarrollo
de Energ&iacute;a Renovables</I>, &quot;FODER&quot;) should be terminated.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.1.2.2 <I>Remuneration for combined cycles</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company executed agreements with CAMMESA
for its CTLL and CTGEBA combined cycles. On the other side, CTB executed an agreement with CAMMESA for its open cycle&#8217;s gas turbines
units. In all cases, agreements are effective from March 1, 2023 to February 29, 2028.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.2.3 RenMDI Call</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to SE Resolution No. 609/23,
projects submitted under the RenMDI call for tenders were awarded. Under line 1, destined for the substitution of forced generation, 514&nbsp;MW
of power capacity were awarded, distributed among 46 projects, for an average price of US$ 73.1/MWh. Under line 2, destined for the diversification
of the energy matrix, 52&nbsp;projects were awarded for a total 119.57&nbsp;MW power capacity and an average price of US$&nbsp;145.8/MWh.
Pampa has not participated in this call.</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.2.4 &quot;TerCONF&quot; call for
tenders</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 27, 2023, SE Resolution No. 621/23
launched the &quot;TerCONF&quot; call for the execution of reliable thermal generation supply agreements with CAMMESA allowing to incorporate
new thermal supply and ensure the WEM's reliability and sustainability through: (i) supply to the SADI, and (ii) the substitution and
modernization of Tierra del Fuego's power generation grid.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding thermal generation for SADI's reliability
and supply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">The call will consider any generation or co-generation technology, including associated transmission and/or
fuels infrastructure works, to add reliable power capacity by installing new equipment or equipment with less than 15,000 hours of verified
use;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">Between 2,250 MW and 3,000 MW are expected to be awarded;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">Agreements will not provide for fuel management responsibility, and a variable operation and maintenance
remuneration is established based on the energy per fuel type;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">The agreement's price will contemplate the payment of the hired power capacity in US$/MW-month and the
payment of the supplied energy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD STYLE="text-align: justify">Projects should identify the point of delivery and the technical connection agreement with the transmission&nbsp;company;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD STYLE="text-align: justify">A supply maintenance guarantee and a payment scheme from the project's award to the contract execution
date are established as a type of performance bond.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 26, 2023, 66&nbsp;projects
were submitted for a total 7,112&nbsp;MW power capacity. Pampa submitted a tender for the execution of CTGEBA II, with a 300&nbsp;MW power
capacity. It also tendered, through CTB, an 11&nbsp;MW combined cycle expansion.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the issuance of these consolidated
condensed interim financial statements, the projects are pending award.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.1.3 <U>Remuneration for sales to the
spot market</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to SE Resolution No. 750/23,
spot remuneration values for energy generation were updated, providing for a 23% increase over spot values approved by SE Resolution No.
826/22 as from the September 2023 economic transaction.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.2</TD><TD STYLE="text-align: justify">Oil and Gas</TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.1 <U>Natural gas exports </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 19, 2023, the SE notified the
Company of the extension of the Neuquina basin&#8217;s natural gas export quota for the next winter period, consisting of: (i) an extraordinary
and priority quota of 2 million m3/d for the months of May and June 2023, assignable pro rata among the &#8220;July Flat Gas Commitment&#8221;
awardees, and (ii) a firm winter export quota under Plan GasAr for a 3 million m3/d volume for the months of July, August and September
2023.</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In this sense, the Company was assigned
an additional volume of 872,727 m3/, totaling a 2,181,818 m3/d export quota for the months of May and June. The volume assigned for the
months of July, August and September was 857,449 m3/d. Regarding the minimum price for export permits, it will remain at US$ 7.73/MMBTU.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Moreover, the following export quotas
for the period between October 2023 and April 2024 were assigned: 9 million m3/d for the Neuquina Basin and 2 million m3/d for the Austral
Basin. The minimum price will result from calculating the simple average Brent oil prices in the first fifteen days of the month prior
to delivery, multiplied by 7%. The Company was assigned a 1,452,878 m3/d volume.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Besides, the SE set an export quota of
a total of 5.9 million m3/d for the winter period (May-September 2024) and a total of 9&nbsp;million m3/d for the summer period (October-December
2024). In line with its participation in Plan GasAr, the Company was assigned a volume of 610,989 m3/d for the winter period and 606,529
m3/d for the summer period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.2 P<U>resident N&eacute;stor Kirchner
Gas Pipeline</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In July 2023, cleaning and filling operations
were conducted in the new Tratay&eacute;n &#8211; Salliquel&oacute; tranche of President N&eacute;stor Kirchner gas pipeline, and transportation
operations pursuant to regulatory requirements and standards started as from August 3, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">President N&eacute;stor Kirchner Gas Pipeline&#8217;s
Tratay&eacute;n &#8211; Salliquel&oacute; tranche, crosses the provinces of Neuqu&eacute;n, R&iacute;o Negro, La Pampa and Buenos Aires,
with a 573 km extension and an initial transportation capacity of 11&nbsp;million m3/day of gas produced at the Vaca Muerta field.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Furthermore, on August 25, 2023, a call
for tenders was launched for the Northern gas pipeline reversion project, complementary works to President N&eacute;stor Kirchner gas
pipeline consisting of the engineering and construction of the 122-km Tio Pujio &#8211; La Carlota gas pipeline, the 62-km expansion of
the Northern gas pipeline and the reversion of four compression plants in the provinces of C&oacute;rdoba, Santiago del Estero and Salta.
As of the issuance of these consolidated condensed interim financial statements, this project has not yet been awarded.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.3 <U>Plan GasAr&#8217;s Round 5.2
&#8211; Aguarag&uuml;e Joint Operation</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pampa, jointly with all partners of the
Aguarag&uuml;e Joint Operation, participated in Round&nbsp;5.2 of Plan GasAr, called under SE Resolution No. 770/22, and was awarded this
project. The companies making up the Joint Operation appended a single incremental activity plan with an expected natural gas production
incremental volume for the Joint Operation exceeding 400,000 m3/d as from the last quarter of 2023. The Company holds a 15% stake in this
Joint Operation.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 27, 2023, gas volumes under
Plan GasAr - Round 5.2 were awarded pursuant to SE Resolution No. 799/23. The scheme provides for the sale of incremental volumes to ENARSA
for the October 1, 2023-December 31, 2028 period. The agreed sales price amounts to US$&nbsp;9.8 /MMBTU between October 2023 and December
2026, and US$ 6 /MMBTU between January 2027 and December 2028.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.3</TD><TD STYLE="text-align: justify">Gas Transportation</TD></TR></TABLE>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 16, 2023, TGS&#8217;s Board of
Directors approved a proposed addendum to the renegotiation transitionary agreement (the &#8220;2023 RTT&#8221;) sent by ENARGAS. On April
27, 2023, ENARGAS issued Resolution No. 186/23 publishing the new effective tariff schemes. The 2023 RTT was later ratified by PEN Executive
Order No. 250/23 dated April 29, 2023.</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The 2023 RTT includes, effective from April 29,
2023, a 95% transitionary tariff increase on the natural gas transportation tariff and the access and use charge. While it is in force,
TGS may not distribute dividends or directly or indirectly early cancel financial and commercial debts taken on with shareholders, acquire
other companies or grant loans, except for loans benefiting users or granted to contractors not covered by the previously indicated cases.
If TGS deems it appropriate to act otherwise, it should require the corresponding authorization.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>License extension request</U></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 8, 2023, TGS submitted a request
to ENARGAS to initiate a license term extension proceeding, as contemplated in Act No. 24,076, and requested the adoption of the existing
performance assessment and public hearing measures so that, once all established administrative formalities and proceedings are met, a
10-year extension may be granted as from the initial term, effective on December 28, 2027, for the provision of the gas transportation
service contemplating all the scopes of the license approved by Executive Order No. 2,458/92.</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, TGS has not received a formal response from ENARGAS regarding this request.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.4</TD><TD STYLE="text-align: justify">Transmission</TD></TR></TABLE>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>Transener and Transba&#8217;s tariff
situation</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 20, 2023, under ENRE Resolution
No. 364/23, the ENRE launched the comprehensive tariff review process (&#8220;RTI&#8221;) for electricity transmission companies pursuant
to Act No. 24,065 and Act No. 27,541, setting a 30-day term to draw up the guidelines and schedule for its development.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 29, 2023, ENRE Resolution No. 421/23 approved
the transmission tariff review program for the year 2023 and the first quarter of 2024, and provided for the ENRE&acute;s notification
of the schedule and information requirements during the months of September and October 2023. In this sense, under a note dated October
26, 2023, the ENRE filed a first request for information, mainly associated with a description of the facilities making up the transportation
system, expansions under execution, investment plans and corridors&#8217; saturation status.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 27, 2023, Transener and Transba answered
that they would comply with such request in due time and manner, but that it would be necessary for the ENRE to define: i) the complete
RTI process schedule, ii) the economic, financial and regulatory criteria under which such process will be conducted; and iii) issues
regarding the first management period.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 8, 2023, aiming to preserve the
purchasing power of the revenues established in ENRE Resolutions No. 147/22 and 148/22, the ENRE issued Resolutions No. 660/23 and 661/23
setting the hourly remuneration values effective from August 1, 2023, which represent 20.9% and 20.84% increases over the January 2023
values for Transener and Transba, respectively. Likewise, pursuant to ENRE Resolutions No. 780/23 and 781/23, on November 1, 2023, hourly
remuneration values effective from November 1, 2023 were established, which represented a 37.33% and 38.44% increase over the values effective
from August 2023 for Transener and Transba, respectively.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.5</TD><TD STYLE="text-align: justify">Regulations on access to the MLC</TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The main updates introduced by the BCRA
on MLC inflow and outflow regulations which were disclosed in the Consolidated Financial Statements as of December 31, 2022, are summarized
below.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 20, 2023, for the provision of
certain services, the BCRA prior authorization was incorporated as requirement to access the MLC before 60 calendar days as from approval
of the Argentine Republic&#8217;s Imports and Foreign Service Payments System (&#8220;SIRASE&#8221;)&#8217;s affidavit. This requirement
is not applicable in the following cases: (i) payments through a swap and/or arbitrage against a foreign-currency domestic account; (ii)
access simultaneously with the settlement of a new foreign financial indebtedness for which the principal matures after the stated term;
and (iii) access with funds originated in the financing of service imports granted by a domestic financial entity with a commercial credit
line abroad when the total principal of the financing matures after the stated term. On May 11, 2023, the BCRA established that financial
entities should verify that the corresponding SIRA&nbsp;affidavit with an &#8220;approved&#8221; (<I>salida</I>) status has been assigned
a term of 0&nbsp;calendar days to access the MLC before granting access to pay imports of goods with a pending customs entry record (advance
and sight payments) and payments of commercial debts without a customs entry record (in accordance with the exceptions set by the regulation).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As regards transactions with stock market
assets, the term during which transactions may not be conducted is extended to 180 calendar days for securities issued under foreign law
and maintained at 90 days for securities issued under Argentine law, to be submitted in the affidavits to access the MLC. On May 11, 2023,
the BCRA broadened the scope of the affidavits for deliveries made as from May 12, 2023 to include legal entities that are part of the
same economic group as the affiant (that is, companies sharing a control relationship under the &#8220;Large credit risk exposures&#8221;
regulations). Finally, on September 7, 2023, the BCRA established that the contemplated affidavits refer to transactions with covered
securities settled directly or indirectly or on behalf and to the order of third parties.</P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">2.6</TD><TD STYLE="text-align: justify">Tax regulations &ndash; Main tax reforms</TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Tax for an Inclusive and Caring Argentina
(Impuesto Para una Argentina Inclusiva y Solidaria, &#8220;PAIS&#8221;) for import and foreign service procurement transactions</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Executive Order No. 377/23, dated July
24, 2023, extends the application of the PAIS tax to the acquisition of services abroad and import transactions for certain goods, exempting
goods associated with the energy sector pursuant to SE regulations. Moreover, its regulation under AFIP Resolution No. 5,393/23, dated
July 25, 2023, provided for an advance payment offsettable against the PAIS tax equivalent to 95% of the total final tax payable for certain
goods and merchandise. This advance payment should be paid by the importer when declaring the import&#8217;s intended use. The PAIS tax&#8217;s
remaining 5% balance should be paid when accessing the MLC to make the payment abroad, where the intervening bank will act as collection
and settlement agent.</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><I>PAIS tax exemption for import transactions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">SE Resolutions No. 671/23, 714/23 and 824/23
regulated the PAIS tax exemption for import transactions of goods associated with the energy sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Thus, the following import transactions are exempted
from this tax:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">i)</TD><TD STYLE="text-align: justify">liquid fuels, natural gas and electricity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">ii)</TD><TD STYLE="text-align: justify">goods destined for the construction and start-up of President N&eacute;stor Kirchner Gas Pipeline, the
reversion of the Northern Gas Pipeline and related works, and the works making up the Gas Pipeline Network&nbsp;Program;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">iii)</TD><TD STYLE="text-align: justify">goods destined for power generation works with or without foreign financing for the payment of imports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">iv)</TD><TD STYLE="text-align: justify">goods for works and maintenance of renewable energy generation projects comprised in exhibits to the regulatory
resolutions, including PEPE II through IV and PEPE VI wind farms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">v)</TD><TD STYLE="text-align: justify">goods for works and maintenance of thermal and hydropower plants included in the lists attached to the
regulatory resolutions, including the Company assets.</TD></TR></TABLE>


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<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 3</U>: BASIS OF PREPARATION</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine-month period ended September 30, 2023 have been prepared pursuant to the provisions of IAS 34, &#8220;Interim
Financial Information&#8221;, are expressed in million pesos and were approved for their issuance by the Company&#8217;s Board of Directors
on November 8, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The information included in the Consolidated
Condensed Interim Financial Statements is recorded in US dollars, which is the Company&#8217;s functional currency and, in accordance
with CNV requirements, is presented in pesos, the legal currency in Argentina.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This consolidated condensed interim financial
information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through
profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2022, which have been prepared
under IFRS.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine-month period ended September 30, 2023 have not been audited. The Company&#8217;s management estimates they include
all the necessary adjustments to state fairly the results of operations for the period. The results for the nine-month period ended September
30, 2023, does not necessarily reflect in proportion the Company&#8217;s results for the complete year.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The accounting policies have been consistently
applied to all entities within the Group.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The information as of December 31, 2022,
and for the nine and three-month periods ended September 30, 2022, disclosed for comparative purposes, arises from the Consolidated Financial
Statements as of those dates.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Additionally, certain non-significant
reclassifications have been made to those Consolidated Financial Statements&acute; figures to keep the consistency in the presentation
with the figures of the current period.</P>


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<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 4</U>: ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The accounting policies applied in these
Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last
fiscal year, which ended on December 31, 2022.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">New accounting
standards, amendments and interpretations issued by the IASB effective as of December 31, 2023 and adopted by the Company</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has applied the following
standards and / or amendments for the first time as of January 1, 2023:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IFRS 17 - &#8220;Insurance Contracts&#8221; (issued in May 2017 and modified in June 2020 and December
2021).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 1 - &#8220;Presentation of financial statements&#8221; (amended in February 2021).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 8 - &#8220;Accounting Policies&#8221; (amended in February 2021).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IAS 12 - &#8220;Income Tax&#8221; (amended in May 2021).</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The application of the detailed standards
and amendments did not have any impact on the results of the operations or the financial position of the Company.</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><U>NOTE 5</U>: GROUP STRUCTURE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">5.1</TD><TD>Interest in subsidiaries, associates and joint ventures</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.1</TD><TD STYLE="text-align: justify"><U>Acquisition of an additional interest in Rinc&oacute;n de Aranda and divestment of interest in Greenwind</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On June 23, 2023, the Company executed
an agreement with Total Austral S.A. (Argentine branch) to acquire the additional 45% interest in the Rinc&oacute;n de Aranda area, reaching
a 100% interest in the block. As part of the agreement, Pampa assigned, on the transaction&#8217;s closing date, 100% of its equity interest
in Greenwind, which only asset is the Mario Cebreiro Wind Farm.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Rinc&oacute;n de Aranda is a 240 km2 exploration
block located in the oil window of the Vaca Muerta formation, in the Province of Neuqu&eacute;n. It currently has a shut-in production
well and an uncompleted well, both drilled in 2019; although the block is not currently in production, its proximity to important productive
blocks in the Vaca&nbsp;Muerta formation makes it highly promising from a technical standpoint.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Upon meeting the conditions precedent,
including, but not limited to, the assignment&#8217;s approval and the granting of a CENCH over the block in favor of the Company, the
transaction was closed on August 16, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On the other side, Mario Cebreiro Wind
Farm, inaugurated in 2018 with a 100 MW capacity and located in Bah&iacute;a Blanca, Province of Buenos Aires, was the Company's first
wind power project, which was awarded under the Renovar 1 program. It is worth highlighting that, despite the wind farm's assignment,
the Company remains committed to renewable energy, which is essential to keep its position as a leading provider of efficient energy and
has started the construction of PEPE VI (see Note 18).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Lastly, with the acquisition of the additional
interest in Rinc&oacute;n de Aranda, the Company diversifies its presence in the energy sector with a shale oil block having great production
potential and reinforces its commitment to the development of unconventional reserves in Vaca Muerta.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On the closing date, the Company recorded
profits for $&nbsp;2,485&nbsp;million (or US$ 6.6 million) to reflect the fair value of the previous 55% interest held in the Rinc&oacute;n
de Aranda block, as well as profits for $ 85&nbsp;million (or US$ 0.2 million) to reflect the result of the assets swap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table details the value of the transferred
consideration and the fair value of assets acquired and liabilities assumed as of August 16, 2023:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: center; width: 14%">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: center; background-color: white; width: 14%">$</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Assignment of Greenwind's interest net of assumed liabilities <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(a)</SUP></FONT></TD>
    <TD STYLE="text-align: right">(54.0)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18,861)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Fair value of Rinc&oacute;n de Aranda's previous interest</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31.6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white">(11,060)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Total</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right">(85.6)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right">(29,921)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Property, plant and equipment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(b)</SUP></FONT></TD>
    <TD STYLE="text-align: right">57.0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19,911</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Inventories <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(c)</SUP></FONT></TD>
    <TD STYLE="text-align: right">0.9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">315</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Tax credits <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(d)</SUP></FONT></TD>
    <TD STYLE="text-align: right">1.0</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">350</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Cash and cash equivalents <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(e)</SUP></FONT></TD>
    <TD STYLE="text-align: right">29.2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">10,231</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Deferred tax liability</TD>
    <TD STYLE="text-align: right">(2.3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white">(801)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: justify">Fair value</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">85.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: right; background-color: white">30,006</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Profit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 1pt">0.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 1pt">85</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><SUP>(a) </SUP>The following table details
the Greenwind&#8217;s interest book value:</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: center; width: 14%">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 1pt solid; text-align: center; background-color: white; width: 14%">$</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">121.1</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">42,380</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Intangible assets</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29.5</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10,337</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10.9</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3,815</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade and other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10.1</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3,535</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16.7</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5,841</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(79.7)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(27,901)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Deferred tax liability</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(48.3)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(16,905)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Income tax liability</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3.6)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1,299)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1.1)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(382)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.8)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(280)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify">Tax charges</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(0.8)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(280)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Assignment of Greenwind's interest net of assumed liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">54.0</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">18,861</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: justify">Provisions assumed by Pampa</TD>
    <TD STYLE="text-align: right">(4.2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: white">(1,431)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">Book value of Greenwind&acute;s interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">49.8</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 1pt">17,430</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The provisions for contingencies assumed
by Pampa correspond to the additional income tax which should have been assessed in Greenwind for the fiscal year 2022 without considering
the tax loss carryforward update, regarding the contractual indemnity granted to Total Austral S.A. (Argentine Branch).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><SUP>(b) </SUP>The well&#8217;s fair value
was assessed using the &#8220;cost-based approach&#8221;, which consists of its replacement value as adjusted by its loss of value resulting
from physical impairment and functional and economic obsolescence. The fair value of the mining property was assessed using the &#8220;income-based
approach&#8221;, considering the development plan contemplated within the concession contract&#8217;s term.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><SUP>(c) </SUP>The fair value of spare
parts was assessed using the &#8220;cost-based approach&#8221;, which consists of the replacement value of each item as adjusted by its
loss of value resulting from physical impairment and functional and economic obsolescence.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><SUP>(d) </SUP>The contractual value of
tax credits does not differ from its fair value.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><SUP>(e) </SUP>Corresponding to the price
adjustment paid by Total Austral S.A. (Argentine branch).</P>




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    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0; text-indent: 0in"><U>NOTE 5</U><FONT STYLE="font-weight: normal">: (Continuation)</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.2</TD><TD STYLE="text-align: justify"><U>Subsidiaries information</U></TD></TR></TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 21%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="border-top: Black 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Company</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Country</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Main activity</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Autotrol Renovable S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">GASA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Electricity transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Greenwind <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8.7pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HIDISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HINISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52.04%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">52.04%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">CISA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">Trader &amp; investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PEB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Bolivia</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PB18</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Energ&iacute;a Operaciones ENOPSA S.A.&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Pampa Ecuador Inc&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Nevis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PECSA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Chile</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Trader</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Grand Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">PESOSA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">Trader</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">100.00%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">EISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGU</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Gas transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">51.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">VAR</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Vientos Solutions Argentina S.A.U.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Advisory services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Vientos Solutions S.L.U.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Spain</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100.00%</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Sans-Serif; margin: 12pt 0 10pt"><B></B></P>

<P STYLE="margin: 0; font-size: 9pt; line-height: 115%">(1) See Note 5.1.1.</P>



<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.1.3</TD><TD STYLE="text-align: justify"><U>Associates and joint ventures information</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table presents the main
activity and the financial information used for valuation and percentages of participation in associates and joint ventures:</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><SUP>&nbsp;</SUP></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">Information about the issuer</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 11%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 23%">Main activity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Date</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">Profit (Loss) of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Equity</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-top: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 12%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>OCP Ltd</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">Investment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">09.30.2023</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">35,153</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">479</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">34,433</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">30.06%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">TGS <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Gas transportation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">753</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">30,706</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">573,574</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">2.361%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left">Joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">639</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">15,610</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">292,651</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">556</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6,536</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">91,049</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">CTB</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">Generation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">09.30.2023</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8,558</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5,017</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">193,710</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><SUP>(1) </SUP>The
Company holds a direct and indirect interest of 2.361% in TGS and 50% in CIESA, a company that holds a 51% interest in the share capital
of TGS. Therefore, additionally the Company has an indirect participation of 25.50% in TGS.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify">As of September 30, 2023, the quotation
of TGS's ordinary shares and ADR published on the Buenos Aires Stock Exchange and the NYSE was $ 1,674.65 and US$ 10.18, respectively,
granting to Pampa (direct and indirect) ownership an approximate stake market value of $ 370,689 million.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 21.3pt; text-align: justify; text-indent: -7.1pt"><SUP>(2) </SUP>The
Company holds a 50% interest in Citelec, a company that holds a 52.65% interest in Transener&#8217;s capital stock; therefore, the Company
has a 26.33% indirect interest in Transener. As of September 30, 2023, Transener&#8217;s common share price listed at the Buenos Aires
Stock Exchange was $ 443.50, conferring Pampa&#8217;s indirect interest an approximate $ 51,916 million market value.</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">The detail
of the balances of investments in associates and joint ventures is as follows:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 13.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,506</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,679</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,797</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11,805</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">19,311</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">14,487</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">163,769</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">77,043</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,524</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,801</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">96,854</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">47,502</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">306,147</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">145,346</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">325,458</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">159,833</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">The following table shows the breakdown of the result from investments
in associates and joint ventures:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 21%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-decoration: underline; text-align: left">Associates</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Refinor</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,328)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">143</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">(270)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">TGS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">870</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">864</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total associates</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,013</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(734)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-decoration: underline; text-align: left">Joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">CIESA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,255</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">5,609</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Citelec&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,268</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">570</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,508</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">4,939</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Greenwind</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,226</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">13,031</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14,344</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">14,044</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">13,610</TD></TR>
  </TABLE>

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



<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">The evolution of investments in associates and joint ventures
is as follows:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 21%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">159,833</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">79,114</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Dividends</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(854)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Acquisition of equity interests</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">62</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Sale of equity interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(7,807)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decrease due to obtained control</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2,740)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Held for sale assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,816)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Share of profit&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14,044</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14,852</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Impairment&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,242)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange differences on translation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">159,388</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">46,868</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">325,458</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">134,244</TD></TR>
  </TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.1.4</TD><TD STYLE="text-align: justify"><U>Investment in OCP</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On May 4, 2023, the Company, through its
subsidiary PEB, entered into a purchase agreement with Repsol OCP de Ecuador S.A. to acquire 2,979,606,613 additional shares, representing
29.66% of the share capital, of OCP Ltd, which in turn holds the whole share capital and voting rights of OCP SA, for a price of US$ 15
million, adjusted by subtracting the dividends collected by Repsol OCP de Ecuador S.A. between January 1, 2023 and the transaction closing
date. The completion of the transaction is subject to the customary precedent conditions, including the applicable governmental approvals.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1.5</TD><TD STYLE="text-align: justify"><U>Investment in CTB </U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Closing to combined cycle project </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On February 22, 2023, CTB stared operations
under the supply agreement with CAMMESA. On April 26, 2023, CTB was commissioned to operate with gas oil.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Issuance of CB</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The resolutive condition of the guarantees
granted by CTB&#8217;s co-controlling shareholders (Pampa and YPF) in favor of holders of outstanding Classes 1, 2, 4, 6, 7 and 8 CB issued
by CTB to secure the timely and proper payment of any owed amount, including principal and interest services, was fulfilled with the combined
cycle&#8217;s commissioning on February 22, 2023. Consequently, these guarantees are terminated, ineffective and unenforceable.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 3, 2023, CTB issued Class 9 CB
for a total amount of US$ 50 million at an annual fixed interest rate of 0% and maturing on April 3, 2026. Class 9 CB were subscribed
and paid in cash and in-kind through the delivery of Class 1 CB, consequently, Class 1 CB with a face value of US$ 2.2 million were partially
canceled. The remaining outstanding face value of Class 1 CB, amounting to US$ 30 million, was redeemed in full in May 2023.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, CTB is in compliance with all the covenants under its debt agreements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">5.2</TD><TD><FONT STYLE="line-height: 107%">Oil and gas participations</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Continuity plan in the Parva Negra
Este block</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On December 14, 2022, the Company, ExxonMobil
Exploration Argentina S.R.L. and GyP submitted to the provincial enforcement authority a proposal for a contractual continuity plan which
included: (i) the granting of a Lot Under Evaluation for the April-2022 through April-2025 period, (ii) a 50% reduction of the block&#8217;s
surface, to a total surface of 143 km2, (iii) the assignment of ExxonMobil Exploration Argentina S.R.L.&#8217;s 42.50% interest to the
Company, and (iv) the commitment to drill and complete 1 horizontal well targeting Vaca Muerta before September 2024.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the issuance of these Consolidated
Condensed Interim Financial Statements, the parties have executed an addendum to the Joint Venture agreement under the stated terms, and
the Provincial Executive Order approving it is pending issuance.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Anticlinal Campamento termination agreement</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On January 19, 2023, the Company accepted
Oilstone Energ&iacute;a S.A.&#8217;s offer to terminate its rights and obligations under the investment agreement, the Joint Operation
and the operating agreement of the block, effective from January 1, 2023<I>.</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Estaci&oacute;n Fern&aacute;ndez Oro
termination agreement</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 14, 2023, the Company accepted
YPF S.A.&#8217;s proposal to terminate, effective as from January 1, 2023, all the Company&#8217;s rights and obligations in the investment
agreement, the Joint Operation and the operating agreement for the Estaci&oacute;n Fern&aacute;ndez Oro block&#8217;s exploitation concession.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Las Tacanas Norte Exploration Permit
Termination</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On January 4, 2023, the Las Tacanas Norte
block exploration period terminated, and the Company&#8217;s rights and obligations over the area expired.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Aguarag&uuml;e Concession Extension</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On February 3, 2023, an agreement for
a 10-year extension of the concession was signed with the enforcement authority. The agreement includes investment commitments for the
execution of 1 well, 2 workovers and 2D seismic reprocessing.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">On August 14, 2023, Provincial Executive Order No. 543/23 was
published in Salta&#8217;s Official Gazette, ratifying the extension of the concession pursuant to the above-mentioned agreement.</P>


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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">The Company has a 15% interest in the block.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Acquisition of additional interest
and grant of CENCH at Rinc&oacute;n de Aranda</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On June 23, 2023, the Company executed
an agreement with Total Austral S.A. (Argentine branch) to acquire the additional 45% interest in the Rinc&oacute;n de Aranda area. As
part of the agreement, on the transaction&#8217;s closing date, the Company assigned 100% of its equity interest in Greenwind, which only
asset is the Mario Cebreiro Wind Farm (see Note 5.1.1).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 26, 2023, the Company entered
into a Memorandum of Understanding with the Province of Neuqu&eacute;n agreeing on the CENCH granting terms. Later, pursuant to Executive
Order No. 1,435/23, the Province of Neuqu&eacute;n approved the above-mentioned Memorandum of Understanding and the assignment of Total
Austral S.A. (Argentine branch)&#8217;s interest to the Company, and granted the CENCH in favor of the Company. The assignment of rights
over the block and the CENCH are effective as from August 16, 2023, the transaction&#8217;s closing date.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company had a 55% interest in the
block; therefore, after the closing of the transaction, it reached a 100% interest in Rinc&oacute;n de Aranda.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company plans to start a pilot program
involving the completion of 1&nbsp;previously drilled well, as well as the drilling and completion of 2 pads consisting of 8 wells, and
the construction and adaptation of the surface facilities, with an estimated US$161 million investment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Relinquishment of R&iacute;o Atuel
</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 10, 2023, the Company and Petrolera
El Tr&eacute;bol (operating entity) informed the Ministry of Economy and Energy of the Province of Mendoza of their decision to fully
relinquish the block classified as a lot under evaluation pursuant to section 81.(b) of Act No. 17,319.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As a result, the Company has written off
exploration wells for $ 1,702 million (US$ 6.6&nbsp;million).</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 6</U>: RISKS</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1 Critical accounting estimates
and judgments</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The preparation of these Consolidated
Condensed Interim Financial Statements requires the Company&#8217;s Management to make future estimates and assessments, to apply critical
judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities,
and income and expenses.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Those estimates and judgments are evaluated
on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results
might differ from the estimates and evaluations made at the date of preparation of these Consolidated Condensed Interim Financial Statements.</P>


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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 6</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the preparation of these Consolidated
Condensed Interim Financial Statements, management judgements on applying the Company&#8217;s accounting policies and sources of information
used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the year ended December
31, 2022.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.2 Financial risk management</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s activities are subject
to several financial risks: market risk (including the exchange rate risk, the interest rate risk and price risk), credit risk and liquidity
risk.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">No significant changes have arisen in
risk management policies since last year.</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 7</U>: SEGMENT INFORMATION</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Through its own activities, subsidiaries
and share holdings in joint ventures and associates, and based on the business nature, customer portfolio and risks involved, the following
business segments have been identified:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Electricity Generation</B>, principally
consisting of the Company&#8217;s direct and indirect interests in HINISA, HIDISA, Greenwind (until divestment see Note 5.1.1), VAR, CTB,
TMB, TJSM and through its own electricity generation activities through thermal plants G&uuml;emes, Piedra Buena, Piquirenda, Loma de
la Lata, Genelba, Ecoenerg&iacute;a, Pilar, I. White, the Pichi Pic&uacute;n Leuf&uacute; hydroelectric complex and PEPE II, PEPE III
and PEPE IV wind farms. It is worth highlighting that the results of the segment&#8217;s operations reflect the effects of the consolidation
with Greenwind and VAR as from August 12, 2022, and December 16, 2022, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Oil and Gas</B>, principally consisting
of the Company&#8217;s interests in oil and gas areas and through its direct and indirect interest in CISA, PECSA y PESOSA.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Petrochemicals</B>, comprising of the
Company&#8217;s own styrenics operations and the catalytic reformer plant operations conducted in local plants.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Holding and Other Business</B>, principally
consisting of interests in joint businesses CITELEC and CIESA and their respective subsidiaries, which hold the concession over the high
voltage electricity transmission nationwide and over gas transportation in the south of the country, respectively, interests in the associate
OCP, holding activities and other financial investment transactions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company manages its operating segment
based on its individual net result in U.S. dollars.</P>


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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%"><P STYLE="margin-top: 0; margin-bottom: 0">Consolidated profit and loss information for the nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30, 2023</P></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">507</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">326</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">273</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">11</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">285,892</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">137</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">116</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">253</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">61,065</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">85</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(85)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(275)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(319)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(341)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">85</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(850)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(209,953)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">232</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">229</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">48</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">11</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">520</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">137,004</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(38)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(12)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(51)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(13,333)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(38)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(56)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(34)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(133)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(33,554)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,772)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">50</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">64</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">115</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">31,627</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(24)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(26)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(16)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(68)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(18,079)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">(Impairment) Impairment recovery of intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(324)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1,490)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">9</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">42</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14,044</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Profit from sale of companies&acute; interest</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">486</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">228</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">166</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">414</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">114,609</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,090</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(92)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(157)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(37)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(283)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(71,096)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">221</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">7</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">157</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">392</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">95,794</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">131</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(148)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">125</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">113</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">25,788</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit before income tax</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">359</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">31</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">119</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">527</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">140,397</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(48)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(14)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(69)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(20,437)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Profit of the period</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">311</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">16</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">105</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">458</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">119,960</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Depreciation and amortization</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">74</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">125</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">203</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">51,111</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 7</U>: </B>(Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 43%"><P STYLE="margin-top: 0; margin-bottom: 0">Consolidated profit and loss information for the nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30, 2023</P></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total profit of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Owners of the company</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">310</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">26</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">105</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">457</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">119,708</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Non-controlling interest</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">252</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of September 30, 2023</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,771</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,524</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">158</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">876</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(148)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5,181</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,813,187</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Liabilities</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">858</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,353</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">146</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">211</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(148)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2,420</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">847,032</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Net book values of property, plant and equipment&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,301</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,058</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,418</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">846,115</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Additional consolidated information as of September 30, 2023</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Increases in property, plant and equipment and right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">192</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">385</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">584</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">151,294</TD></TR>
  </TABLE>

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



<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 40%"><P STYLE="margin-top: 0; margin-bottom: 0">Consolidated profit and loss information for the nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30, 2022</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">500</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">290</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">308</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,114</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">136,862</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">112</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">155</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">267</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">31,886</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">89</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(89)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Cost of sales</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(278)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(264)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(405)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">88</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(859)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(104,023)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">222</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">227</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">58</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">522</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">64,725</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(33)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(12)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(47)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,719)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(29)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(44)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(24)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(101)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(12,389)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Exploration expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">18</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">55</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">79</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10,345</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(22)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(33)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,209)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(29)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(34)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,260)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(1)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(672)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">100</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13,610</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">273</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">153</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">40</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">481</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">61,408</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">8</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">597</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(47)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(83)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(2)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(21)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(148)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(18,127)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(11)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(19)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">5</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">58</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,108</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(57)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(100)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">3</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">45</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(109)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(13,422)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Profit before income tax</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">216</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">53</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">43</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">61</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(1)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">372</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">47,986</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(15)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(6)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(26)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5,224)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Profit (Loss) of the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">201</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">53</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">38</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">55</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">346</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">42,762</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">61</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">95</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">160</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19,204</TD></TR>
  </TABLE>



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


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 7</U>: </B>(Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of US$</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">in million of $</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; background-color: white; width: 40%"><P STYLE="margin-top: 0; margin-bottom: 0">Consolidated profit and loss information for the nine-month period ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">September 30, 2022</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Holding and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the period attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">198</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">53</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">38</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">55</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">343</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">42,448</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">314</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; background-color: white">Consolidated financial position information as of December 31, 2022</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,464</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,234</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">177</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,029</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(162)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,742</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">840,064</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">979</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,248</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">147</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">245</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(161)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,458</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">435,444</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,299</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">807</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">34</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,164</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">383,464</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline">Additional consolidated information as of September 30, 2022</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Increases in property, plant and equipment, intangibles assets and right-of-use assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">99</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">209</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">346</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">42,409</TD></TR>
  </TABLE>



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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 8</U>: REVENUE</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy sales in spot market</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37,961</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,239</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">71,078</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31,831</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Fuel supply</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,409</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,368</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">395</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">399</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">126,843</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">60,837</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Gas sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95,137</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,049</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Oil sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23,179</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,309</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,858</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">919</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">120,174</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">49,277</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Products from catalytic reforming sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43,089</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24,357</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Styrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,451</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,990</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Synthetic rubber sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,705</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,232</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Polystyrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24,512</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,866</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">428</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">267</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">97,185</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">56,712</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Technical assistance and administration services sales</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">2,658</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,884</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">97</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Holding and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,755</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,922</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">346,957</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">168,748</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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



<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 9</U>: COST OF SALES</P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30,724</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15,888</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Plus: Charges of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">84,858</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47,236</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16,006</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,253</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,156</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,324</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,723</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">480</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Works contracts, fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21,271</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,495</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48,697</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18,261</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible assets amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">950</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">88</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Right-of-use assets amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">140</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">350</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Energy transportation</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,925</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">799</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,198</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,512</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,997</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,520</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Penalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">411</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">102</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,236</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,694</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Canons and royalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,727</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,421</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Environmental control</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">841</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">412</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Rental and insurance</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,410</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,494</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">905</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">348</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,315</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">451</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">582</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">257</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total charges of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">223,348</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">106,497</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29,823</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,440</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Less: Inventories at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(73,942)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(24,802)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">209,953</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">104,023</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 10</U>: OTHER ITEMS OF THE STATEMENT
OF COMPREHENSIVE INCOME</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.1 Selling expenses</P>


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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">934</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">404</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">104</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">748</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">375</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,871</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,308</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Transportation and freights</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,506</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,469</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">165</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total selling expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">13,333</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,719</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.2 Administrative expenses</P>

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 19%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,848</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,493</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Employees benefits</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,797</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">666</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,739</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">839</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,606</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,742</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,545</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,578</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Directors' and Sindycs' fees&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,325</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">567</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,319</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">502</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Consumption of materials</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">46</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Maintenance</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">505</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">184</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Transport and per diem</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">502</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">134</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">124</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">163</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">82</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">350</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">197</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">181</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">139</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">504</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">189</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">33,554</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,389</TD></TR>
  </TABLE>

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


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.3 Exploration expenses</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 57%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Geological and geophysical expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Derecognition of unproductive wells&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,702</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,772</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.4 Other operating income and expenses</P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 6%">Note</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Other operating income</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Insurance recovery</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">415</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Services provided to third parties</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">187</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">137</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from intangible assets sale</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">252</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Contingencies recovery</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Tax charges recovery</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Dividends received</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,009</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,653</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual indemnity</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,059</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,794</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Fair value of consortiums' previous interest</TD>
    <TD STYLE="text-align: center; font-weight: bold; background-color: white">5.1.1</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,485</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Other</TD>
    <TD STYLE="text-align: center; color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">787</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">312</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total other operating income</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31,627</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10,345</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="text-align: center; color: white; text-decoration: underline; vertical-align: bottom; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for contingencies</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,012)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(205)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for environmental remediation</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(793)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax credits&acute; impairment</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,120)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,234)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PAIS import tax</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(973)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Donations and contributions</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(497)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(221)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Institutional promotion</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,023)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(335)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Costs of concessions agreements completion</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,396)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual penalty</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,360)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,011)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Royalties of Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,977)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(982)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Ecuador's transactional agreement&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,510)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Impairment of other receivables</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,613)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other contractual expenses</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,510)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other</TD>
    <TD STYLE="text-align: center; color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,268)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(209)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total other operating expenses</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(18,079)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4,209)</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 10:</U></B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.5 Financial results</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: White; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline">Financial income</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial interest&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">527</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">110</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other interest</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">563</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">487</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial income</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,090</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">597</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline">Financial costs</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Financial interests <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(59,227)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(14,547)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Commercial interests</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(164)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(57)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fiscal interests</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(9,446)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,659)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other interests</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(714)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(370)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,545)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(494)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(71,096)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(18,127)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19,289</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,710</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78,884</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,969</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2,347)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1,215)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Result from exchange of corporate bonds</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,941)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Result from repurchase of corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">72</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">672</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(104)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(87)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">95,794</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,108</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total financial results, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">25,788</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(13,422)</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 14.2pt; text-align: justify; text-indent: -7.1pt"><SUP>(1)
</SUP>Net of $ 2,892 million and $ 791 million capitalized in property, plant and equipment for the nine-month periods ended September
30, 2023 and 2022, respectively.</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">10.6 Income tax</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The breakdown of income tax charge is:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">13,264</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">25,899</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Deferred tax&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6,723</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(18,559)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">450</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2,116)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total income tax -&nbsp;&nbsp;Loss</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,437</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,224</TD></TR>
  </TABLE>

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


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Below is a reconciliation between
income tax expense and the amount resulting from application of the tax rate on the profit before taxes:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 57%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">140,397</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">47,986</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current income tax rate</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income tax at the statutary tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">49,139</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">16,795</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Share of profit from companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(4,916)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">(4,759)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non-taxable results</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3,459)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(463)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">84,410</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">22,455</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(182,671)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(52,802)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and deferred tax and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">775</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2,366)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Effect for tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">71,033</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">25,215</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5,856</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,157</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">270</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total income tax -&nbsp;&nbsp;Loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">20,437</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,224</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 11</U>: NON-FINANCIAL ASSETS AND
LIABILITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.1</TD><TD STYLE="text-align: justify">Property, plant and equipment</TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 27%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Increases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Increases for <BR>
incorporation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.7pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,333</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2,275</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,608</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,253</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">484</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(832)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">25,036</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">49,941</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">339,671</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">179</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">36,301</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(46,876)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">354,052</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">683,327</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">175,771</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,769</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">67,982</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(4,515)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">185,110</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">428,117</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">32,077</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7,201</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4,800</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">31,748</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">75,826</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,365</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">429</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">138</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(44)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,691</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,579</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">10,635</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">274</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">264</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(53)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">10,585</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">21,705</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">223</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">217</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">440</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6,304</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,442</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(14,037)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">8,819</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">14,528</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,158</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">737</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,284</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11,181</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Civil works</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">557</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3,896</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(429)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,060</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">9,084</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">44,316</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">98,904</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(80,846)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(42)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">43,178</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">105,510</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">7,718</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26,685</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(19,719)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">20,752</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">35,434</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other goods</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">78</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">75</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">153</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2023</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">651,459</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">150,885</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(52,793)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">693,882</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,443,433</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">311,688</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">39,074</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">17,193</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(200)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(12,469)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">142,286</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">497,572</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><SUP>(1)</SUP> <FONT STYLE="font-size: 9pt">Includes $ 2,892 million and
$791 million of financial costs capitalized in property, plant and equipment for the nine-month periods ended September 30, 2023 and 2022,
respectively.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes decrease for assignment of Greenwind&#8217;s interest, see Note
5.1.1.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11:</U></B> (Continuation)</P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 27%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.7pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">For the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the end&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the end&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At 12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Lands</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,608</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,333</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Buildings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,342)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">89</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,412)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(13,660)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(28,325)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21,616</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11,911</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Equipment and machinery</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(113,166)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5,662</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,639)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(127,402)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(258,545)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">424,782</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">226,505</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Wells</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(104,372)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,928</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(21,317)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(107,680)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(231,441)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">196,676</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">71,399</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Mining property</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,809)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,328)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(23,745)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(48,882)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">26,944</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8,268</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Vehicles</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(865)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(243)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(909)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,982)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,597</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">500</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Furniture and fixtures and software equipment</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,137)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">19</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(885)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9,240)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(19,243)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,462</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,498</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Communication equipments</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(174)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(21)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(185)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(380)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">60</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Materials, spare parts and tools</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(257)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(34)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(263)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(554)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13,974</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6,047</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Petrochemical industrial complex</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,664)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(875)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(2,991)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(6,530)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,651</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,494</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Civil works</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(135)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">73</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(265)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(960)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,287)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,797</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">422</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Work in progress</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">105,510</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">44,316</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Advances to suppliers</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">35,434</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7,718</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">Other goods</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(74)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(73)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(149)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2023</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(267,995)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">7,806</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(50,021)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(287,108)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(597,318)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">846,115</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2022</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(141,298)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">39</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(18,766)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">8,787</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(64,012)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(215,250)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">282,322</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2022</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">383,464</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes decrease for assignment of Greenwind&#8217;s interest, see Note
5.1.1.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.2 Intangible assets</P>

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Increase</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Increases for <BR>
incorporation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Decrease <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Impairment recovery&nbsp;&nbsp;(Impairment)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 9%">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">444</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">433</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">877</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,131</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,980</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,111</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,835</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10,987)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,414</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24,262</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,172</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,626)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">411</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25,582</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12,613)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">411</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">23,870</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">37,250</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,530</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,312</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,169</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2,128)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(571)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,639</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">11,951</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">For the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Decrease <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white">Traslation effect</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Concession agreements</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(418)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(415)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(848)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(800)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(935)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">650</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1,245)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,330)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,218)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(950)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">650</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,660)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(3,178)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(574)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(88)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(261)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(923)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,111</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21,932</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,035</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">1,172</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">34,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2022</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">11,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2022</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">24,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Includes decrease for assignment of Greenwind&#8217;s interest, see Note
5.1.1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The sale of the digital assets at market price resulted in the recognition
of an impairment recovery for $ 411 million (US$ 2 million) as of September 30, 2023. As of September 30, 2022, the recoverability of
the digital assets was affected by their market value at closing, resulting in the recording of impairment losses for $&nbsp;571 million
(US$ 5&nbsp;million).</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.3 Deferred tax assets and liabilities</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">The composition of the deferred tax assets and liabilities is as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 58%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax loss carryforwards</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,342</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,294</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">50,839</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,765</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">630</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">592</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provisions</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22,452</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,472</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">309</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">134</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,961</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,356</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">174</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">417</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">195</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">93,125</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42,850</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,280)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,021)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Intangible assets</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11,890)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,209)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Investments in companies</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,332)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,332)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Inventories</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10,368)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,281)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(3,410)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2,718)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6,243)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,928)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Tax liabilities</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(322)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(66,485)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(24,567)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: bottom">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(111,330)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(56,378)</TD></TR>
  </TABLE>



<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">Deferred tax assets and liabilities
are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are
associated with the same fiscal authority. Therefore, they are disclosed in the consolidated condensed interim statement of financial
position:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">&nbsp;</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Deferred tax asset, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,616</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,326</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Deferred tax liability, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,821)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,854)</TD></TR>
  </TABLE>

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



<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.4 Inventories</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: top; background-color: white; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">47,519</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,489</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,096</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,458</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21,327</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,777</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">73,942</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30,724</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-family: TimesNewRomanPSMT,serif"><SUP>(1)</SUP></FONT>
It includes impairment loss as a result of the performed recoverability assessment for$ 735 million (US$ 3 million), $ 7 million (US$
0,1 million) and $ 463 million (US$ 2 million) as of September 30, 2023 and 2022 and December 31, 2022.</P>

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


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.5 Provisions</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 18%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Contingencies</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40,105</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,031</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7,615</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,453</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,078</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,578</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,396</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">54,194</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26,062</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Contingencies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">683</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">400</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">510</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">357</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,205</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">779</TD></TR>
  </TABLE>

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



<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The evolution of provisions is shown below:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">09.30.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 15%">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19,047</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,853</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,935</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,900</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">573</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">183</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(94)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(157)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,359</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,133</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,747</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Decrease por subsidiaries sales</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(280)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(107)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(981)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(120)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40,105</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,298</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,588</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Contingencies</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,887</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,217</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,805</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">421</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">206</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases for incorporation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">177</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(60)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(80)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,515</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,027</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">750</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(154)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">15,751</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,462</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2,505</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal">11.5.1
<U>Provision for lawsuits and contingencies</U></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Regarding
the international arbitration claim filed by the Company against Petrobras International Braspetro B.V. on account of fraudulent representations
and omissions associated with certain export transactions under the share purchase agreement executed on May 13, 2016, whereby, the Company
acquired 67.2% of Petrobras Argentina S.A.'s capital stock, the arbitration award is pending issuance by the Arbitration&nbsp;Court.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 11</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.6 Income tax and minimum notional
income tax provision</P>

<P STYLE="font: 10pt/9pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,743</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,568</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Minimum notional income tax</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,850</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,160</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">40,593</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31,728</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12,392</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">927</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,392</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">927</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>NOTE 12</U>: FINANCIAL ASSETS
AND LIABILITIES</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">12.1 Financial assets at
amortized cost</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,128</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,823</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">177</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">14,128</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,000</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; background-color: white">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21,135</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,154</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,357</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">24,289</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,357</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 12</U>:</B> (Continuation)</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.2</TD><TD STYLE="text-align: justify">Financial assets at fair value through profit and loss</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Non-current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Shares</TD>
    <TD STYLE="vertical-align: top; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,615</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,867</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,615</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,867</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">170,579</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,027</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Shares</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44,408</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,422</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,912</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">248,926</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">103,856</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.3</TD><TD STYLE="text-align: justify">Trade and other receivables</TD></TR></TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 6%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Trade receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,482</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,098</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,502</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">353</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">285</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">63</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Contractual indemnity credit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,423</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,511</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">9,334</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,403</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">9,358</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">3,415</TD></TR>
  </TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Receivables from MAT sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,221</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,689</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46,433</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29,315</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables from oil and gas sales&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">58,796</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,788</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables from petrochemicals sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15,816</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,931</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,247</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">848</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">474</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">496</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,352)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,039)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">127,635</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">54,028</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,630</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,183</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,464</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,555</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">57</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,715</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,525</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,369</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,870</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,595</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,611</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,182</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables for sale of subsidiary and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,421</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">719</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables for financial instruments sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Argentine Natural Gas Production Promotion Plan</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,380</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,721</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Receivables for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,621</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Contractual indemnity credit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">761</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,099</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,144</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Impairment of other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">30,426</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29,300</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">158,061</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">83,328</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Due to the short-term nature of trade
and other receivables, its book value is not considered to differ from its fair value. For non-current trade and other receivables, fair
values do not significantly differ from book values.</P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">The movements in the impairment of financial assets are as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,039</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">963</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Impairment</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">297</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(151)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">167</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,352</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,051</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The movements in the impairment of other receivables
are as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; width: 17%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Impairment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(46)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">At the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">12</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">51</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.4</TD><TD STYLE="text-align: justify">Cash and cash equivalents</TD></TR></TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Cash</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">70</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Banks</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26,834</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,958</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37,213</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64,117</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">18,757</TD></TR>
  </TABLE>



<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.5</TD><TD STYLE="text-align: justify">Borrowings</TD></TR></TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>


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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,930</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">19,088</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">449,153</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">218,349</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">451,083</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">237,437</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">36,770</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">10,514</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">20,886</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8,970</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">65,476</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">28,845</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">123,132</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">48,329</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">574,215</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">285,766</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of September 30, 2023, and
December 31, 2022 the fair value of the Company&#8217;s CB amount approximately to $ 496,322 million and $ 240,194 million, respectively.
Such values were calculated on the basis of the determined market price of the Company&#8217;s CB at the end of each period (fair value
level 1).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The carrying amounts of short-term
borrowings approximate their fair value due to their short-term maturity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The long-term borrowings were
measured at amortized cost, which does not differ significantly from its fair value.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of the issuance of these Consolidated
Condensed Interim Financial Statements, the Company is in compliance with the covenants provided for in its loan&#8217;s contracts.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The evolution of the consolidated
loans over the nine-month periods ended September 30, 2023 and 2022 is disclosed below.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2023</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2022</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">At the beginning of the year</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">285,766</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">147,795</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Proceeds from borrowings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">98,835</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33,211</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Payment of borrowings</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(30,438)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(17,453)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Accrued interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">59,222</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">14,544</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Payment of interests</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(51,886)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(12,642)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,335)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3,449)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Result from exchange of corporate bonds</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1,941</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Result from repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(72)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(672)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increases for incorporation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">11,984</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Foreign currency exchange difference</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(53,105)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5,545)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Decrease por subsidiaries sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">(27,901)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">2,892</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">791</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Exchange differences on translation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">292,237</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">67,016</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">At the end of the period</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">574,215</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">237,521</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">12.5.1 <U>Issuance of CB</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On January 11, 2023, the Company
issued Class 15 CB for $ 10,379 million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on July 11,
2024. Subsequently, on March 6, 2023, the Company reopened Class 13 and Class 15 CB for US$ 48.2 million and $ 7,885 million, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On May 4, 2023, the Company issued
Class 16 CB for US$ 55.7 million accruing interest at a fixed Badlar rate 4.99%, maturing on November 4, 2025, and Class 17 CB for $ 5,980
million accruing interest at a variable BADLAR rate plus an annual 2% spread and maturing on May 4, 2024. Class 17 CB are the second green
bond issued by Pampa, which reflects the commitment to finance projects with a positive impact on the environment and to diversify the
country&#8217;s energy generation matrix. The issue of Class 17 CB was recognised by Fix Ratings, an affiliate of Fitch Ratings, with
the rating of Green Bond (BV1), the best possible grade, since it is aligned with the four main components of ICMA&#8217;s (International
Capital Market Association) Green Bond Principles (GBP). It was issued in observance of the &#8220;Guidelines for the Issuance of Social,
Green and Sustainable Bonds in Argentina&#8221; of the CNV Rules and the provisions of BYMA&#8217;s Social, Green and Sustainable Guide
and the BYMA Rules, and also makes up BYMA&#8217;s Social, Green and Sustainable Bonds Panel. The Company will allocate the issue&#8217;s
proceeds form Class 17 CB to finance the expansion of PEPE VI wind farm.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">On July 18, 2023, Pampa repaid at
maturity the full outstanding amount of Class&nbsp;8 CB (first Green Bond) for $2,283&nbsp;million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">On September 8, 2023, the Company
issued Class 18 CB for US$&nbsp;72.1&nbsp;million, accruing interest at a fixed 5% rate and maturing on September 8, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">12.5.2 <U>Redemption of Series&nbsp;T CB</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">On May 5, 2023, the Company announced
the redemption of all Series T CB maturing on July 21, 2023, which outstanding balance amounted to US$ 92.9 million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The redemption took place on June
8, 2023 at a redemption price equal to 100% of the outstanding capital amount, plus accrued and unpaid interest as of the redemption date,
and plus additional amounts under the Series T CB's trust agreement.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0">12.5.3 <U>Financial loans</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">During the period ended September
30, 2023, the Company took out short-term bank loans with local financial entities for $ 2,000 million and import financing for CNY 12&nbsp;million.
Additionally, Pampa canceled import financing, net, for US$&nbsp;3.1&nbsp;million. Post-closing, the Company took out import financing
for US$ 9 million and CNY 25.5 million. Additionally, the Company took out pre-export financing, net, in the amount of US$&nbsp;19.0&nbsp;million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">12.5.4 <U>FINNVERA Credit Facility</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Due to the discontinuity of the Libor
benchmark interest rate as from July 2023, on September 5, 2023 Pampa and CACIB (Credit Agricole Corporate &amp; Investment Bank) executed
an amendment to the credit facility replacing the Libor rate with Term SOFR, which will be the new variable rate for debt services after
November 2023. In this same line, the interest rate hedge agreement associated with the credit facility was also amended.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.6</TD><TD STYLE="text-align: justify">Trade and other payables</TD></TR></TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 6%">Note</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2022</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Customer guarantees</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 24px; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,958</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,769</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Finance leases liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,617</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,789</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Contractual penalty debt</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,423</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">225</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">195</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">13,223</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,753</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">13,231</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">3,757</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">81,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">35,109</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,777</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">644</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7,965</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,506</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">90,742</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">38,259</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,057</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,085</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Liability for acquisition of companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4,022</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8,144</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Finance leases liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">685</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">319</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment plan readjustment liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">807</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Contractual penalty debt</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">571</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">132</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">117</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8,467</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11,472</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">99,209</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">49,731</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Due to the short-term nature of trade
and other payables, its book value is not considered to differ from its fair value. <FONT STYLE="color: #222222">For most other non-current
liabilities, fair values do not significantly differ from book values.</FONT></P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">12.7</TD><TD STYLE="text-align: justify">Fair value of financial instruments</TD></TR></TABLE>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0">The following table shows the Company&#8217;s financial
assets and liabilities measured at fair value as of September 30, 2023 and December 31, 2022:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0">&nbsp;</P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 44%">As of September 30, 2023</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and losss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">170,579</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">170,579</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,027</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30,027</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,912</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,912</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44,408</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,615</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54,023</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37,213</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37,213</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">289</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">289</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Other receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Guarantee deposits on derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,727</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,727</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">287,866</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">289</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9,615</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">297,770</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Level 3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through<BR>
&nbsp;profit and losss</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36,281</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,600</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,553</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28,422</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,867</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">33,289</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16,771</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Other receivables</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Guarantee deposits on derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,823</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,823</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total assets</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">124,450</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">161</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,867</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">129,478</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom; background-color: white">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">318</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">318</TD></TR>
  </TABLE>

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



<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><U>NOTE 12:</U></B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The techniques used for the measurement
of assets and liabilities at fair value through profit and loss, classified as Level 2 and 3, are detailed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Derivative Financial Instruments: calculated from variations between market prices
at the closing date of the period, and the amount at the time of the contract.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Shares: it was determined using the income-based approach through the &#8220;Indirect
Cash Flow&#8221; method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking
into consideration the 4.04% and 4.55% equity interest, direct and indirect, in TJSM and TMB, respectively.</TD></TR></TABLE>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>NOTE 13</U>: EQUITY COMPONENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">13.1</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Share Capital</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On April 26, 2023, the General
Ordinary and Extraordinary Shareholders' Meeting resolved to reduce the Company's capital stock through the cancellation of 20 million
shares. This reduction was registered with the Public Registry on June 28, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of September 30, 2023, the
capital stock amounts to $ 1,364 million, including $ 4 million of treasury shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The Company is reached by CNV
General Resolution No. 941/22, as it has previously adopted a specific accounting policy regarding the foreign-currency translation of
financial statements. To comply with the provisions established by this resolution, the breakdown of the translation differences originated
in share capital and capital adjustment accounts are detailed below:</P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">09.30.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Share capital</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2">At the beginning of the year</TD>
    <TD STYLE="text-align: right">5,117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">26,760</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="2">Variation of the period</TD>
    <TD STYLE="text-align: right">6,169</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">32,280</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">At the end of the period</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11,286</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">59,040</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Share capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Share capital adjustment</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">At the beginning of the year</TD>
    <TD STYLE="text-align: right">2,392</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12,503</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Variation of the year</TD>
    <TD STYLE="text-align: right">2,725</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14,257</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">At the end of the year</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5,117</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">26,760</TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 13</U>:</B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">13.2</TD><TD STYLE="text-align: justify">Earning per share</TD></TR></TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Basic earnings per share are calculated
by dividing the result attributable to the Company&#8217;s equity holders by the weighted average of outstanding common shares during
the year. Diluted earnings per share are calculated by adjusting the weighted average of outstanding common shares to reflect the conversion
of all dilutive potential common shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Potential common shares will be
deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing
business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the
earnings per share or a decrease in the losses per share of the continuing operations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The calculation of diluted earnings
per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses
per share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect
is recorded, being the diluted earning per share equal to the basic. As of September 30, 2023 and 2022, the Company does not hold any
significant potential dilutive shares, therefore there are no differences with the basic earnings per share.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2023</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earning for continuing operations attributable to equity holders of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119,708</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42,448</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Weighted average amount of outstanding shares</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,368</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,381</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings per share</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">87.51</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30.74</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 14</U>: STATEMENT OF CASH FLOWS&rsquo;
COMPLEMENTARY INFORMATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt">14.1</TD><TD STYLE="padding-left: 5pt; text-align: justify">Adjustments to reconcilie net profit to cash flows from operating activities</TD></TR></TABLE>



<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0">&nbsp;</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 16%">Note</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">09.30.2023</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20,437</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,224</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56,745</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14,392</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9, 10.1 and 10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51,111</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19,204</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit of joint ventures and associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,044)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13,610)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Profit from sale of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(486)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(168)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(137)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result for intangible assets sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(252)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">324</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,260</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,490</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">672</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from measurement at present value</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,347</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,215</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(65,940)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(867)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Exchange differences, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(20,750)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,710)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(72)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(672)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from exchange of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,941</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,011</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Costs of concessions agreements completion</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,396</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Contractual indemnity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,360)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Contractual penalty</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Recovery of tax charges</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(43)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">895</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">193</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">793</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Fair value of consortiums' previous interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,485)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,613</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Ecuador's transactional agreement&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,510</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Earned dividends</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">9 and 10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,462</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,319</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,545</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,578</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Derecognition of unproductive wells&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,702</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(177)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">48,203</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">30,750</TD></TR>
  </TABLE>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt">14.2</TD><TD STYLE="padding-left: 5pt; text-align: justify">Changes in operating assets and liabilities</TD></TR></TABLE>


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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 14%">09.30.2023</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 14%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(32,535)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23,810)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,130)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,481)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">(Decrease) Increase in trade payables and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,762)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">709</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in salaries and social security payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,731</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,135</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(416)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(262)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in tax liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,388</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,424</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase (Decrease) in provisions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">62</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(258)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax payment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(357)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">(Payments) Collections for derivative financial instruments, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(839)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">112</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(41,515)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(22,788)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt">14.3</TD><TD STYLE="padding-left: 5pt; text-align: justify">Significant non-cash transactions</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 14%">09.30.2023</TD>
    <TD STYLE="text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 14%">09.30.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(21,098)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(5,519)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2,892)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(791)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Increase of property, plant and equipment through exchange of assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(8,684)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in asset retirement obligation and wind turbines decommision through property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(768)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in right-of-use assets through an increase in other liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(409)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23)</TD></TR>
  </TABLE>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>NOTE 15</U>: CONTINGENT
LIABILITIES AND ASSETS</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The main changes for the nine-month
period ended September 30, 2023 regarding contingent liabilities disclosed in the Consolidated Financial Statements as of December 31,
2022 are detailed below:</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><B>15.1 Labor claim - Compensation
Fund</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">With reference to one of the claims
on an alleged plan underfunding due to the elimination of the Company's earnings-based contributions, the Supreme Court of Justice of
the Autonomous City of Buenos Aires asked the Chamber of Commercial Appeals to refer back the proceedings, and it later ordered the hearing
of the unconstitutionality appeal filed by the Company which had been previously dismissed by said Chamber. In&nbsp;view of the Chamber's
dismissal, the file was referred to the CSJN, which will settle the dispute over jurisdiction.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 15</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>15.2 Environmental claims</B></P>

<P STYLE="font: 10pt/50% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">In the proceeding where Fundaci&oacute;n SurfRider Argentina has requested the performance of preliminary
proceedings due to alleged indications of environmental damage in the City of Mar del Plata, the partial agreement reached between the
plaintiff and a co-defendant was ratified, and the proposal submitted by other two co-defendants is in the trial stage. On the other side,
the Company has requested to be severed from the proceeding as it did not own any service station during the claim period, and the Court
resolved to take this request into consideration.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">In the proceeding brought by a neighbor of the Province of Salta owning a lot where a joint venture made
up of the plaintiffs (the Company and other companies) conducted hydrocarbon activities, the Province of Salta became a co-defendant instead
of a third party.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">In the Court file where owners of a lot in the town of Gar&iacute;n, Province of Buenos Aires, seek the
performance of preliminary proceedings for alleged indications of damage to the environment in their place of residence, the constructive
abandonment of the lawsuit put forward by the Company and the dismissal of the claim by the plaintiff are pending resolution.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">With reference to the complaint brought before the CSJN by Beatriz Mendoza and 16 other plaintiffs on
alleged damages resulting from alleged environmental damage, the Company's pecuniary liability would be associated with just two of its
assets adjacent to the Matanza-Riachuelo River Basin (one of which is no longer under its operation). Regarding the remaining assets along
this basin previously operated by the Company, it has sufficient indemnity granted by the sites' assignee company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">In the proceeding brought by Martinez Lidia and three other plaintiffs seeking financial compensation
for alleged environmental affectation damages caused by living next to the Puerto General San Martin petrochemical plant (Rosario-Santa
Fe), the Court issued an order to furnish additional evidence. Consequently, the proceeding was consolidated with another proceeding filed
by other neighbors of the Santa Fe Plant against the Company, which is in the evidentiary stage.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<P STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">15.3 Civil and Commercial
Claims</P>

<P STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the proceeding brought by &quot;Consumidores
Financieros Asociaci&oacute;n Civil Para Su Defensa&quot; seeking compensation for the depreciation of Petrobras Brasil's share quotation
value as a result of the &quot;lava jato operation&quot; and the so-called &quot;Petrolao&quot;, the Chamber of Appeals in Commercial
Matters rendered judgment dismissing the federal extraordinary appeal brought by this association. Against this decision, the association
filed a petition in error, which is under analysis by the CSJN.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">The main updates for the nine-month period ended
September 30, 2023 regarding contingent assets disclosed in the Consolidated Financial Statements as of December 31, 2022 are detailed
below:</P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 5pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 15</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


<P STYLE="font: bold 10pt/107% Times New Roman, Times, Serif; margin: 0 0 0 40.3pt; text-indent: -40.3pt">15.4 Civil and Commercial Claims</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 19pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Regarding the arbitration proceeding
brought by the Company against High Luck Group Limited - Argentine branch as a result of certain breaches to the Participation Assignment
Agreement and the Joint Operation Agreement for the Chirete Block entered into on April 1, 2015, on August 23, 2023, the Arbitration Court
issued a Partial Award, court costs being payable by the defendant, declaring that High Luck has breached the above-mentioned Contract,
but that this fact does not entitle the Company to exercise the reversal option stipulated therein. A new arbitration stage is currently
underway pursuant to the schedule established by the Arbitration Court.</P>

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



<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTA 16</U>: RELATED PARTIES&acute; BALANCES
AND TRANSACTIONS</P>

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">16.1
Balances with related parties</P>

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of September 30, 2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 44%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">64</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,129</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4,482</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2,218</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,137</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Transener</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">10</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">41</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">44</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,174</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4,802</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">197</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,247</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">4,482</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">3,630</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">7,965</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">34</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">806</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3,098</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,059</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,206</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Transener</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,297</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">848</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3,098</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,183</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,506</TD></TR>
  </TABLE>



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


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 16</U>:</B> (Continuation)</P>


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.25in; text-align: justify; text-indent: -0.25in">16.2
Operations with related parties</P>

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


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: center">Operations for the nine-month period</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"><BR>
Sales of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP><BR></FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Purchases of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Fees for services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Other operating income (expenses), net <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white; width: 25%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">409</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">167</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Greenwind&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">47</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Refinor&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,212</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(991)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,460</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,762</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(9,865)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,911)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Transener</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">76</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font-weight: bold; text-decoration: underline">Other related parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(414)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">(186)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13,993)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8,282)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(298)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white"><SUP>-</SUP></TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">8,869</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,188</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(23,920)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(14,224)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(298)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(284)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(159)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Corresponds mainly to advisory services provided in relation with technical
assistance and sales of gas.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Correspond to natural gas transportation services,
purchases of refined products and other services imputed to cost of sales for $ 9.927 million and $ 6.020 million and infrastructure works
contracted to SACDE charged in property, plant and equipment por $ 13.993 million y $ 8.201 million, of which $ 3.310 million and $ 1.649
million, correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for the
nine-month periods ended September 30, 2023 and 2022, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 9pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Disclosed within administrative expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Corresponds mainly to donations expenses and operating
leases income.</FONT></TD></TR></TABLE>

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

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



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Operations for the nine-month period</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial income <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial expenses <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Dividends received&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Distributed dividends</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2023</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; width: 25%">Associates and joint ventures</TD>
    <TD STYLE="background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 8%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">854</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">TGS&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">308</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">193</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Transener</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; background-color: white">Other related parties</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">EMESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(139)</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(25)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">TJSM</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Diversos</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(13)</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">309</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">193</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(13)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(9)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">854</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(139)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(25)</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Corresponds mainly to financial leases and accrued interest on loans granted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Corresponds to interest and commissions on loans received.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 17</U>: ASSETS AND LIABILITIES IN
CURRENCIES OTHER THAN PESOS <SUP>(1)</SUP></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: white; width: 39%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 7%">Type</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 13%">Amount in currencies other than pesos</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 11%">Exchange rate <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">Total <BR>
09.30.2023</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">Total <BR>
12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">NON-CURRENT ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Financial assets at amortized cost</TD>
    <TD STYLE="text-align: center; background-color: white">US$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;40.4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">349.95</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;14,128</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;18,000</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;25.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;8,911</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;3,099</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">Total non-current assets</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;23,039</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;21,099</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">CURRENT ASSETS</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: center; background-color: white">US$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;394.4</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">349.95</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;138,020</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;83,477</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">U$</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;69.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;24,289</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;1,357</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">0.8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">285</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">149</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Trade and other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;165.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;57,797</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;38,960</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;422.8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.39</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;108.0</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;37,804</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;13,602</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1.6</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.39</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total current assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;258,361</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;137,547</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;281,400</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;158,646</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;138.9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;48,607</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;25,492</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,287.3</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;450,503</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;215,786</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">CNY</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;12.1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">47.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">580</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;37.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;13,010</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;3,572</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;512,700</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;244,850</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1,193</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">741</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;0.01</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">CLP</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;3.20</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.39</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;0.03</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;10</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">318</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;77.0</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;26,953</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;31,180</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;187.6</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">349.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;65,653</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;35,461</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">EUR</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">370.10</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1,294</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">548</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">CNY</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">0.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">47.95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;24</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">SEK</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4.8</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">32.04</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">155</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">U$</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;0.08</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">9.08</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total current liabilities&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;95,288</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;68,270</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;607,988</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">&nbsp;313,120</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net Position Liability</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;(326,588)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;(154,474)</TD></TR>
  </TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Information presented to comply with CNV Rules.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 9pt">Exchange rate in force on September 30, 2023 according
to the BNA for U.S. dollars (US$), Euros (EUR), Yuans R. China (CNY), Chilean </FONT><FONT STYLE="font-size: 8pt">pesos (CLP) </FONT><FONT STYLE="font-size: 9pt">and
Uruguayan pesos (U$). </FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTA 18</U>: INVESTMENT COMMITMENTS</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>PEPE IV</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In early 2022, works started for
the expansion of PEPE III, inaugurated in 2019, which production is targeted at the large users&#8217; segment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The project mainly consisted of
the (staged) mounting and installation of 18 additional wind turbines with an 81&nbsp;MW capacity. The expansion's commissioning started
on December 29, 2022, with the first 4 wind turbines, and ended on September 17, 2023, with the project's last 3 wind turbines.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">After completing the expansion
works, PEPE III and PEPE IV jointly have 32&nbsp;wind turbines with a 134.2&nbsp;MW installed capacity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><U>PEPE VI</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In February 2023, the Company
started constructing Pampa Energ&iacute;a VI Wind Farm in Bah&iacute;a Blanca, Province of Buenos Aires. The project will enable the installation
of a 300 MW power capacity, in 3 stages, with an estimated US$ 500 million investment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Stage 1 comprises the mounting
and installation of 21 Vestas wind turbines, with their internal medium-voltage cable network, roads, a substation and a 500 KV line allowing
for a 94.5 MW capacity addition, with an investment for US$ 186 million, expected to be operative during the third quarter of 2024.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Stage 2 comprises the mounting
and installation of 10 Vestas wind turbines allowing for a 45 MW capacity addition, with an investment for US$ 83 million, expected to
be operative during the fourth quarter of 2024.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The energy produced by this wind
park allows for reduced carbon emissions and will be sold through the MATER to supply large companies in the country in compliance with
the Renewable Energy Law.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 19</U>: TERMINATION OF HYDROELECTRIC CONCESSIONS</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">SE Resolution No. 486/23 modified
the terms for the Concessioned Hydroelectric Exploitations Team (ETAHC) to submit reports on the status of hydroelectric concessions.
In the case of HINISA and HIDISA, the ETAHC's deadline to submit the reports will be December 1, 2023 and April 19, 2024, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Later, SE Resolution No. 574/23 resolved
to implement the provisions of the concession agreements, providing that the current Alicur&aacute;, El Choc&oacute;n Arroyito, Cerros
Colorados and Piedra del &Aacute;guila's concessionaires should continue in charge of their operation and maintenance upon the termination
of the concession for a 60-day term. ENARSA was appointed as observer, with broad powers during the transition term and the provinces
of Neuqu&eacute;n and R&iacute;o Negro were invited to appoint a representative to act jointly with the representative to be appointed
by the National Ministry of Economy&nbsp;(&quot;MECON&quot;) to assist ENARSA during that period.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 19</U>:</B> (Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Recently, SE Resolution No. 815/23
granted an additional extension of the Alicur&aacute;, El Choc&oacute;n, Arroyito and Cerros Colorados Hydroelectric Power Plants&#8217;
concessions for 100&nbsp;calendar days as from the expiration of the 60-day term provided by SE Resolution No. 574/23.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 3pt 0"><U>NOTA 20</U>: INCIDENT AT CENTRAL T&Eacute;RMICA
LOMA DE LA LATA (CTLL)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">On July 20, 2023, an incident occurred
at CTLL's TG05, resulting in damage to the unit's turbine. As a result of the incident, the power generation capacity was reduced by approximately
105&nbsp;MW.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The Company and General Electric,
the turbine's manufacturer, are evaluating the necessary works to repair the failure.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Moreover, the Company is making all
necessary filings before the insurance companies to minimize economic losses resulting from the breach of the associated availability
commitments.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 3pt 0"><U>NOTE 21</U>: DOCUMENTATION SAFEKEEPING</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On August 14, 2014, the CNV issued
General Resolution No.&nbsp;629/14, which introduced modifications to the provisions applicable to the keeping and conservation of corporate
and accounting books and commercial documentation. To such effect, the Company have sent non-sensitive work papers and information corresponding
to the periods not covered by the statute of limitations for their keeping in the AdeA - Administraci&oacute;n de Archivos S.A.&#8217;s
data warehouse located at Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.&#8217;s
data warehouses located at the following addresses:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Azara 1245 &#8211; C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Don Pedro de Mendoza 2163 &#8211;C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Amancio Alcorta 2482 C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">San Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province
of Buenos Aires.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">A list of the documentation delivered
for storage, as well as the documentation provided for in Article 5.a.3) Section I, Chapter V, Title II of the PROVISIONS (2013 regulatory
provisions and amending rules), is available at the Company headquarters.</P>


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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify"><B><U>NOTE 22</U>: SUBSEQUENT
EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify"><I>Export Increase Program</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">On October 3, 2023, SE Resolution
No. 808/23 temporarily included the products sold by the Company, among other exports, under the Export Increase Program created by PEN
Executive Order No. 576/22.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">For exports settled October 2 through
20, 2023 with an effective export date up to November 30, 2023, this program provides that at least 75% of the export values must be entered
into the country in foreign currency, and the remaining 25% may be settled in pesos through the purchase of marketable securities. As
of the issuance of these Consolidated Condensed Interim Financial Statements, the Company has opted into this program.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Additionally, on October 23, 2023,
Executive Order No. 549/23 entered into effect, which allows exporters to settle at least 70% of the export&#8217;s countervalue at the
official exchange rate and the remaining 30% at the marketable securities swap rate, for the collection of exports settled until November
17, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify"><I>Remuneration for sales to the
spot market </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Pursuant to SE Resolution No. 869/23
dated October 30, 2023, spot remuneration values for energy generation were updated, providing for a 28% increase on spot values approved
by SE Resolution No. 750/23 as from the November 2023 economic transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0"><I>Penalty offsetting mechanism under Renovar contract</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">SE Resolution No. 883/23 approved a mechanism
for supply agreements under the Renovar programs that allows offsetting penalties with investments in new renewal power generation capacity.
This possibility is contemplated for delay, deficiency and national component penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The system provides as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Project awardees requesting the offsetting will have a 36-month term (during which
the collection of the imposed penalties will be suspended) to install new renewable power capacity. If the investment commitment has not
been fulfilled once this term expires, an additional 10% interest will be charged on the amount of the penalties effective at the time
the offsetting request was submitted and during the collection suspension term. Partial commissionings are allowed for a minimum of 60%
of the total power capacity to be installed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">The percentage of penalties to be offset will be determined by the project&#8217;s
awardee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">The geographical location and/or the new power capacity technology may not necessarily
match those of the facility for which the penalty was imposed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Reference values for new investments will be those under Renovar - Round&nbsp;3
(1,400,000&nbsp;US$/MW and 850,000&nbsp;US$/MW in the case of wind and solar projects, respectively).</TD></TR></TABLE>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Free translation from the original prepared in Spanish for publication in Argentina</P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="pamfs3q236k_003.jpg" ALT=""></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2023, presented in comparative format. </B></P><P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of Argentine Pesos (&ldquo;$&rdquo;))</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 22</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">The project&#8217;s new power capacity may be remunerated under 3&nbsp;alternatives:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">1.</TD><TD STYLE="text-align: justify">100% of the new generation at US$ 20/MWh for 60 months; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">2.</TD><TD STYLE="text-align: justify">20% of the new generation at US$ 20/MWh for 120 months, and the remaining 80%: (i) sold in the MATER,
(ii) destined for self-consumption; (iii) used to offset future penalties, or (iv) sold in the spot market; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 14.15pt">3.</TD><TD STYLE="text-align: justify">20% of the new generation at US$ 20/MWh for 180 months; and the remaining 80%: (i) sold in the MATER,
(ii) destined for self-consumption; (iii) used to offset future penalties, or (iv) sold in the spot market.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Jointly with the request for compensation, a waiver and/or dismissal (as applicable) to file any claim
or action against the Federal Government, the SE and CAMMESA must be submitted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">The term for filing the offsetting request will be 20 business days as from November 1, 2023, in the case
of projects with penalties as of that date, or as from the notification of the new penalties thereafter.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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


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