<SEC-DOCUMENT>0001292814-24-001893.txt : 20240508
<SEC-HEADER>0001292814-24-001893.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240507185548
ACCESSION NUMBER:		0001292814-24-001893
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		24923695

	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>pampr1q24_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>

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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>FORM 6-K</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>For the month of&nbsp;May,
2024</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
1: </B></FONT><A HREF="ex99-1.htm"> Earnings Release Q1 24</A></P>


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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;May 3, 2024</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: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; text-align: center; color: #5F6062">&nbsp;<IMG SRC="image_007.jpg" ALT=""></P>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td style="border: rgb(0,129,197) 1pt solid; padding: 10pt; width: 100%"><p style="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #006FC0">Pampa Energ&iacute;a, an independent company with active participation in the Argentine electricity and gas value chain, announces the
results for the quarter ended on March 31, 2024.</p></td></tr>
</table>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
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    <TD  STYLE="background-color: rgb(242,242,242)"><p style="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">Stock information</p>

<p style="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><IMG SRC="image_003.jpg" ALT="">&nbsp;</p>


<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital<BR>
as of May 6, 2024<FONT STYLE="font-weight: normal"><BR>
1,363.5 million common shares/<BR>
54.5 million ADS</FONT></P>

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Market capitalization <FONT STYLE="font-weight: normal"><BR>
<FONT>AR$3,010</FONT> billion/<BR>
<FONT>US$2,705</FONT> million</FONT></P>

<P STYLE="font: bold 9pt/110% Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">Information about the videoconference</P>

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

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt"><FONT STYLE="color: #5F6062">Access link<BR>
</FONT><FONT STYLE="font-weight: normal; color: #00B0F0">bit.ly/Pampa1Q2024VC</FONT></P>

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

<P STYLE="font: bold 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062">Email<FONT STYLE="font-weight: normal"><BR>
</FONT></FONT><FONT STYLE="font-weight: normal; color: #00B0F0">investor@pampa.com</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Website for investors</B><BR>
</FONT><FONT STYLE="color: #00B0F0">ri.pampa.com</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Argentina&rsquo;s Securities
and Exchange Commission<BR>
</B></FONT><FONT STYLE="color: #00B0F0">www.argentina.gob.ar/cnv</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 6pt 5.75pt"><FONT STYLE="color: #5F6062"><B>Securities and<BR>
Exchange Commission<BR>
</B></FONT><FONT STYLE="color: #00B0F0">sec.gov</FONT></p>
</td>
    <TD STYLE="font-size: 8pt">&nbsp;</td>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: left">

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; color: #0081C5; margin: 6pt 0"><B>Basis of presentation</B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; color: #5F5F61; margin: 6pt 0">Pampa&rsquo;s financial information adopts US$ as functional currency,
converted into AR$ at transactional FX. However, Transener and TGS adjust their figures for inflation as of March 31, 2024, which are
expressed in US$ at the period&rsquo;s closing FX. The previously reported figures remain unchanged.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; color: #0081C6; margin: 0"><B>Q1 24 main results<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"><SUP>[1]</SUP></FONT></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="color: #00B0F0"><B>7% year-on-year
sales decrease, recording US$401 million<SUP>[2]</SUP> in Q1 24</B></FONT><FONT STYLE="color: #5F6062">, explained by a drop in spot energy
and petrochemical prices and lower gas exports and crude oil sales, partially offset by higher domestic gas sales due to better demand
and the commissioning of GPNK. </FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="color: #00B0F0"><B>Operating
performance</B></FONT> <FONT STYLE="color: #5F6062">highlighted by growing gas production:</FONT></P>

<P STYLE="text-align: center; font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><IMG SRC="image_001.jpg" ALT=""><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #00B0F0; line-height: 105%"><B></B></FONT></P>



<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Adjusted
EBITDA<SUP>[3]</SUP> reached US$189 million in Q1 24, an 8% decrease compared to Q1 23</B></FONT><FONT STYLE="color: #5F6062">, mainly
explained by a 22% reduction in power generation due to credit impairment on the January invoice to CAMMESA and a 22% reduction in holding
and others, offset by improvements of 14% in oil and gas and 58% in petrochemicals.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #00B0F0"><B>Net profit
attributable to the Company&rsquo;s shareholders of US$267 million, 89% higher than in Q1 23</B></FONT><FONT STYLE="color: #5F6062">,
mainly explained by higher non-cash credit on deferred income tax due to higher inflation than AR$ devaluation, also positively impacted
our affiliates&rsquo; equity income. These effects were offset by the impairment of CAMMESA receivables and lower sales and devaluation
profit from AR$ debt.</FONT></P>


<P STYLE="margin: 0; font: 9pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="color: #00AFEF"><B>Net debt increased to US$718 million</B>,
</FONT><FONT STYLE="color: #5F6062">resulting in a net leverage ratio of 1.1x, mainly due to the substantial delays in the payment collections
from CAMMESA.</FONT></P>



<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify"><FONT STYLE="color: #5F6062"><BR STYLE="clear: both">
</FONT></P>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"><FONT STYLE="color: #5F6062"></FONT></P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0; color: #0081C5"><B>
</B></p>

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

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><SUP>[2]</SUP> Sales from the
affiliates CTBSA, Transener and TGS are excluded, shown as &lsquo;Results for participation in joint businesses and associates.&rsquo;</P>

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify"><FONT STYLE="color: #5F6062"><SUP>[3]</SUP>
Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and
non-cash income and expense, equity income, and includes affiliates&rsquo; EBITDA at our ownership. Further information on </FONT><FONT STYLE="color: #00B0F0">section
3.1</FONT><FONT STYLE="color: #5F6062">.</FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Increased delays in the payments from CAMMESA and on-time changes
in the settlement of certain past transactions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Since
February 2024, CAMMESA has slowed down payments for our electricity and natural gas sales. As of today, transactions from December 2023,
January and February 2024 are pending payment, totaling over AR$140 billion, including accrued interests and Value-Added Tax. The days
of sales outstanding have risen to more than 120 days, whereas CAMMESA&rsquo;s procedures stipulate 42 days.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
Company has learned that the SE would instruct CAMMESA to make a one-time change over the settlement of the December 2023 and January
2024 transactions by paying the outstanding due with sovereign bonds at face value. In light of this development and considering the fair
market value of said debt security, Pampa has recorded a US$34 million impairment loss over CAMMESA receivables.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Pampa
is analyzing the possible course of action and the legal measures against this resolution. It is important to highlight that the inability
of CAMMESA to pay could substantially impact the Company&rsquo;s cash flow, operating results and financial position. Nonetheless, Pampa
has enough solvency to meet its operational and financial obligations as of the FS issuance date.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>New permits to export natural
gas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In February
2024, the SE approved additional gas export volumes to Chile on a ToP basis for 0.6 million m<SUP>3</SUP>/day, valid from October to December
2024. In summary:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD ROWSPAN="2" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Period</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Volume in million m<SUP>3</SUP>/day</B></FONT></TD></TR>
  <TR STYLE="background-color: #20396D">
    <TD STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Authorized</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Traded</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 34%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">January 2024 &ndash; April 2024</FONT></TD>
    <TD STYLE="width: 33%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5</FONT></TD>
    <TD STYLE="width: 33%; border-top: #DEDFDF 1pt solid; border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">0.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">May 2024 &ndash; September 2024</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">0.6</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">October &ndash; December 2024</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">0.6</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">n.a.</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Increases in regulated tariffs</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Update on the natural
gas price</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
26, 2024, the SE set new PIST values for natural gas, denominated in US$, applicable seasonally from April 2024 to residential users &ldquo;N1&rdquo;
(high income) and productive sectors (businesses and industries) (Res. SE No. 41/24), resulting in<SUP>[4]</SUP>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #00B0F0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">April:
Between US$2.79 and US$2.95 per MBTU, depending on the utility company</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #00B0F0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">May
&ndash; September (winter period): Between US$4.26 and 4.49 per MBTU, depending on the utility company</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #00B0F0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">October
&ndash; December (summer period): Between US$2.79 and 2.85 per MBTU, depending on the utility company.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">As of
March 2024, the small businesses segment paid in AR$, equivalent to US$0.3 per MBTU and the residential N1 segment paid in AR$, equivalent
to US$1 per MBTU.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
PIST increase will not be seasonal for residential users &ldquo;N2&rdquo; (low income/social tariff) and &ldquo;N3&rdquo; (middle income):</P>

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


<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; color: #5F6062"><SUP>[4]</SUP> PIST ranges depend on the area and
type of user.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #00B0F0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">N2:
From an equivalent of US$0.3 (denominated in AR$), to 0.74 and 0.78 per MBTU</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #00B0F0">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">N3:
From an equivalent of US$0.4 (denominated in AR$), to 1.12 and 1.17 per MBTU.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Furthermore,
ENARGAS was instructed to issue tariff schemes reflecting monthly variations in the FX on PIST values (Res. ENARGAS No. 112 to 123/24).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">This
price adjustment increases the amount of Pampa&rsquo;s sales to be charged directly to the utility distribution companies, decreasing
the Plan Gas.Ar subsidy contribution.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Tariff increase
granted to TGS</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
27, 2024, ENARGAS authorized a 675% increase in natural gas transportation tariff schemes, effective between April 3, 2024 and any time
before December 31, 2024, when a new Comprehensive Tariff Review is approved. Moreover, it includes a monthly adjustment formula (Res.
No. 112/24). However, as of today, ENARGAS has not issued the corresponding May 2024 tariff schedules reflecting said monthly increase.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">TGS
commits to disburse and/or accrue in 2024 an AR$27,690 million investment plan, adjustable by the formula mentioned before, and focused
on infrastructure works, as well as the system&rsquo;s safety and reliability.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Transener news</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Changes in CAMMESA&rsquo;s
payment priority order</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On March
15, 2024, Res. SE No. 34/24 modified the payment priority order of CAMMESA&rsquo;s transactions, ranking senior providers of high-voltage
power transmission and main distribution services over power generation companies.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Power transmission
Comprehensive Tariff Review</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
15, 2024, the ENRE, through Res. No. 223/24 approved the 2024 power transmission tariff review program. The companies involved, including
Transener and Transba, must submit their proposals before July 31, 2024, and the ENRE must approve the new tariff schedules before December
31, 2024. The approved proposals will be in force for five years from January 1, 2025.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>1.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Other news</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Board&rsquo;s appointments</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
shareholders&rsquo; meeting of Pampa, dated April 29, 2024, approved the tenure renewal of Marcelo Mindlin, Dami&aacute;n Mindlin and
Mar&iacute;a Carolina Sigwald as executive members, Mauricio Penta as an executive alternate member and Clarisa Vittone as independent
alternate member. Furthermore, it appointed Julia Sof&iacute;a Pomares in replacement of Dar&iacute;o Epstein, and Lucas Sebasti&aacute;n
Amado in replacement of Mar&iacute;a Renata Scafati as independent members. Finally, Mar&iacute;a V&aacute;zquez and Veronica Cheja were
appointed in replacement of Diana Mondino and Emilse Ju&aacute;rez, respectively, as independent alternate members.</P>


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<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Arbitration
with POSA</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">On April
3, 2024, the International Chamber of Commerce Court notified the Final Award to the international arbitration brought by POSA against
Pampa. In said award, all POSA&rsquo;s claims were dismissed, except for ordering Pampa to pay 33.60% of the income received and to be
obtained under the Leasing Contract with TGS in R&iacute;o Neuqu&eacute;n block. Likewise, the Court grants Pampa&rsquo;s counterclaim.
The awarded amount, net of Pampa&rsquo;s awarded counterclaim, was US$25 million plus interests. Having provisioned US$9 million before,
US$16 million was accrued in Q1 24.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">However,
on April 10, 2024, Pampa filed a partial annulment appeal against the Final Award. Consequently, the payment was halted until further
ruling.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Financial highlights</FONT></TD></TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated balance sheet</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: left">Figures in million</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 03.31.2024</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">As of 12.31.2023</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 858</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">AR$</TD>
    <TD STYLE="color: white; border-bottom: white 0.5pt solid; text-align: right">US$ FX 808.45</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left; width: 54%">ASSETS</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,218,134</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,585</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,056,974</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,544</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Intangible assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">82,049</TD>
    <TD STYLE="color: #4F5150; text-align: right">96</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">77,898</TD>
    <TD STYLE="color: #4F5150; text-align: right">96</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Right-of-use assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">22,319</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">17,259</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax asset</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13,015</TD>
    <TD STYLE="color: #4F5150; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Investments in joint ventures and associates</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">744,633</TD>
    <TD STYLE="color: #4F5150; text-align: right">868</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">542,978</TD>
    <TD STYLE="color: #4F5150; text-align: right">672</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">29,758</TD>
    <TD STYLE="color: #4F5150; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">28,040</TD>
    <TD STYLE="color: #4F5150; text-align: right">35</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Other assets</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">353</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">349</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">17,136</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,524</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,127,397</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,645</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,738,024</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,387</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Inventories</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">188,184</TD>
    <TD STYLE="color: #4F5150; text-align: right">219</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">166,023</TD>
    <TD STYLE="color: #4F5150; text-align: right">205</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">89,312</TD>
    <TD STYLE="color: #4F5150; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">84,749</TD>
    <TD STYLE="color: #4F5150; text-align: right">105</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">464,380</TD>
    <TD STYLE="color: #4F5150; text-align: right">541</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">451,883</TD>
    <TD STYLE="color: #4F5150; text-align: right">559</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">265</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">250</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other receivables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">428,589</TD>
    <TD STYLE="color: #4F5150; text-align: right">500</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">238,294</TD>
    <TD STYLE="color: #4F5150; text-align: right">295</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">171,577</TD>
    <TD STYLE="color: #4F5150; text-align: right">200</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">137,973</TD>
    <TD STYLE="color: #4F5150; text-align: right">171</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current assets</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,342,307</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,564</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,079,172</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,335</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,469,704</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,209</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,817,196</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,722</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">EQUITY</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,437,711</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,841</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,943,736</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,404</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,445,850</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,851</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,950,696</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,413</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">LIABILITIES</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">150,318</TD>
    <TD STYLE="color: #4F5150; text-align: right">175</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">119,863</TD>
    <TD STYLE="color: #4F5150; text-align: right">148</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax and presumed minimum income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">101,955</TD>
    <TD STYLE="color: #4F5150; text-align: right">119</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">44,614</TD>
    <TD STYLE="color: #4F5150; text-align: right">55</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Deferred tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">90,868</TD>
    <TD STYLE="color: #4F5150; text-align: right">106</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">240,686</TD>
    <TD STYLE="color: #4F5150; text-align: right">298</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">19,173</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13,172</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,110,787</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,295</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">989,182</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,224</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40,313</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">37,301</TD>
    <TD STYLE="color: #4F5150; text-align: right">46</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total non-current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,513,414</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,764</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,444,818</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,787</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Provisions</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,186</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">4,649</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Income tax liabilities</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,009</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14,026</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Taxes payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21,848</TD>
    <TD STYLE="color: #4F5150; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">11,427</TD>
    <TD STYLE="color: #4F5150; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Defined benefit plans</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,624</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,695</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">13,573</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">15,537</TD>
    <TD STYLE="color: #4F5150; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">110</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">191</TD>
    <TD STYLE="color: #4F5150; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Borrowings</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">230,254</TD>
    <TD STYLE="color: #4F5150; text-align: right">268</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">181,357</TD>
    <TD STYLE="color: #4F5150; text-align: right">224</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Trade and other payables</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">221,836</TD>
    <TD STYLE="color: #4F5150; text-align: right">259</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">191,800</TD>
    <TD STYLE="color: #4F5150; text-align: right">237</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total current liabilities</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">510,440</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">595</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">421,682</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">522</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,023,854</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,359</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">1,866,500</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">2,309</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,469,704</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">5,209</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,817,196</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">4,722</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Consolidated income statement</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt">Figures in million</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2024</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-top: white 0.5pt solid; border-right: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left; border-top-color: #1A458C; border-top-width: 0.5pt; width: 54%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 11%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 11%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Sales revenue</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">337,376</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">401</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">83,915</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">431</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">274,579</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">326</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">67,409</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">345</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; vertical-align: middle; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">62,797</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">16,506</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">86</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Cost of sales</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(215,183)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(258)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(50,538)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(265)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">122,193</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">143</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">33,377</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">166</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Selling expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(13,580)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,193)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Administrative expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34,238)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8,521)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(41)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Exploration expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">28,992</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4,859</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(26,385)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(31)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(3,845)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(20)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(29,830)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(80)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Recovery/(accrual) of impairment on int. assets &amp; inventories</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">411</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Results for part. in joint businesses &amp; associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">51,416</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3,200</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income from the sale of associates</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,458</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">99,912</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">119</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26,160</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">129</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial income</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,347</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">193</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Financial costs</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(43,955)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(14,711)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(76)</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Other financial results</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43,805</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">52</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14,643</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">84</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,197</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">125</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">101,109</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">120</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26,285</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">137</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Income tax</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">122,687</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">148</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">643</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net income for the period</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">223,796</TD>
    <TD STYLE="font-weight: bold; text-align: right">268</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">26,928</TD>
    <TD STYLE="font-weight: bold; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the owners of the Company</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">223,099</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">267</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">26,918</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling int.</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">697</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per share to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">164.0</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.2</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">19.5</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Net income per ADR to shareholders</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4,101.1</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">4.9</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">487.6</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2.6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Average outstanding common shares<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right"></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: left">Outstanding shares by the end of period<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-weight: 700"><I><SUP>1</SUP></I></FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,360</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right">1,380</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: Black 1pt solid; text-align: right"></TD></TR>
  </TABLE>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 4pt 105.1pt 4pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 104.85pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
<B>1</B> It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of March 31, 2023
and 2024.</P>


<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Cash and financial borrowings</B></FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; vertical-align: middle; text-align: left">As of March 31, 2024,<BR>
in US$ million</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Cash<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Financial debt</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-bottom: white 0.5pt solid; text-align: center">Net debt</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; text-align: center">Ownership adjusted</TD>
    <TD STYLE="color: white; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 0.5pt">Consolidated <BR>
in FS</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">Ownership adjusted</TD></TR>

<TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left; width: 31%">Power generation</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">816</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">815</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">578</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right; width: 11%">578</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right; width: 11%">(238)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right; width: 11%">(237)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Petrochemicals</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Holding and others</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Oil and gas</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">985</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">985</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">956</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">956</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total under IFRS/Restricted Group</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">845</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">844</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,563</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,563</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">718</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">719</TD></TR>
  <TR>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: left">Affiliates at O/S<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #404040"><SUP>2</SUP></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">277</TD>
    <TD STYLE="color: #404040; vertical-align: middle; text-align: right">277</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">112</TD>
    <TD STYLE="color: #404040; font-weight: bold; vertical-align: middle; text-align: right">112</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: left">Total with affiliates</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,010</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,009</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,840</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">1,840</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">830</TD>
    <TD STYLE="border-top: black 0.5pt solid; font-weight: bold; border-bottom: black 0.5pt solid; text-align: right">831</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 1pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 1.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
Financial debt includes accrued interest. <B>1</B> It includes cash and cash equivalents, financial assets at fair value with changing
results, and investments at amortized cost. <B>2</B> Under IFRS, the affiliates CTBSA, Transener and TGS are not consolidated in Pampa.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Debt transactions</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As
of March 31, 2024, Pampa&rsquo;s financial debt at the consolidated level under IFRS amounted to US$1,563 million, slightly higher than
the end of 2023, mainly explained by the increased delays in CAMMESA&rsquo;s payments, which rose from 73 to 89 days. Debt issuances were
carried out to manage the increased working capital, partially offset by debt repayments. In this sense, net debt amounted to US$718 million,
17% higher than December 2023 but 21% lower year-on-year. The table below shows the gross debt principal breakdown:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; width: 9%">Currency</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 15%">Type of issuance</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 28%">Amount in million US$</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 12%">Legislation</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 18%">% over total gross debt</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 18%">Avg coupon</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062">US$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">US$<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 0.5pt solid; color: #5F6062; text-align: center">1,092</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">Foreign</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">73%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">8.4%, primarily fixed</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">US$ Cable</TD>
    <TD STYLE="border-bottom: #F2F2F2 0.5pt solid; color: #5F6062; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">105</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">Argentine</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">7%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">11.6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">US$ MEP</TD>
    <TD STYLE="color: #5F6062; text-align: center">128</TD>
    <TD STYLE="color: #5F6062; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">Argentine</TD>
    <TD STYLE="color: #5F6062; text-align: center">9%</TD>
    <TD STYLE="color: #5F6062; text-align: center">5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid">AR$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">AR$</TD>
    <TD STYLE="border-bottom: #F2F2F2 0.5pt solid; color: #5F6062; text-align: center">73</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">5%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">89.5%, variable</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$-link</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Argentine</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">7%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">0%</TD></TR>
  </TABLE>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">The
financial debt had an average life of 2.8 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million
by the end of Q1 24:</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt/105% Calibri, Helvetica, Sans-Serif; text-align: justify"><IMG SRC="image_002.jpg" ALT=""><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font: 10pt/105% Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B>Note:</B> The chart only considers Pampa consolidated under IFRS. It does not include affiliates TGS, Transener, and CTBSA.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">During
Q1 24, Pampa issued the Series 20 CB for US$55.2 million under Argentine law at a 6% rate maturing in March 2026. Moreover, Pampa paid
net import financing for US$4 million, short-term bank borrowings for AR$900 million and took bank borrowing for US$50 million. After
the quarter&rsquo;s closing, Pampa borrowed from banks for US$40 million and paid net short-term bank borrowings for AR$25.5 billion and
US$5 million in import financing.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Regarding
our affiliates, in Q1 24, TGS paid net import financing for US$4 million and short-term bank borrowings for US$18 million. In contrast,
Transener paid borrowings for AR$83 million. CTEB paid Series 8 CB for AR$4,236 million. After the quarter&rsquo;s closing, TGS took import
financing for US$2 million, Transener settled borrowings for AR$56 million and CTEB paid short-term bank debt for AR$27,066.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As
of today, the Company complies with the covenants established in its debt agreements.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Summary of debt
securities</I></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; width: 18%">Company<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 32%">Security</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 10%">Maturity</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 9%">Amount issued</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 11%">Amount <BR>
net of repurchases</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-Foreign Law</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 9 at par &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">179</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 1 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2027</TD>
    <TD STYLE="color: #5F6062; text-align: center">750</TD>
    <TD STYLE="color: #5F6062; text-align: center">597</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 3 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2029</TD>
    <TD STYLE="color: #5F6062; text-align: center">300</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.125%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">TGS<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB at discount at fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">500</TD>
    <TD STYLE="color: #5F6062; text-align: center">470</TD>
    <TD STYLE="color: #5F6062; text-align: center">6.75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-Argentine Law</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 20</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">55.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">55.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">6.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 13</TD>
    <TD STYLE="color: #5F6062; text-align: center">2027</TD>
    <TD STYLE="color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">98</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; text-align: left">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 4</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">96</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 6</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 9</TD>
    <TD STYLE="color: #5F6062; text-align: center">2026</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-MEP</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 16</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">55.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">55.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.99%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 18</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">72.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">72.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.00%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In AR$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; border-bottom: #5F6062 1pt solid; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 15</TD>
    <TD STYLE="color: #5F6062; text-align: center">2024</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,264</TD>
    <TD STYLE="color: #5F6062; text-align: center">Badlar Privada +2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1pt solid; text-align: center">CB Series 19</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; color: #5F6062; text-align: center">17,131</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; color: #5F6062; text-align: center">17,131</TD>
    <TD STYLE="border-bottom: #5F6062 1pt solid; color: #5F6062; text-align: center">Badlar Privada -1%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 4pt 19.3pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 19.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Notes</B>:
<B>1</B> According to IFRS, affiliates are not consolidated in Pampa&rsquo;s FS.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 19.35pt 12pt 0; text-align: justify; color: #20396D"><B><I>Credit
ratings</I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">In
April 2024, S&amp;P upgraded CTEB&rsquo;s local scale rating from &ldquo;A+&rdquo; to &ldquo;AA-&rdquo; due to its low operational risk
and its co-controlling companies&rsquo; operational robustness, in addition to a solid debt structure. Pampa holds 50% equity stake in
CTBSA, a company whose only asset is CTEB. Moreover, due to the sovereign debt upgrade, S&amp;P moved from &ldquo;CCC-&rdquo; to &ldquo;CCC&rdquo;
Pampa and TGS&rsquo;s global ratings. The table below shows the risk ratings for Pampa and its subsidiaries:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Company</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center">Agency</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Rating</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center">Global</TD>
    <TD STYLE="color: white; text-align: center">Local</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: left; width: 25%">Pampa</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">S&amp;P</TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">b-<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-top: #1A458C 0.5pt solid; text-align: center; width: 25%">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">Moody's</TD>
    <TD STYLE="color: #5F6062; text-align: center">Caa3</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">AA+ (long-term)<BR>
A1+ (short-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="color: #5F6062; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; text-align: center">S&amp;P</TD>
    <TD STYLE="color: #5F6062; text-align: center">CCC</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">Moody's</TD>
    <TD STYLE="color: #5F6062; text-align: center">Caa3</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">A+ (long-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">CTEB</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">FitchRatings<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">AA-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 4pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #0081C6; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 210.9pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
<B>1</B> Stand-alone. <B>2 </B>Local ratings issued by FIX SCR.<BR STYLE="clear: both">
</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 12pt; margin-bottom: 0.25in"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Analysis of the Q1 24 results</FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 24</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q1 23</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 1.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; text-align: right">Sales</TD>
    <TD STYLE="color: white; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; text-align: center">Net Income</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; width: 28%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-right: white 1pt solid">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">154</TD>
    <TD STYLE="color: #5F6062; text-align: right">85</TD>
    <TD STYLE="color: #5F6062; text-align: right">197</TD>
    <TD STYLE="color: #5F6062; text-align: right">173</TD>
    <TD STYLE="color: #5F6062; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; text-align: right">96</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-11%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-22%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+105%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">150</TD>
    <TD STYLE="color: #5F6062; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; text-align: right">48</TD>
    <TD STYLE="color: #5F6062; text-align: right">154</TD>
    <TD STYLE="color: #5F6062; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Petrochemicals</TD>
    <TD STYLE="color: #5F6062; text-align: right">120</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">125</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+58%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+120%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-22%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-73%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(25)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid">Total</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">401</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">189</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">267</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">431</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">206</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">141</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-7%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-8%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+89%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 4pt 5.75pt 0 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 5.75pt 12pt 0; text-align: justify; color: #5F6062"><B>Note</B>:
Net income attributable to the Company&rsquo;s shareholders.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Reconciliation of consolidated
adjusted EBITDA</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Reconciliation of adjusted EBITDA,<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">in US$ million</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; vertical-align: middle; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="background-color: #1A458C">
    <TD STYLE="vertical-align: bottom; border-bottom: #1A458C 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2024</TD>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; width: 69%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">119</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 15%">129</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle">Consolidated depreciations and amortizations</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">68</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">59</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">EBITDA</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">187</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">188</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from generation segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of CAMMESA's debt impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of PPE activation in operating expenses</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of provision in hydros</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">CTBSA's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from oil and gas segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="color: #0070C0; font-weight: bold; font-style: italic; vertical-align: middle">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="color: #0070C0; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="color: #0070C0; font-weight: bold; vertical-align: middle; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(40)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(13)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of gain from commercial interests</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of contigencies provision&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of intang. assets' impairment/(recovery)</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Deletion of the sale of associates</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">TGS's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; vertical-align: middle; text-align: left">Transener's EBITDA adjusted by ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Consolidated adjusted EBITDA</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">189</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">206</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">At our ownership</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">185</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">202</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>


<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the power generation
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Power generation segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">2023</TD>
    <TD STYLE="color: white; font-style: italic; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">154</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">173</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">154</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">173</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(77)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(84)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">77</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">17</TD>
    <TD STYLE="color: #4F5150; text-align: right">18</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-75%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">64</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">84</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-24%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+56%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">37</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">101</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">93</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">97</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">198</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">96</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+106%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">197</TD>
    <TD STYLE="font-style: italic; text-align: right">96</TD>
    <TD STYLE="font-style: italic; text-align: right">+105%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 30px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">85</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">108</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-22%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold; font-style: italic">Adjusted EBITDA at our share ownership</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">81</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">104</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">93</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-74%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-23%</TD></TR>
  </TABLE>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">Power
generation</FONT> <FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">during Q1 24 recorded a decrease of 11%
in comparison with Q1 23, mainly explained by lower spot/legacy energy sales, where the sharp AR$ devaluation in December 2023 affected
its prices, partially offset by the 74% increase granted from February 2024. Although legacy energy represents 69% of the 5,332 MW operated
by Pampa<SUP>[5]</SUP>, in Q1 24, it only comprised 31% of the segment&rsquo;s sales. The decrease caused by the FX jump was particularly
visible in the capacity remuneration: the thermal conventional units (GT and ST) were priced at US$3.5 thousand per MW-month (-23% vs.
Q1 23 and -4% vs. Q4 23), US$1.6 thousand per MW-month for hydro (-25% vs. Q1 23 and -17% vs. Q4 23), and US$4.5 thousand per MW-month
for CCGTs (-30% year-on-year and -1% vs. Q4 23). Only CCGTs benefit from the differential income in US$ (Res. No. 59/2023).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062">In
addition to PEMC&rsquo;s divestment in Q3 23, sales under contracts were affected by the CTLL TG05&rsquo;s outage (resumed service in
late January), lower dispatch with fuel oil and lower Energ&iacute;a Plus prices. The commissioning of PEPE IV partially offset these
effects. Compared to Q4 23, sales increased by 9% due to higher thermal demand after El Ni&ntilde;o affected our dispatch through increased
water levels and mild weather conditions.</P>

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

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; color: #5F6062"><SUP>[5]</SUP> Under IFRS the results of the affiliated
CTEB (567 MW) are not consolidated in the FS. However, it is an asset co-operated by Pampa, and its EBITDA is incorporated at our ownership
in the adjusted EBITDA.</P>
<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating terms</B></FONT><FONT STYLE="color: #5F6062">, Pampa&rsquo;s operated power generation
increased by 3% vs. Q1 23, in line with the 2% increase in the Argentine power grid. This increase is mainly explained by the commissioning
of CTEB&rsquo;s CCGT in February 2023 (+467 GWh), higher water and irrigation in HINISA and HIDISA due to El Ni&ntilde;o effect (+247
GWh), higher dispatch in CTG, CTP and CTGEBA in response to the increased demand (+193 GWh), in addition to the commissioning of PEPE
IV (+52 GWh). These increases were partially offset by lower dispatch in CPB, CTPP and CTIW (-516 GWh), CTLL&rsquo;s outage mentioned
before (-162 GWh), and the divestment of PEMC (-83 GWh).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>availability</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&rsquo;s operated units reached 96.2%
in Q1 24, a 353-basis points improvement vs. Q1 23&rsquo;s 92.6%, mainly due to CTLL, CTG and CPB&rsquo;s outages in Q1 23. Therefore,
a 95.2% thermal availability rate was registered in Q1 24, 470 basis points more than 90.5% from Q1 23.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's <BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2024</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Hydro</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Wind</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Thermal</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 24%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">287</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%">5,332</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">342</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 6%">4,097</TD>
    <TD STYLE="font-weight: bold; text-align: right; width: 6%">5,378</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">-16%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 7%">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">New capacity (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">31%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">31%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Market share (%)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.1%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.7%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.4%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.8%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-0%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">683</TD>
    <TD STYLE="color: #5F6062; text-align: right">244</TD>
    <TD STYLE="color: #5F6062; text-align: right">5,002</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,928</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">447</TD>
    <TD STYLE="color: #5F6062; text-align: right">292</TD>
    <TD STYLE="color: #5F6062; text-align: right">5,021</TD>
    <TD STYLE="font-weight: bold; text-align: right">5,760</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+53%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-16%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">683</TD>
    <TD STYLE="color: #5F6062; text-align: right">246</TD>
    <TD STYLE="color: #5F6062; text-align: right">5,215</TD>
    <TD STYLE="font-weight: bold; text-align: right">6,144</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">448</TD>
    <TD STYLE="color: #5F6062; text-align: right">292</TD>
    <TD STYLE="color: #5F6062; text-align: right">5,299</TD>
    <TD STYLE="font-weight: bold; text-align: right">6,038</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+52%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-16%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="font-weight: bold; text-align: right">31</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; text-align: right">73</TD>
    <TD STYLE="color: #5F6062; text-align: right">31</TD>
    <TD STYLE="font-weight: bold; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-44%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+2%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="font-weight: bold; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-60%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-3%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 6pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note</B>: Gross margin before
amortization and depreciation. It includes CTEB, operated by Pampa (co-operated by Pampa, 50% equity stake). PEMC was de-consolidated
in August 2023.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">Without
depreciation and amortizations, net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">decreased
to US$57 million, 12% lower than Q1 23, mainly explained by lower labor, maintenance and power and gas transportation costs in AR$, in
addition to higher interests from CAMMESA, due to increase in rate and delays. These effects were partially offset by higher insurance
policies and contractors&rsquo; costs. Compared to Q4 23, operating costs rose 19%, due to lower electricity purchases to cover contracts
in Q4 23 and CAMMESA&rsquo;s payments were slower.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">To
reflect the </FONT><FONT STYLE="color: #00B0F0">on-time changes in the settlement of CAMMESA&rsquo;s past transactions</FONT> <FONT STYLE="color: #5F6062">described
before, we recorded a US$34 million </FONT><FONT STYLE="color: #00B0F0"><B>impairment over trade receivables</B></FONT> <FONT STYLE="color: #5F6062">in
Q1 24, of which US$17 million corresponds to the January 2024 transaction invoiced to CAMMESA.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">from Q1 24 reached a net profit of US$38 million, higher than the US$9 million profit
recorded in Q1 23, mainly due to gains from holding financial instruments and lower financial interests due to the repayment of AR$-denominated
CBs.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Adjusted
EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from the power generation segment reached US$85 million, a 22% decrease year-on-year, mainly
due to payment haircut on CAMMESA&rsquo;s January 2024 invoice described above, lower sales associated with the reduction of spot energy
prices and, to a lesser extent, Energ&iacute;a Plus prices, in addition to CTLL TG05&rsquo;s outage and PEMC&rsquo;s divestment. These
effects were partially offset by lower operating expenditures, higher gas-fired power dispatch and the commissioning of PEPE IV. Adjusted
EBITDA considers CTEB&rsquo;s 50% ownership, which accrued US$16 million in Q1 24 vs. US$7 million in Q1 23, explained by the CCGT&rsquo;s
PPA. It excludes commercial interests for delayed collections, accrual of PPE&rsquo;s expenses as operating expenditures, contingency
provisions for the concession&rsquo;s termination at Mendoza hydros and the impairment on CAMMESA&rsquo;s December 2023 invoice for US$17
million.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
without CTEB,</FONT> <FONT STYLE="color: #00B0F0"><B>capital expenditures </B></FONT><FONT STYLE="color: #5F6062">registered US$24 million
in Q1 24 vs. US$93 million in Q1 23, explained by the commissioning of PEPE IV in 2023 and the last disbursements of PEPE VI, which is
estimated to be fully commissioned by October 2024. The following table shows the expansion projects in power generation:</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Project</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Marketing</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Awarded price</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">Estimated capex in <BR>
US$ million<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700; color: white"><SUP>1</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Date of <BR>
commissioning</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Capacity per<BR>
MW-month</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Variable<BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Total <BR>
per MWh</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">Budget</TD>
    <TD STYLE="color: white; border-bottom: white 1pt solid; text-align: center">% Executed <BR>
@03/31/24</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left; width: 19%">Renewable</TD>
    <TD STYLE="color: white; font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 13%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a VI</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">139.5</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">62<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: right">269</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">60%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">Q4 2024 (est.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 6.5pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1</B> Without
value-added tax. <B>2</B> Estimated average.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the oil and
gas segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Oil &amp; gas segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 66%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">150</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">154</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 11%">-3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">119</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">104</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">31</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">50</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(99)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(92)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">51</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">62</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-18%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(13)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+180%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Loss before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net loss for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">49</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(1)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">70</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">62</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE and right-of-use assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">87</TD>
    <TD STYLE="color: #5F6062; text-align: right">88</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">47</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+47%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">The
slight decrease in Q1 24 </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment
is mainly due to lower gas exports to Chile and crude oil sales, offset by higher gas sales in the domestic market, in line with the increased
power demand and Plan Gas.Ar awarded volumes.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Oil and gas'<BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2024</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">2023</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 0.5pt solid; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">Total</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Oil</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; border-bottom: white 1.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 34%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Volume</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">11,684</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,898</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-16%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+31%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+27%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">413</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">314</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.3</TD>
    <TD STYLE="color: #5F6062; text-align: right">68.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">73.1</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">57.5</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">11,807</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,968</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-34%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+32%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In million cubic feet/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">417</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">317</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">69.5</TD>
    <TD STYLE="font-weight: bold; text-align: right">73.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">6.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">58.8</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">68.6</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">67.7</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-18%</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.2</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.0</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; background-color: #DFDFDF">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><B>Note: </B>The net production
in Argentina. The gas volume is standardized at 9,300 kilocalories (kCal).</P>


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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>operating</B></FONT> <FONT STYLE="color: #5F6062">terms, total production reached 73.1 kboe per
day in Q1 24 (+27% vs. Q1 23 and +30% vs. Q4 23). </FONT><FONT STYLE="color: #00B0F0"><B>Gas production </B></FONT><FONT STYLE="color: #5F6062">recorded
11.7 million m<SUP>3</SUP> per day (+31% vs. Q1 23 and +32% vs. Q4 23) mainly explained by the higher volumes awarded under Plan Gas.Ar,
thanks to the commissioning of GPNK in August 2023, lightening bottlenecks in the main gas pipelines. Moreover, the demand from power
thermal plants increased due to higher temperatures.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Analyzing
the gas output by block</B></FONT><FONT STYLE="color: #5F6062">, 64% of our total output in Q1 24 came from El Mangrullo, which recorded
7.4 million m<SUP>3</SUP> per day (+29% vs. Q1 23 and +58% vs. Q4 23). In Sierra Chata, the production increased to 2.4 million m<SUP>3</SUP>
per day (+94% vs. Q1 23 and +8% vs. Q4 23) due to the outstanding productivity of its shale wells. At non-operated blocks, R&iacute;o
Neuqu&eacute;n remained at 1.5 million m<SUP>3</SUP> per day (similar to Q1 23 and Q4 23), while Rinc&oacute;n del Mangrullo continued
the natural depletion, contributing 0.2 million m<SUP>3</SUP> per day (-5% vs. Q1 23 but similar to Q4 23).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>gas price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 24 was US$3.2 per MBTU (-18% vs. Q1 23
but similar to Q4 23), explained by lower volumes and prices exported to Chile. It is worth noting that in Q1 23, a sharp drought affected
Chile and Argentina, shooting up the gas demand. Compared to Q4 23, foreign demand recovered substantially, reaching ToP levels stipulated
in contracts.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Regarding
our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT><FONT STYLE="color: #5F6062">, during Q1 24, 66% was destined for
thermal power generation and 9% for the retail segment, both under Plan Gas.Ar framework. Moreover, 14% was sold to the industrial/spot
market, 8% was exported, and the remaining was sold as raw material to our petchem plants. In contrast, in Q1 23, 49% supplied thermal
power units, 21% to the industrial/spot market, 15% was exported, 11% to the retail segment and the remaining was sold to our petchem
plants.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Oil
production </B></FONT><FONT STYLE="color: #5F6062">reached 4.3 kbbl per day in Q1 24 (-16% vs. Q1 23 and -4% vs. Q4 23), explained by
year-on-year drops of 0.8 kbbl per day at El Tordillo due to its natural depletion and 0.5 kbbl per day at Los Blancos due to temporary
well shut-in, partially offset by associated crude oil from Sierra Chata and the completion in March of a shale oil well in Rinc&oacute;n
de Aranda (+0.6 kbbl per day).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
</FONT><FONT STYLE="color: #00B0F0"><B>oil price</B></FONT> <FONT STYLE="color: #5F6062">in Q1 24 was slightly higher than in Q1 23, reaching
US$69.9 per bbl, being domestic and foreign prices very close. 69% of our sales were destined to the domestic market vs. 80% in Q1 23.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">By
the end of Q1 24, we accounted for 804</FONT> <FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
813 as of 2023.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Net
</FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">in Q1 24, excluding depreciation, amortization,
Plan Gas.Ar compensation and the gains from the settlement of exports at a differential FX decreased 11% vs. Q1 23 to US$82 million but
remained stable vs. Q4 23, mainly due to variations in the crude oil stock, higher commercial interests due to increased collection delays
from CAMMESA and lower labor costs, partially offset by higher maintenance, treatment and gas transportation costs due to increased gas
activity.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>lifting cost per boe</B></FONT> <FONT STYLE="color: #5F6062">decreased, reaching US$5.8 per boe
produced in Q1 24 (-19% vs. Q1 23 and -22% vs. Q4 23), mainly explained by larger production volumes.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Plan
Gas.Ar compensation and gains from exporting at a differential FX reached US$7 million and US$1 million in Q1 24, respectively&mdash;a
sharp three-time increase in Plan Gas.Ar is due to the AR$ devaluation impacting the regulated PIST gas price, making wider the difference
with the contracted price in US$. The differential FX income decreased vs. Q4 23 because of the shrinking gap between official FX and
CCL.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q1 24 recorded net losses of US$29 million, a 12% improvement vs. Q1 23, mainly explained
by lower financial interests due to the decrease in AR$-debt stock. Lower gains from holding financial securities partially offset these
effects.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Our
oil and gas </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$70 million in
Q1 24 (+14% vs. Q1 23), mainly explained by higher gas sales in the domestic market, partially offset by lower exports to Chile and crude
oil sales. The adjusted EBITDA of Q1 24 excludes commercial interests for late collection, mainly charged to CAMMESA.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Finally,
</FONT><FONT STYLE="color: #00B0F0"><B>capital expenditures</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$88 million in Q1 24
(similar to Q1 23), mainly driven by the beginning of the shale oil pilot plan in Rinc&oacute;n de Aranda, partially offset by the shale
gas ramp-up activity during 2023.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the petrochemicals
segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Petrochemicals segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">120</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">125</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">76</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">89</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Foreign market sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">44</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">36</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Cost of sales</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(108)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(114)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-33%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+67%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+80%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">5</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+120%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">11</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">7</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+58%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt">&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #5F6062">The
petrochemicals segment&rsquo;s </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">reached
US$11 million in Q1 24, a 58% increase vs. Q1 23, mainly explained by higher sales of reforming products, both in local and foreign markets,
and, to a lesser extent, higher SBR exports. In addition, lower operating costs related to the FX variation and the profit from the settlement
of exports at a differential FX were recorded, reaching US$3 million. The drop in international reference prices partially offset these
effects and, except for the reforming, lower dispatch of all the segment&rsquo;s products in the domestic market, correlated with the
lower economic activity.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">Total
</FONT><FONT STYLE="color: #00B0F0"><B>volume</B></FONT> <FONT STYLE="color: #5F6062">sold increased by 7% vs. Q1 23, reaching 110 thousand
tons, mainly explained by higher octane basis sales in the local market and higher exports of naphtha, in line with the increased processing
of virgin naphtha. Lower local demand for styrene, polystyrene, and SBR partially offset these effects.</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming &amp; others</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 37%">First quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 17%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q1 24 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">23</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">10</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">77</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">110</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q1 23 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">29</TD>
    <TD STYLE="color: #4F5150; text-align: center">9</TD>
    <TD STYLE="color: #4F5150; text-align: center">66</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">103</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 24 vs. Q1 23</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-21%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+19%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+17%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+7%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price Q1 24 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,711</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,639</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">845</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,098</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q1 23 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,857</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,938</TD>
    <TD STYLE="color: #4F5150; text-align: center">846</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,219</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q1 24 vs. Q1 23</TD>
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-15%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-10%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 5.4pt 3pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 5.75pt 0 0; text-align: justify; color: #5F6062"><B>Note: 1 </B>Includes
Propylene.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.4pt"><FONT STYLE="color: #5F6062">In
Q1 24, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net loss of US$1 million,
similar to Q1 23, mainly explained by lower net gains from the AR$ devaluation over payables, partially offset by lower losses from holding
financial securities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the holding
and others segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Holding and others segment, consolidated<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">Figures in US$ million</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-top: #1A458C 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: #1A458C 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2024</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">2023</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 65%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">3</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 11%">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 12%">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Domestic sales</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Gross profit</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Administrative expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-11%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Recovery from impair. (Impairment) of intangible assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income from the sale of associates</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Results for participation in joint businesses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+208%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Operating income</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+129%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">45</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-93%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic">Financial results, net</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(5)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">33</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">Profit before tax</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-73%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income tax</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid">Net income for the period</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">11</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">41</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-73%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #5F6062">
    <TD STYLE="color: white; font-weight: bold">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">23</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">29</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-22%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Increases in PPE&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Depreciation and amortization</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  </TABLE>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
holding and others segment, excluding the affiliates&rsquo; equity income (Transener and TGS), posted a US$24 million </FONT><FONT STYLE="color: #00B0F0"><B>operating
loss</B></FONT> <FONT STYLE="color: #5F6062">in Q1 24, while it was a US$6 million loss in Q1 23, mainly explained by the provision for
the </FONT><FONT STYLE="color: #00B0F0">arbitration award result with POSA</FONT> <FONT STYLE="color: #5F6062">for US$16 million, along
with other requirements for contingencies, partially offset by lower labor costs.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
Q1 24, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">reached a net loss of US$7 million,
while it was a US$33 million net gain in Q1 23, mainly due to lower FX profit from the dilution of fiscal liabilities.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">of our holding and others segment decreased
by 22% year-on-year, reaching US$23 million in Q1 24. The adjusted EBITDA excludes the equity income from our participation in TGS and
Transener. In turn, it adds the EBITDA adjusted by equity ownership in these businesses. </FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>TGS</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$27 million
in Q1 24, similar to Q1 23, mainly explained by higher US$-denominated sales, due to the inflation evolution that resulted higher than
the AR$ devaluation. In addition, the midstream segment also increased its sales, mainly because of higher transportation and conditioning
services for natural gas in Vaca Muerta, and the operation and maintenance of the GPNK. Furthermore, the liquids segment&rsquo;s EBITDA
grew because of a decrease in US$-denominated gas costs, partially offset by lower traded volumes of gasoline and ethane, the latter due
to client operational restrictions. However, the regulated business continues to perform below inflation, as the </FONT><FONT STYLE="color: #00B0F0">tariff
increase set in Res. ENARGAS No. 112/24</FONT> <FONT STYLE="color: #5F6062">will be applicable from April 2024.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$6 million
loss in Q1 24 vs. a US$10 million loss in Q1 23, mainly due to the tariff increase applicable from February 2024 (179.7% Transener and
191.1% Transba). The EBITDA excludes insurance collection for the failure of synchronous compensators at Ezeiza transformer station, which
amounted to US$3 million in Q1 24.</FONT></P>
<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062"></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_005.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 24pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>3.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Analysis of the quarter,
by subsidiary and segment</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">First quarter 2024</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; border-bottom: white 0.5pt solid; text-align: center">First quarter 2023</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net debt<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net income<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; width: 35%">Power generation segment</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Diamante</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">VAR</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Greenwind</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal Greenwind adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #5F6062; text-align: right">56</TD>
    <TD STYLE="color: #5F6062; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">32</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">219</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">297</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(109)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(25)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(148)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; text-align: right">109</TD>
    <TD STYLE="color: #5F6062; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">148</TD>
    <TD STYLE="color: #5F6062; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; text-align: right">(238)</TD>
    <TD STYLE="color: #5F6062; text-align: right">166</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">93</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; text-align: right">88</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">85</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(129)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">197</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">108</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">225</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">96</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; text-align: right">956</TD>
    <TD STYLE="color: #5F6062; text-align: right">48</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; text-align: right">827</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">70</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">956</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">48</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">62</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">827</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">12</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(9)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(28)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(15)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">(1)</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">103</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">65</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">95</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">84</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(48)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(67)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(59)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: right">(19)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; text-align: right">26.2%</TD>
    <TD STYLE="color: #5F6062; text-align: right">27</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">17</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">29.1%</TD>
    <TD STYLE="color: #5F6062; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; text-align: right">24</TD>
    <TD STYLE="color: #5F6062; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">(10)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(9)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right"></TD>
    <TD STYLE="color: #5F6062; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; text-align: right">28</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">23</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">41</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Deletions</TD>
    <TD STYLE="color: white; text-align: left"></TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(112)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: left"></TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(172)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">189</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">718</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">267</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">206</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">903</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">185</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">830</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">267</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">202</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">1,075</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">141</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><B></B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> The deletion corresponds to other companies or inter-companies. <B>2</B> Net debt
includes holding companies. <B>3</B> Attributable to the Company&rsquo;s shareholders.</P>


<!-- Field: Page; Sequence: 19 -->
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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Appendix</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation&rsquo;s
main operational KPIs by plant</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left"><FONT STYLE="font-size: 7pt">Power generation's<BR>
    key performance indicators&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Hydroelectric</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Wind</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Subtotal<BR>
    hydro<BR>
    +wind</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Thermal</FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HINISA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HIDISA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">HPPL</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEMC<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEPE2</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEPE3</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEPE4</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">PEA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTLL</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTG</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTP</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CPB</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTPP</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTIW</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTGEBA</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">Eco-<BR>
    Energ&iacute;a</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">CTEB<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-style: normal; font-weight: 400; color: white"><SUP>2</SUP></FONT></FONT></TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">Subtotal<BR>
    thermal</FONT></TD>
    <TD STYLE="color: white; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 33%"><FONT STYLE="font-size: 7pt">Installed capacity (MW)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">265</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">388</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">285</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">81</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">1,225</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">780</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">361</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">620</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">1,253</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">848</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">4,107</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center; width: 1%"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%"><FONT STYLE="font-size: 7pt">5,332</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">New capacity (MW)</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">81</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">287</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">184</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">100</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">565</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">279</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">1,343</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">1,630</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Market share</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.6%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.9%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.6%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2.8%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1.8%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">2.9%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0.03%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1.9%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">9.4%</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">12%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">First quarter</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Net generation Q1 24 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">311</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">208</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">164</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">38</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">45</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">82</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">926</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,121</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">135</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">102</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">44</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2,267</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,251</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,002</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,928</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Market share</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.21%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2.9%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3.2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">12.8%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">15.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales Q1 24 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">311</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">208</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">164</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">41</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">45</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">82</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">929</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,091</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">229</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">102</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">44</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2,394</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">38</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,251</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,215</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">6,144</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Net generation Q1 23 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">176</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">97</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">175</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">83</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">49</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">52</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">27</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">80</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">739</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,282</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">38</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">23</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">482</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">108</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">109</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">2,177</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">19</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">783</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,021</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,760</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left"><FONT STYLE="font-size: 7pt">Variation Q1 24
    vs. Q1 23</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+77%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+116%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-7%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-100%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-22%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-14%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+2%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+25%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-13%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+26%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-79%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-60%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-66%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-10%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+60%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+3%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Sales Q1 23 (GWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">176</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">97</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">175</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">83</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">49</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">52</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">27</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">80</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">740</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,282</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">154</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">23</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">482</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">108</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">109</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">2,322</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">783</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5,299</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">6,038</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. price Q1 24 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">9</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">12</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">76</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">80</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">27</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">13</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">39</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">28</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. price Q1 23 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">34</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">70</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">79</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">41</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">75</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">25</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">92</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">33</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">37</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">25</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. gross margin Q1 24 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">2</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">58</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">19</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">13</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">9</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">145</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">18</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">18</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">23</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. gross margin Q1 23 (US$/MWh)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">11</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">60</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">64</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">62</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">62</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">68</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">17</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">33</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">7</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">8</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">72</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">54</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">14</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">16</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">20</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 4.55pt 0 0; text-align: justify; color: #5F6062"><B>Note: </B>Gross
margin before amortization and depreciation <B>1</B> Fully owned by Pampa from August 2022 to July 2023. <B>2</B> Operated by Pampa (50%
equity stake).</P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; color: #5F6062"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Production in the main oil
and gas blocks</B></FONT></TD></TR></TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; border-bottom: white 1.5pt solid; text-align: left">In kboe/day at ownership</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">First quarter</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2024</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">2023</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; width: 57%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">43.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">33.8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+29%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">13.8</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+94%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-25%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total gas at working interest</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">68.8</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">52.4</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">+31%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Oil</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">El Tordillo<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.3</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-31%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Associated oil<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.3</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">#VALOR!</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-41%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Total gas at working interest</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">4.3</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">5.1</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">-16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Total</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">73.1</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">57.5</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; text-align: center">+27%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 14pt; color: #5F6062; line-height: 105%"></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 172.35pt 3pt 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>N</B></FONT><B>ote</B>:
Production in Argentina. <B>1</B> It does not include shale formation. <B>2</B> It includes the La Tapera &ndash; Puesto Quiroga block.
<B>3</B> From gas fields.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 16pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #0081C6"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0081C6; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin-top: 24pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 16pt">Glossary of terms</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD STYLE="width: 21%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 105%"><B>Term</B></FONT></TD>
    <TD STYLE="width: 79%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: white; line-height: 105%"><B>Definition</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">DR/ADS</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">American Depositary Receipt</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">AR$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Argentine Pesos</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>B</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">bl</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Barrel</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">BCRA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Banco Central de la Rep&uacute;blica Argentina </I>(Argentina Central Bank)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Boe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ByMA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Bolsas y Mercados Argentinos </I>(Buenos Aires Stock Exchange)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>C</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">AMMESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico S.A.</I> (Argentine Wholesale Electricity Market Clearing Company)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Corporate Bonds</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CCGT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Combined Cycle</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CCL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">An AR$ security settled in foreign markets</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CNY</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Renminbi Chinese currency</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CPB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Piedra Buena Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTBSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CT Barrag&aacute;n S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTEB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Ensenada Barrag&aacute;n Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">G&uuml;emes Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTGEBA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Genelba Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTIW</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Ingeniero White Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTLL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Loma De La Lata Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Piquirenda Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">CTPP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Parque Pilar Thermal Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>E</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">&amp;P</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Exploration and Production</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Earnings before interest, tax, depreciation and amortization</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">EcoEnerg&iacute;a</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">EcoEnerg&iacute;a Co-Generation Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ENARGAS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador del Gas </I>(National Gas Regulatory Entity)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ENRE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador de la Electricidad </I>(National Electricity Regulatory Entity)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; padding-left: 0.5in; line-height: 105%; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">S</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Financial Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">FX</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Nominal exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PNK</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Presidente N&eacute;stor Kirchner Gas Pipeline</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">GT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Gas turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">GWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Gigawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">IDISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Diamante Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">HINISA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Los Nihuiles Hydro Power Plant </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">HPPL</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Pichi Picun Leufu Hydro Power Plant</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0070C0; line-height: 105%"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">FRS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">International Financial Reporting Standards</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">bbl/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Thousands of barrels/thousands of barrels of oil equivalent</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Cubic meter</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">MBTU</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Million British Thermal Units</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">MW/MWh</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Megawatt/Megawatt-hour</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">.a.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Not applicable</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>O/S</B></FONT></TD>
    <TD STYLE="line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Share ownership</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ampa / The Company</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Pampa Energ&iacute;a S.A.</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; line-height: 105%; width: 21%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PEA</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%; width: 79%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Arauco II Wind Farm, stage 1 and 2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PEMC</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Ingeniero Mario Cebreiro Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PEPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Pampa Energ&iacute;a Wind Farm</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PIST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%"><I>Punto de Ingreso al Sistema de Transporte </I>(System Entry Point for Transportation)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Plan Gas.Ar</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Re-assurance and Strengthening of the Federal Hydrocarbon Production through Self-Supply, Exports, Replacement of Imports and the Expansion of the Transportation System to All the Country&rsquo;s Hydrocarbon Basins 2023 &ndash; 2028 Plan (Executive Order No. 730/22) and the Argentine Natural Gas Production Promotion Plan &ndash; 2020 &ndash; 2024 Supply and Demand Scheme (Emergency Executive Order No. 892/20 and supplementary provisions)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">POSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Petrobras Operaciones S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PPA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Power Purchase Agreement</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">PPE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Property, Plant and Equipment</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>Q</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">4 23</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Fourth quarter of 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Q1 24/Q1 23</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">First quarter of 2024/First quarter of 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">es.</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Resolution/Resolutions</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">RTI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Comprehensive tariff review</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">E</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Secretariat of Energy</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ST</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Steam turbine</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">GS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Transportadora de Gas del Sur S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Ton</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Metric ton</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">ToP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Take or pay</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid">
    <P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica
    por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires</P>
    <P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062">Transba S.A.</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Transener</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #0081C6; line-height: 105%"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">US$-link</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">A security in which the underlying is linked to US$ wholesale exchange rate</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 2.25pt solid; padding-left: 0.5in; line-height: 105%; text-indent: -0.5in"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">US$-MEP</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">A security in which the settlement uses US$ in the domestic market</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="color: #2172AE; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin: 12pt 0 0.25in; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0"  STYLE="width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="text-align: right; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8pt; color: #5F6062"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q1 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;&nbsp;</FONT></TD></TR></TABLE>
<P STYLE="font: bold 10pt/105% Trebuchet MS, Times, Serif; color: #2172AE; margin: 12pt 0 0.25in; text-align: left"></P>











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<DOCUMENT>
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<SEQUENCE>5
<FILENAME>image_005.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
