<SEC-DOCUMENT>0001292814-25-000723.txt : 20250305
<SEC-HEADER>0001292814-25-000723.hdr.sgml : 20250305
<ACCEPTANCE-DATETIME>20250305155239
ACCESSION NUMBER:		0001292814-25-000723
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250305
DATE AS OF CHANGE:		20250305

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:		25710722

	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>pampr4q24_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

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

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

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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;March,
2025</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 Q4 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;March 5, 2025</P>

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

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

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

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

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

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

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

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<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; text-align: center; color: #5F6062"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0; text-align: center; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: rgb(0,111,192) 1pt solid; padding: 5pt; 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, oil and gas value chain, announces the results for the fiscal year and
quarter ended on December 31, 2024.</P>
</TD></TR>
</TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right; color: #5F6062">&nbsp;&nbsp;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: right; color: #5F6062">Buenos
Aires, March 5, 2025</P>

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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 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;</P>
                                                    <P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 3pt 5.65pt; color: #0070C0">&nbsp;<IMG SRC="image_005.jpg" ></p>

<p style="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062"><FONT STYLE="font-size: 8pt"></FONT></p>


<P STYLE="font: bold 8pt/110% Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: #5F6062">Share capital<BR>
as of March 4, 2024<FONT STYLE="font-weight: normal"><BR> 1,363.5 million common shares/<BR>
54.5 million ADS</FONT></P>

<P STYLE="font: 8pt Verdana, Helvetica, Sans-Serif; margin: 6pt 0 0 5.65pt; color: rgb(95,96,98)"><B>Market capitalization</B> <BR>
AR$5,106 billion/<BR>
US$4,129 million</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">Thursday March 6<BR>
10 AM Eastern Standard Time<BR>
12 PM 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/Pampa4Q2024VC</FONT></P>

<P STYLE="font: bold 9pt Verdana, Helvetica, Sans-Serif; margin: 12pt 0 0 5.65pt; color: #0070C0">For further information <BR>
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% Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: justify; color: #0081C5"><FONT STYLE="font-family: Verdana"><B>Basis
of presentation</B></FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify; color: #5F5F61">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 December 31, 2024, which are expressed in US$ at the period&rsquo;s close  FX. The previously reported figures remain unchanged.</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 10pt 0 4pt; text-align: justify; color: #0081C6"><FONT STYLE="font-family: Verdana"><B>Q4
24 main results<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT></B></FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00B0F0"><B>20% year-on-year sales increase, reaching US$435 million in <strong>Q4 24</strong><SUP>2</SUP></B></FONT><FONT STYLE="font-family: Verdana; color: #5F6062">,
driven by higher  gas demand for power generation and crude oil volumes sold, as well as improved  operating performance at PPA units, PEPE 6 and the reformer. These effects were  partially offset by lower gas sales to industries and Chile, and petchem prices.</FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #5F6062">During Q4 24,</FONT> <FONT STYLE="font-family: Verdana; color: #00B0F0"><B><strong>gas production</strong></B></FONT><FONT STYLE="font-family: Verdana; color: #5F6062"> and
</FONT><FONT STYLE="font-family: Verdana; color: #00B0F0"><B><strong>thermal availability</strong></B></FONT> <FONT STYLE="font-family: Verdana; color: #5F6062">stood out:&nbsp;</FONT></P>
<P STYLE="text-align: center; font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><IMG SRC="image_004.jpg" ALT="">&nbsp;</P>
<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0">
<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 9.6pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00B0F0"><B>Adjusted
EBITDA<SUP>3</SUP> was US$182 million in Q4 24, up 60% from Q4 23</B></FONT><FONT STYLE="font-family: Verdana; color: #5F6062">, mainly explained by tariff increases and AR$ real appreciation in TGS and Transener, higher deliveries under Plan Gas and the contributions from PEPE 6 and PPAs, offset by higher operating and development costs, along with lower gains from export settlements at a differential FX.</FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin: 0 0 9.6pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00B0F0"><B>US$106 million profit to the Company&rsquo;s shareholders vs. a US$155 million loss in Q4 23</B></FONT><FONT STYLE="font-family: Verdana; color: #5F6062">,
due to lower non-cash deferred income tax and higher sales and equity income from affiliates, offset by increased operating costs and lower gains from holding financial securities.</FONT></P>

<P STYLE="font: 9pt/105% Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-family: Verdana; color: #00AFEF"><B>Net debt continued to decline, closing at US$410 million</B></FONT><FONT STYLE="font-family: Verdana; color: #5F6062">, the lowest amount and ratio since 2016, explained by the strong operating cash flows from core businesses and improved days sales outstanding.</FONT></P>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 6pt 0"></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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<P STYLE="color: #0081C5; font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 0 5pt; text-align: justify"></P>
<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify; color: #5F6062"></P>

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<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 &#8216;Results for participation in joint businesses and associates.&#8217;</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&#8217; 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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<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">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>International placement
of 2034 Notes and redemption of 2027 Notes</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">On December
10, 2024, Pampa issued a US$360 million international bond maturing in December 2034, securing a highly competitive 7.875% annual rate,
reflecting strong interest from leading institutional investors. With the proceeds, on January 24, 2025, Pampa fully redeemed the 2027
Notes, paying US$353 million in principal plus accrued interests. This transaction enhances Pampa&#8217;s debt profile, extending its
average life to 4.2 years and strengthening its financial position to pave the way for strategic investments in Vaca Muerta, especially
in the development of the Rinc&oacute;n de Aranda shale oil block.</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>Oil and gas</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Participation in
the Vaca Muerta Sur Project</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 December
16, 2024, Pampa confirmed its participation in the VMOS Project alongside YPF, Vista, PAE and Pluspetrol. Pampa holds a 14% stake in VMOS
S.A., the company managing the project. This stake may dilute as new shareholders join.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">VMOS
aims to build and operate a 437 km oil pipeline connecting Allen to Punta Colorada, R&iacute;o Negro, with a capacity of up to 550 kbpd,
expandable to 700 kbpd. In addition to the oil pipeline, VMOS also features a loading and unloading terminal, single-buoy moorings, a
tank farm and other associated facilities to export crude oil and liquids via very large crude carriers, known as VLCCs.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
project will demand an estimated investment of US$3 billion, funded through shareholders&#8217; contributions and external financing.
Pampa has secured a take-or-pay transportation contract for 50 kbpd, including storage and dispatch capacity. On November 15, 2024, VMOS
applied for the RIGI, meeting the eligibility requirements outlined in the Ley Bases and Executive Order No. 749/24.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">VMOS
will streamline crude oil evacuation and exports from Vaca Muerta, particularly from Rinc&oacute;n de Aranda, reduce logistics costs,
broaden market access for Argentine oil, increase foreign currency inflows, create employment opportunities and expand Pampa&#8217;s firm
transportation capacity by nine times.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Participation
in the FLNG Project to export natural gas</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 November
29, 2024, Pampa announced its participation in the pioneer LNG in Argentina, with a 20% stake in SESA, the company that will manage the
project, alongside PAE, Harbour Energy, YPF and Golar. Pampa has committed to supplying natural gas.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
project involves installing floating liquefaction facilities in the San Mat&iacute;as Gulf, R&iacute;o Negro province, along with the
construction of supporting infrastructure. Operations are expected to begin by 2027. SESA has also applied for the RIGI scheme, meeting
the criteria under Ley Bases and Executive Order No. 749/24 as a &#8220;Long-Term Strategic Export Project.&#8221;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">The
FLNG Project is strategic to monetizing Pampa&#8217;s Vaca Muerta reserves, positioning Argentina in the global LNG market, and boosting
foreign currency inflows, job creation, and the domestic supply chain.</P>

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

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In December
2024, the SE approved additional ToP gas export volumes to Chile for 0.9 mcmpd, valid between January 2025 and December 2026.</P>


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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>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Power generation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #20396D"><B><I>Regulatory changes
in the electricity market</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 January
28, 2025, the SE issued Res. No. 21/25, introducing regulatory changes in the MAT and MEM. Implementation will require further rulemaking
and/or clarifications. The most relevant aspects include:</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: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Thermal,
hydro and nuclear units commissioned from January 1, 2025, as well as generators procuring their fuel through new infrastructure, are
exempt from the contracting suspension in the MAT.</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: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">As
of October 31, 2025, new or renewed Energ&iacute;a Plus contracts will not be allowed. Existing contracts remain valid until expiration,
after which Energ&iacute;a Plus will be discontinued. Power plants under this scheme must then operate under market mechanisms defined
by the SE as part of the MEM normalization process.</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">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">The
electricity dispatch and gas allocation scheme for power generation, established by Res. SE No. 354/20, was repealed as of February 1,
2025. This scheme prioritized dispatch based on ENARSA&#8217;s contract obligations with Bolivia and the Plan Gas. In note NO-2025-16900682-APN-SE#MEC,
sent by the SE to CAMMESA on February 19, 2025, a new dispatch criteria takes effect on March 1, 2025, allowing generators that choose
to procure their fuel to compete based on declared variable costs once CAMMESA has allocated the ToP volumes under Plan Gas. This change
may impact the balance between ToP and DoP commitments under Plan Gas.</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: 17.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; color: #00B0F0">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Starting
March 1, 2025, generators selling spot energy can supply their fuel, with recognized costs based on declared and accepted reference prices
and variable costs, including freight, transportation, natural gas distribution, and taxes. CAMMESA will continue centralizing fuel procurement
for PPAs under Res. SE No. 220/07, 21/17, and 287/17, acting as the fuel supplier of last resort.</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">Also,
on January 28, 2025, the SE instructed CAMMESA to publish guidelines for the MEM&#8217;s evolution, including structural adjustments and
changes to power remuneration schemes (Note NO-2025-09628437-APN-SE#MEC). CAMMESA posted these reports on its website, granting 30 days
for MEM Agent Associations to submit feedback. Then, CAMMESA will assess the impact of the modifications and submit its recommendations
to the SE, which will define transitional regulations for adapting the MEM. These changes are expected to take effect on November 1, 2025,
at the start of the 2025-2026 summer period.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Pampa
is assessing these regulatory developments and awaiting further clarifications from the SE.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD ROWSPAN="2" STYLE="padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Effective as of:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Spot remuneration</B></FONT></TD></TR>
  <TR STYLE="background-color: #20396D">
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%; border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Dec-24</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">5%</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 387/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Jan-25</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 603/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Feb-25</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 27/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Mar-25</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5%</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">SE No. 113/25</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I></I></B></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">In 2024,
the spot remuneration accumulated an increase of 169%.</P>

<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; text-align: justify; color: #20396D"><B><I>Extension of
HINISA&#8217;s concession transition period</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 November
29, 2024, the SE extended for 6 months the transition period for HINISA license granted by the National Government. Hence, the new expiration
date will be June 1, 2025.</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>PEPE 6 final
commissioning</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 November
21, 2024, the final 6 wind turbines of PEPE 6 were commissioned, reaching a total installed capacity of 139.5 MW. With an estimated investment
of US$250 million, Pampa has 427 MW of installed wind power capacity, ranking as one of the country&#8217;s leading renewable power producers.</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>1.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Transener and TGS</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Executive
order No. 1,023, issued on November 19, 2024, extended the energy emergency until July 9, 2025. In this sense, on January 7, 2025, the
ENRE announced the updated schedule for the RQT of regulated electricity companies. The process includes submitting the proposed annual
remuneration, the public hearing on February 25, 2025, and the implementation of new tariff schedules before April 1, 2025 (Res. No. 7/25).
On January 10, 2025, the ENRE set a real post-tax rate of return (WACC) of 6.10% (ENRE Res. No. 28/25).</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Regarding
TGS, on January 14, 2025, the ENARGAS called for a public hearing on February 6, 2025, to discuss the RQT and the tariff adjustment methodology,
among other matters. TGS submitted its 2025-2029 expenditure and investment plan, its capital base, and a proposed WACC. Additionally,
TGS presented two periodic tariff adjustment methodologies: one based on the IPIM (Wholesale Price Index) and another formula composed
of 30% IPIM, 40% wage index, and 30% construction cost index. As of today, the ENARGAS has not issued the resolution concluding the RQT
but has proposed a real post-tax WACC of 7.18% and a periodic tariff adjustment of 50% CPI and 50% IPIM.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #20396D">
    <TD ROWSPAN="2" STYLE="padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Effective as of:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>Transener</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%"><B>TGS</B></FONT></TD></TR>
  <TR STYLE="background-color: #20396D">
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Increase</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white; line-height: 105%">Resolution</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Dec-24</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">5%</FONT></TD>
    <TD STYLE="width: 32%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 1,016 and 1,015/24</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">3%</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 815/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Jan-25</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 1,065 and 1,066/24</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2.5%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 915/24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Feb-25</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">4%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 85 and 87/25</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">1.5%</FONT></TD>
    <TD STYLE="border-bottom: #DEDFDF 1pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENARGAS No. 51/25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; padding-left: 4.5pt; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Mar-25</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">2%</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ENRE No. 158 and 154/25</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; text-align: center; line-height: 105%">&nbsp;</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 2024,
Transener and Transba saw cumulative tariff increases of 259.2% and 273.9%, respectively, while TGS recorded a 791.3% increase.</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>Organizational and Board
of Directors changes</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">On December
24, 2024, Pampa&#8217;s Board of Directors approved the appointment of Adolfo Zuberb&uuml;hler as CFO, effective January 1, 2025. Born
in 1978, he joined Pampa in 2007 as a financial analyst, became investment portfolio manager in 2010 and was promoted to director of financial
operations in 2017, later incorporating corporate finance in 2023. Mr. Zuberb&uuml;hler holds an undergraduate degree in business economics
and a master&#8217;s degree in applied economics, both from Torcuato Di Tella University.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Moreover,
Nicol&aacute;s Mindlin and Horacio Turri joined Pampa&#8217;s Executive Committee. Mr. Mindlin was appointed executive vice president,
while Mr. Turri incorporated the role of executive vice president alongside his existing position as executive director of E&amp;P.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in; color: #5F6062">Finally,
on March 5, 2025, Maria Carolina Sigwald resigned as a regular Board member. Her replacement will be appointed at Pampa&#8217;s next shareholders&#8217;
meeting.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 4 -->
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<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">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>

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

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

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"></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; 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 12.31.2024</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 1032</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">2,690,533</TD>
    <TD STYLE="color: #4F5150; text-align: right">2,607</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">99,170</TD>
    <TD STYLE="color: #4F5150; text-align: right">95</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">11,330</TD>
    <TD STYLE="color: #4F5150; text-align: right">11</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">161,694</TD>
    <TD STYLE="color: #4F5150; text-align: right">157</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">1,024,769</TD>
    <TD STYLE="color: #4F5150; text-align: right">993</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">28,127</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">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">366</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">76,798</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</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">4,092,787</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,965</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">230,095</TD>
    <TD STYLE="color: #4F5150; text-align: right">223</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">82,628</TD>
    <TD STYLE="color: #4F5150; text-align: right">80</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">877,623</TD>
    <TD STYLE="color: #4F5150; text-align: right">850</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">979</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">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">503,529</TD>
    <TD STYLE="color: #4F5150; text-align: right">488</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">761,231</TD>
    <TD STYLE="color: #4F5150; text-align: right">738</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">2,456,085</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">2,380</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">6,548,872</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,345</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">3,391,127</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">3,286</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="color: #4F5150; text-align: left">Non-controlling interest</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">9,167</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6,960</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</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">3,400,294</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,295</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">141,436</TD>
    <TD STYLE="color: #4F5150; text-align: right">137</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">77,284</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</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">50,223</TD>
    <TD STYLE="color: #4F5150; text-align: right">49</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">31,293</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</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">1,416,917</TD>
    <TD STYLE="color: #4F5150; text-align: right">1,373</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">87,992</TD>
    <TD STYLE="color: #4F5150; text-align: right">84</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">1,805,145</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,748</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">10,725</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</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">265,008</TD>
    <TD STYLE="color: #4F5150; text-align: right">257</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">30,989</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</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">7,077</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">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">40,035</TD>
    <TD STYLE="color: #4F5150; text-align: right">39</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">2</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">728,096</TD>
    <TD STYLE="color: #4F5150; text-align: right">706</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">261,501</TD>
    <TD STYLE="color: #4F5150; text-align: right">253</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">1,343,433</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">1,302</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">3,148,578</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">3,050</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">6,548,872</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">6,345</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>
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<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</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: 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>

<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: 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>

<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">Fiscal year</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">Fourth 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>
    <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: 39%">&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: 8%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</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: 7%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; width: 7%">US$</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: 7%">AR$</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD>
    <TD STYLE="color: white; font-weight: bold; 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; border-top-color: white; border-top-width: 0.5pt; width: 7%">AR$</TD>
    <TD STYLE="color: white; border-right: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 7%">US$</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; 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">1,732,901</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,876</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">513,727</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,732</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">438,407</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">435</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">166,770</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">362</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; 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">1,457,480</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1,575</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">429,205</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">1,423</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">371,138</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">368</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">143,313</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">306</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; 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">275,421</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">301</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">84,522</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">309</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">67,269</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">67</TD>
    <TD STYLE="color: red; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">23,457</TD>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: middle; text-align: right">56</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">(1,181,132)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,279)</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">(320,124)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,107)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(349,413)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(349)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(110,171)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(257)</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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">551,769</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">597</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">193,603</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">625</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">88,994</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">86</TD>
    <TD STYLE="color: red; 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">56,599</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">105</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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">(68,713)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(74)</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">(19,338)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(66)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(17,333)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(6,005)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</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">(225,718)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(239)</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">(62,721)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(185)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(100,878)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(100)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(28,092)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(52)</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">(20,711)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1,859)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(20,455)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(87)</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">161,789</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">175</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">57,141</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">177</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">59,073</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">59</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">25,514</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">62</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">(80,822)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(88)</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">(29,374)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(88)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16,856)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(11,295)</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">(48,932)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(56)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">283</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(20)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">698</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="color: #4F5150; vertical-align: middle">Impairment on PPE, 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">(34,058)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34)</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">(30,784)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15,480)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(30,460)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(38)</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">145,570</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">146</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4,541</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">51,239</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9,503)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(44)</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">33,128</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">6,262</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">27,363</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5,776</TD>
    <TD STYLE="color: #4F5150; 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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">413,302</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">440</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">117,754</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">424</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">55,647</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">48</TD>
    <TD STYLE="color: red; 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">3,145</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; vertical-align: middle; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">31,780</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1,764</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">27,685</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">674</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</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">(168,927)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(185)</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">(105,359)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(364)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(47,995)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(34,263)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(81)</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">198,477</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">211</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">155,089</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">558</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">98,671</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">97</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">59,295</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">166</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">61,330</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">58</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">51,494</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">199</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">78,361</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">77</TD>
    <TD STYLE="color: red; 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">25,706</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">86</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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">474,632</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">498</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">169,248</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">623</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">134,008</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">125</TD>
    <TD STYLE="color: red; 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">28,851</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">96</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>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&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="color: red; vertical-align: bottom; text-align: right">&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">90,158</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">121</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">(132,557)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(318)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(21,557)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(19)</TD>
    <TD STYLE="color: red; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(112,120)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(249)</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>
    <TD STYLE="color: #4F5150; 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>
    <TD STYLE="color: red; 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">564,790</TD>
    <TD STYLE="font-weight: bold; text-align: right">619</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">36,691</TD>
    <TD STYLE="font-weight: bold; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">112,451</TD>
    <TD STYLE="font-weight: bold; text-align: right">106</TD>
    <TD STYLE="color: red; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">(83,269)</TD>
    <TD STYLE="font-weight: bold; text-align: right">(153)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; 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">564,587</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">619</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">34,488</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">302</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">111,957</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="color: red; 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">(85,220)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">(155)</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; font-weight: bold; font-style: italic; vertical-align: middle; text-align: left">Attributable to the non-controlling interest</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">203</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">2,203</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">3</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">494</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: red; 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">1,951</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">2</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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; 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">415.1</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.5</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">25.2</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.2</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">82.3</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">0.1</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">(62.7)</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">10,378.4</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">11.4</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">631.2</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">5.5</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2,058.0</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">1.9</TD>
    <TD STYLE="color: red; font-weight: bold; font-style: italic; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">(1,566.5)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">(2.9)</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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: red; vertical-align: bottom; text-align: right">&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">1,360</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">1,366</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; vertical-align: middle; text-align: right">1,366</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">1,360</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">1,360.0</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">1,360</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">1,360</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">1,360</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">1,360.0</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>&nbsp;</B></FONT></P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 0 12pt; 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 December 31, 2023 and
2024.</P>


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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: 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="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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">As of December 31, 2024,<BR>
in US$ million</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Cash<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Financial debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: white 1pt solid; background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Net debt</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Consolidated <BR>
in FS</FONT></TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Ownership adjusted</FONT></TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Consolidated <BR>
in FS</FONT></TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white">Ownership adjusted</FONT></TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Consolidated <BR>
in FS</B></FONT></TD>
    <TD STYLE="background-color: #1A458C; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: white"><B>Ownership adjusted</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Power generation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1,264</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1,258</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">674</FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">674</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(590)</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(584)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Petrochemicals</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>-</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Holding and others</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">14</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">14</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>13</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Oil and gas</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">403</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">403</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1,390</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">1,390</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>987</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>987</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total under IFRS/Restricted Group</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,668</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,662</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>2,079</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>2,079</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>410</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>416</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">Affiliates at O/S<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">236</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">236</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">172</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040">172</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(63)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #404040"><B>(63)</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>Total with affiliates</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,904</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>1,898</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>2,251</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>2,251</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>347</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>353</B></FONT></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%">&nbsp;</FONT></P>

<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: 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%">&nbsp;</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"><FONT STYLE="color: #5F6062">As
of December 31, 2024, Pampa&#8217;s financial debt under IFRS amounted to US$2,079 million, 44% higher than the end of 2023, mainly due
to the international issuance of the 2031 and 2034 Notes, partially offset by the </FONT><FONT STYLE="color: #00B0F0">full redemption
of the 2027 Notes</FONT><FONT STYLE="color: #5F6062">, a repurchase approved by the Board of Directors on August 26, 2024, and completed
in January 2025.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">Despite
the higher gross debt, net debt dropped to US$410 million, the lowest level in nine years, due to the strong cash inflow from power generation
and E&amp;P operations, along with improved collections from CAMMESA and ENARSA. The gross debt principal breakdown is shown below:</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: 18%">Currency</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%">Type of <BR>
issuance</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%">Amount <BR>
in million US$</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%">Legislation</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 16%">% over <BR>
total gross debt</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 18%">Avg coupon</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" STYLE="color: #5F6062">US$</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">US$<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 0.5pt solid; color: #5F6062; text-align: center">1,535</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">Foreign</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">75%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">8.2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">US$ Cable</TD>
    <TD STYLE="border-bottom: #F2F2F2 0.5pt solid; color: #5F6062; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">183</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">9%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center; border-top-color: #F2F2F2; border-top-width: 0.5pt">4.4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">US$ MEP</TD>
    <TD STYLE="color: #5F6062; text-align: center">208</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">10%</TD>
    <TD STYLE="color: #5F6062; text-align: center">5.3%</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">17</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">1%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #F2F2F2 0.5pt solid; text-align: center">30.9%, 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">5%</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">0%</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: 35.45pt; color: #5F6062">With
the successful issuance of the 2031 and 2034 Notes at highly competitive rates, Pampa significantly enhanced its debt maturity profile,
extending the average life to 4.2 years. The chart below shows the principal maturity profile, net of repurchases, in US$ million by the
end of Q4 24:</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: center; width: 50%">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD>
  <TD STYLE="vertical-align: bottom; width: 50%; text-align: left"><P STYLE="margin: 0; font: 7pt Verdana, Helvetica, Sans-Serif; color: #5F6062"><B>Note:
                                            </B>The chart only considers Pampa consolidated<BR>
under IFRS. It does not include affiliates
                                            TGS,<BR>
Transener, and CTBSA.<BR>
                                            The maturities corresponding to the year 2025 have<BR>
already net the 2027 Notes repurchase,
                                            which was<BR>
completed in January 2025 for US$353 million</P></TD></TR>
</TABLE>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></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
addition to the issuance of the 2034 Notes (Series 23) for US$360 million at a 7.875% interest rate and maturing in December 2034, during
Q4 24, Pampa also issued the CB Series 22 for US$84 million at a 5.75% interest rate, maturing in October 2028. Moreover, Pampa canceled
US$47 million from its CB Series 20, leaving an outstanding balance of US$60 million and made the first amortization payment of US$97
million on the 2026 Notes. Furthermore, Pampa paid short-term bank debt for the equivalent of US$45 million and completed the final US$4
million payment to FINNVERA. After the quarter&#8217;s close, Pampa took on net bank debt for US$31 million, canceled its CB Series 19
for AR$17,131 million and used proceeds from the 2034 Notes to </FONT><FONT STYLE="color: #00B0F0">fully redeem the remaining 2027 Notes
(Series 1)</FONT> <FONT STYLE="color: #5F6062">for a face value of US$353 million.</FONT></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 Q4 24, CTEB repaid AR$4 billion in bank borrowings, took short-term bank debt for US$57 million and canceled CB Series
4 for US$96 million. After the quarter&#8217;s close, CTEB took US$75 million in net borrowings, paid AR$6 billion in short-term bank
debt and repurchased CB Series 6 for US$18 million.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt; color: #5F6062">As
of this report&#8217;s release, Pampa remains fully compliant with all debt covenants.</P>

<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="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center; width: 20%">Coupon</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-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="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="5" 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">120</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 par &amp; fixed rate<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></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">353</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; text-align: center">CB Series 21 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2031</TD>
    <TD STYLE="color: #5F6062; text-align: center">410</TD>
    <TD STYLE="color: #5F6062; text-align: center">410</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.95%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 23 at discount &amp; fixed rate</TD>
    <TD STYLE="color: #5F6062; text-align: center">2034</TD>
    <TD STYLE="color: #5F6062; text-align: center">360</TD>
    <TD STYLE="color: #5F6062; text-align: center">360</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.875%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">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">2031</TD>
    <TD STYLE="color: #5F6062; text-align: center">490</TD>
    <TD STYLE="color: #5F6062; text-align: center">490</TD>
    <TD STYLE="color: #5F6062; text-align: center">8.5%</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="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">108</TD>
    <TD STYLE="color: #5F6062; text-align: center">54</TD>
    <TD STYLE="color: #5F6062; text-align: center">6%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In US$-link</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; text-align: center">CB Series 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="2" 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 6<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">84</TD>
    <TD STYLE="color: #5F6062; text-align: center">66</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="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 16</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">56</TD>
    <TD STYLE="color: #5F6062; text-align: center">4.99%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 18</TD>
    <TD STYLE="color: #5F6062; text-align: center">2025</TD>
    <TD STYLE="color: #5F6062; text-align: center">72</TD>
    <TD STYLE="color: #5F6062; text-align: center">68</TD>
    <TD STYLE="color: #5F6062; text-align: center">5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">CB Series 22</TD>
    <TD STYLE="color: #5F6062; text-align: center">2028</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">5.75%</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold">In AR$</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1pt solid; text-align: left">Pampa</TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1pt solid; text-align: center">CB Series 19<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>4</SUP></FONT></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="color: #5F6062; border-bottom: #5F6062 1pt solid; text-align: center">Badlar Privada -1%</TD></TR>
  </TABLE>




<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 4pt 1.35pt 12pt 0; text-align: justify; color: #5F6062"><B>Notes</B>:
<B>1</B> Under IFRS, affiliates are not consolidated in Pampa&#8217;s FS. <B>2</B> Pampa&#8217;s Series 1 CB (2027 Notes) was redeemed
in January 2025. <B>3</B> US$18 million were repurchased after the quarter&#8217;s close. <B>4</B> Pampa&#8217;s CB Series 19 was redeemed
after the quarter&#8217;s close.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/105% Verdana, Helvetica, Sans-Serif; margin: 24pt 0 12pt; 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
November 2024, FitchRatings upgraded Pampa&#8217;s local credit rating from &#8216;AA+&#8217; to &#8216;AAA&#8217; with a stable outlook,
reflecting strong cash flow generation from power and gas operations and expansion into shale oil in Rinc&oacute;n de Aranda, lowering
reliance on regulated businesses and increasing Pampa&#8217;s exports. Moreover, due to Argentina&#8217;s improvement in foreign currency,
Moody&#8217;s upgraded Pampa and TGS from &#8216;Caa3&#8217; to &#8216;Caa1&#8217; in January 2025. Finally, in February 2025, S&amp;P
improved Pampa &amp; TGS credit ratings to &#8216;B-,&#8217; and FIX SCR upgraded CTEB&#8217;s local rating to &#8216;AA+.&#8217;</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; color: #5F6062">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-</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">Caa1</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>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</TD>
    <TD STYLE="color: #5F6062; text-align: center">AAA (long-term)<BR>
A1+ (short-term)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="3" 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">B-</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">Caa1</TD>
    <TD STYLE="color: #5F6062; text-align: center">na</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: center">FitchRatings</TD>
    <TD STYLE="color: #5F6062; text-align: center">B-</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>1</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: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; border-bottom: #5F6062 1.5pt solid; text-align: center">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> Local rating issued by FIX SCR.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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 Q4 24 results</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></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-top: #1A458C 0.5pt solid; border-bottom: #1A458C 0.5pt solid; border-left: #1A458C 0.5pt solid; text-align: left">Breakdown by segment<BR>
<FONT STYLE="font-family: Verdana, 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 0.5pt solid; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q4 24</TD>
    <TD COLSPAN="3" STYLE="color: white; font-weight: bold; border-right: #1A458C 1.5pt solid; border-bottom: white 0.5pt solid; text-align: center">Q4 23</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: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Sales</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">Adjusted EBITDA</TD>
    <TD STYLE="color: white; border-right: #1A458C 1.5pt solid; border-bottom: #1A458C 0.5pt solid; text-align: right">Net Income</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: center">Sales</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="color: white; font-style: italic; border-bottom: #1A458C 0.5pt solid; 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">Oil and Gas</TD>
    <TD STYLE="color: #5F6062; text-align: right">134</TD>
    <TD STYLE="color: #5F6062; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; text-align: right">118</TD>
    <TD STYLE="color: #5F6062; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; text-align: right">(63)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+14%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-26%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+21%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Power generation</TD>
    <TD STYLE="color: #5F6062; text-align: right">167</TD>
    <TD STYLE="color: #5F6062; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; text-align: right">133</TD>
    <TD STYLE="color: #5F6062; text-align: right">141</TD>
    <TD STYLE="color: #5F6062; text-align: right">80</TD>
    <TD STYLE="color: #5F6062; text-align: right">(103)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+7%</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">122</TD>
    <TD STYLE="color: #5F6062; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; text-align: right">118</TD>
    <TD STYLE="color: #5F6062; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+3%</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">Holding and Others</TD>
    <TD STYLE="color: #5F6062; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; text-align: right">(36)</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</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>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062">Eliminations</TD>
    <TD STYLE="color: #5F6062; text-align: right">(24)</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; text-align: right">(18)</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">+33%</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">435</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">182</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">106</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">362</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">114</TD>
    <TD STYLE="font-weight: bold; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">(155)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+20%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">+60%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">NA</TD></TR>
  </TABLE>

<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&#8217;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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 53%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">440</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">424</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">48</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 11%">10</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">342</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">267</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">85</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">64</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">Reporting 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">782</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">691</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">133</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">74</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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: #5F6062; vertical-align: middle; text-align: left">Adjustments from oil and gas segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">34</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from generation segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from petrochemicals segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Adjustments from holding &amp; others segment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">55</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9)</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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 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">937</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">786</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">182</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">114</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; 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">935</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">787</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">181</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">113</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%">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></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: 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>3.2</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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 38%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">730</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">666</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+10%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">134</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">118</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+14%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; 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">622</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">505</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+23%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">110</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">95</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+16%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; 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">108</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">161</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-33%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+1%</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">(515)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(412)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+25%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(128)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(93)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+38%</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>
    <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">215</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">254</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">-15%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">25</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">-76%</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>
    <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">(58)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(49)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(11)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+9%</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">(82)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(74)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+11%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+39%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Exploration expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</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 income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">87</TD>
    <TD STYLE="color: #4F5150; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+1%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-9%</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">(28)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(32)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-13%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</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">(10)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of PPE</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-11%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-61%</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>
    <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">69</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">140</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">-51%</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">(53)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(26)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+104%</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>
    <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>
    <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">(96)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(203)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-53%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(25)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(46)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-46%</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">(11)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(15)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-27%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</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">(105)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(216)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-51%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(18)</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">(68)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-74%</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>
    <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">(36)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(76)</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">-53%</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">(71)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(94)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-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>
    <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">31</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+7%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">31</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>
    <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">(5)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(47)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-89%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(76)</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(63)</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+21%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; 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>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&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">346</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">340</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+2%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">36</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">49</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-26%</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>
    <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">354</TD>
    <TD STYLE="color: #5F6062; text-align: right">556</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-36%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">111</TD>
    <TD STYLE="color: #4F5150; text-align: right">172</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-35%</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">237</TD>
    <TD STYLE="color: #4F5150; text-align: right">166</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+43%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">54</TD>
    <TD STYLE="color: #4F5150; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+32%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Lifting cost</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(180)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(156)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+15%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(49)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+28%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Lifting cost per boe</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-4%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+18%</TD></TR>
  </TABLE>


<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #5F6062">In
Q4 24, </FONT><FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">from the oil and gas segment grew by 14% vs.
Q4 23, mainly driven by the increased gas production for thermal power dispatch, higher crude oil sales and, to a lesser extent, better
gas prices to distribution companies due to successive tariff hikes. Lower gas prices and volumes sold to large users and Chile, as well
as a slight decrease in crude oil prices, partially offset these effects.</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
</FONT><FONT STYLE="color: #00B0F0"><B>operating performance</B></FONT><FONT STYLE="color: #5F6062">, total production in Q4 24 averaged
61.6 kboepd (+9% vs. Q4 23, -30% vs. Q3 24 due to seasonality), boosted by an increase in </FONT><FONT STYLE="color: #00B0F0"><B>gas production</B></FONT>
<FONT STYLE="color: #5F6062">to 9.8 mcmpd (+11% vs. Q4 23, -30% vs. Q3 24), explained by CAMMESA&rsquo;s higher demand for thermal power,
in line with the higher temperatures and lower hydro generation. Soft retail gas demand due to climate conditions, exports to Chile and
sales to large users offset these effects.</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">, El Mangrullo block represented 54% of total gas production in Q4 24,
with 5.2 mcmpd (+12% vs. Q4 23, -34% vs. Q3 24), followed by Sierra Chata with 30% of the production, reaching 2.9 mcmpd (+34% vs. Q4
23, -27% vs. Q3 24). At non-operated blocks, R&iacute;o Neuqu&eacute;n maintained a steady 1.3 mcmpd (-16% vs. Q4 23, -23% Q3 24), while
Rinc&oacute;n del Mangrullo continued declining, producing 0.2 mcmpd (-22% vs. Q4 23, +4% vs. Q3 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 STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; line-height: 105%">&nbsp;</FONT></FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
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<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%">&nbsp;</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%">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; 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="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="color: #5F6062; font-weight: bold; text-align: left">Production</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">12,478</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">10,296</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-1%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+21%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+20%</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">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">441</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">364</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">73.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">78.2</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">60.6</TD>
    <TD STYLE="font-weight: bold; text-align: right">65.4</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">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">12,468</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: right">10,274</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-1%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+21%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+20%</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">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">440</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">363</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">73.4</TD>
    <TD STYLE="font-weight: bold; text-align: right">78.3</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">60.5</TD>
    <TD STYLE="font-weight: bold; text-align: right">65.5</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$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">70.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">66.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">+6%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-12%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.7</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.2</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&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: #939393">
    <TD STYLE="color: white; font-weight: bold">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: #5F6062">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&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">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,785</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,821</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">-11%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+11%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+9%</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">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">346</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">312</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.0</TD>
    <TD STYLE="color: #5F6062; text-align: right">57.6</TD>
    <TD STYLE="font-weight: bold; text-align: right">61.6</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.5</TD>
    <TD STYLE="color: #5F6062; text-align: right">51.9</TD>
    <TD STYLE="font-weight: bold; text-align: right">56.4</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Sales</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand m<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>3</SUP>/day</FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: right">9,897</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">0.6</TD>
    <TD STYLE="color: #5F6062; text-align: right">8,634</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+33%</TD>
    <TD ROWSPAN="3" STYLE="color: #5F6062; font-style: italic; text-align: center">+15%</TD>
    <TD ROWSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">+16%</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">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">350</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">305</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In thousand boe/day</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">5.4</TD>
    <TD STYLE="color: #5F6062; text-align: right">58.3</TD>
    <TD STYLE="font-weight: bold; text-align: right">63.7</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">4.1</TD>
    <TD STYLE="color: #5F6062; text-align: right">50.8</TD>
    <TD STYLE="font-weight: bold; text-align: right">54.9</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #DFDFDF">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left">Average Price</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/bbl</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">67.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">68.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD ROWSPAN="2" STYLE="color: #5F6062; font-style: italic; text-align: center">-10%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">In US$/MBTU</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">2.9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: right">3.2</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<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>

<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 Q4 24 averaged US$2.9 per MBTU (-10% vs. Q4
23, -35% vs. Q3 24 due to seasonality), primarily explained by the lower export prices to Chile (increased hydro generation and competition
with LNG) and to large users (soft demand and higher spot supply). These effects were partially offset by higher retail prices, which
were in line with the tariff increases. As a result, Plan Gas compensation fell 76% vs. Q4 23 to US$2 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">Regarding
our </FONT><FONT STYLE="color: #00B0F0"><B>gas deliveries</B></FONT><FONT STYLE="color: #5F6062">, during Q4 24, 68% was destined for
thermal power generation and 13% to distribution companies, both under Plan Gas. 12% supplied the industrial/spot market, 3% was exported,
and the 4% remaining was sold to our petchem plants as raw material. Compared to Q4 23, 55% was destined for thermal power units, 20%
supplied the retail segment, 15% was sold to the industrial/spot market, 5% was exported, and the remaining 4% 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 4.0 kbpd in Q4 24 (-11% vs. Q4 23, -27% vs. Q3 24), explained by the sale of
our non-operator stake at Gobernador Ayala in October 2024 (-0.7 kbpd), in addition to year-on-year decreases in El Tordillo (-0.3 kbpd)
and Los Blancos (-0.4 kbpd). The rising shale oil production at Rinc&oacute;n de Aranda (+1.0 kbpd) partially offset these effects.</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 Q4 24 decreased by 2% year-on-year to US$67.6
per barrel, mainly explained by lower export prices. 59% of our sales volume was destined for the domestic market, 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">By
the end of Q4 24, we accounted for 688</FONT> <FONT STYLE="color: #00B0F0"><B>productive wells</B></FONT> <FONT STYLE="color: #5F6062">vs.
813 as of the end of 2023. The divestment of our stake at Gobernador Ayala and the derecognition of unproductive wells at Rinc&oacute;n
del Mangrullo explain the decrease.</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">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="color: #5F6062">Pampa&rsquo;s
</FONT><FONT STYLE="color: #00B0F0"><B>proven reserves (P1)</B></FONT> <FONT STYLE="color: #5F6062">amounted to 231 mboe by the end of
fiscal year 2024, 16% higher than the 199 mboe recorded by the end of 2023. The higher shale reserve quantification from the Vaca Muerta
formation mainly explains this increase, boosted by drilling and completion activity in Sierra Chata (+40%/+19 mboe vs. Dec-23) and El
Mangrullo (+9%/+8 mboe vs. Dec-23), in addition to the testing results in Rinc&oacute;n de Aranda (5.7x/+10 mboe vs. Dec-23). As a result,
certified shale volume surged 60% in 2024 to 132 mboe, representing 57% of Pampa&rsquo;s P1 reserves (vs. 42% of the 2023 P1 reserves).
91% of shale reserves are natural gas.</FONT></P>

<P STYLE="text-indent: 35.45pt; margin: 0pt; font: 9pt Verdana, Helvetica, Sans-Serif; color: #5F6062">Given the increased output and the reserve additions, the
reserve replacement ratio reached 2.2x, with an average reserve life of approximately 8.6 years. 93% of proven reserves correspond to
natural gas, while 7% are crude oil.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; text-align: center; color: #5F6062"><IMG SRC="image_003.jpg" ALT="">&nbsp;</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<SUP>4</SUP></B></FONT> <FONT STYLE="color: #5F6062">recorded US$49 million in Q4 24
(+28% vs. Q4 23, similar to Q3 24), explained by the beginning of shale oil development in Rinc&oacute;n de Aranda and programmed overhauls
in El Mangrullo, Sierra Chata and El Tordillo. The </FONT><FONT STYLE="color: #00B0F0"><B>lifting cost per boe </B></FONT><FONT STYLE="color: #5F6062">rose
18% to US$8.7 per boe produced in Q4 24 vs. US$7.4 per boe in Q4 23, mainly due to Rinc&oacute;n de Aranda development, and a 45% increase
vs. Q3 24 due to seasonal production variations.</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>Other
operating costs</B></FONT> <FONT STYLE="color: #5F6062">in Q4 24, excluding depreciation and amortizations, included the derecognition
of unproductive wells in Rinc&oacute;n del Mangrullo, higher costs from sales of crude oil stock and, to a lesser extent, increased labor,
benefits and transportation 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">About
</FONT><FONT STYLE="color: #00B0F0"><B>other operating income and expenses</B></FONT><FONT STYLE="color: #5F6062">, in Q4 24, we recorded
lower revenue from export settlements at a differential FX, from US$12 million to US$1 million, explained by the narrowing gap between
official and financial FX, and a 76% year-on-year decrease in Plan Gas compensation to US$2 million, due to higher prices for distribution
companies, leading to increased retail sales.</FONT></P>

<P STYLE="text-indent: 35.45pt; margin: 0pt; font: 9pt Verdana, Helvetica, Sans-Serif"><FONT STYLE="color: #00B0F0"><B>Financial results
</B></FONT><FONT STYLE="color: #5F6062">in Q4 24 recorded net losses of US$18 million, a 74% improvement vs. Q4 23, mainly explained
by lower FX losses due to reduced devaluation impact on AR$ trade receivables and lower financial interests reflecting smaller AR$-debt
stock and a drop in US$ rates. Lower gains from holding financial securities partially offset these effects.</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">&nbsp;</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 7pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><SUP>4</SUP> It only considers maintenance,
treatment, internal transportation and wellhead staff costs. It does not include amortizations and depreciations.</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 5pt 0; text-align: justify"></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; 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 from oil &amp; gas,<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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 50%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">69</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">140</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">(53)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">(26)</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">237</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">166</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">54</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">41</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">Reporting 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">306</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">306</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">1</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">15</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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: #5F6062; vertical-align: middle; text-align: left">Deletion of PPE &amp; inventories' impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">38</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(11)</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)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of provision for well closing</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of CAMMESA's receivable impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; 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">(1)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of Rinc&oacute;n del Mangrullo's unproductive wells</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of deferred executive compensation payment</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</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; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from oil &amp; gas</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">346</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">340</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">36</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">49</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">&nbsp;Our
oil and gas </FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">amounted to US$36 million in
Q4 24 (-26% vs. Q4 23), mainly explained by lower income from the FX settlement of exports, sales to industries and exports, and higher
operating costs related to the development of Rinc&oacute;n de Aranda. Higher Plan Gas deliveries, in line with the increased demand
for thermal power, partially offset these effects. The adjusted EBITDA excludes non-recurring and non-cash income and expenses, as well
as overdue interests, which are mainly charged to CAMMESA.&nbsp;</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$111 million in Q4 24
(-35% vs. Q4 23), mainly because of the shale gas deployment during 2023, partially offset by the beginning of the shale oil development
in Rinc&oacute;n de Aranda.</FONT></P>


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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>3.3</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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">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-bottom: #1A458C 0.5pt solid; text-align: right">&#8710;%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; width: 38%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">672</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">648</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+4%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">167</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">141</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+18%</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">(367)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(354)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(107)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(79)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+35%</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>
    <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">305</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">294</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">+4%</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">60</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">-3%</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>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Selling expenses</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+50%</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">(52)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(50)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</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">35</TD>
    <TD STYLE="color: #4F5150; text-align: right">75</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-53%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">25</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-96%</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">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-48%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</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">(46)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">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">(18)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</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>
    <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">204</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">272</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>
    <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">44</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">+16%</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>
    <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">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">5</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">(53)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(119)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-55%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(14)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-48%</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">183</TD>
    <TD STYLE="color: #4F5150; text-align: right">280</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-35%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">81</TD>
    <TD STYLE="color: #4F5150; text-align: right">59</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+37%</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">138</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">163</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-15%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">72</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+125%</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>
    <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">342</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">435</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">-21%</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">123</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">76</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">+62%</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>
    <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">119</TD>
    <TD STYLE="color: #4F5150; text-align: right">(225)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">10</TD>
    <TD STYLE="color: #4F5150; text-align: right">(177)</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>
    <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">461</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">210</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+120%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">133</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">(101)</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: 12px; font-style: italic; text-align: left">Attributable to owners of the Company</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">461</TD>
    <TD STYLE="font-style: italic; text-align: right">207</TD>
    <TD STYLE="font-style: italic; text-align: right">+123%</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: right">133</TD>
    <TD STYLE="font-style: italic; text-align: right">(103)</TD>
    <TD STYLE="font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; font-style: italic; border-bottom: #5F6062 1pt solid; text-align: left">Attributable to non-controlling interests</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">3</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-100%</TD>
    <TD STYLE="padding-left: 24px; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">2</TD>
    <TD STYLE="font-style: italic; border-bottom: #5F6062 1pt solid; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; 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>
    <TD STYLE="padding-left: 24px; 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">390</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">377</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">86</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">80</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+7%</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">389</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">378</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+3%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">85</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">80</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">+7%</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>
    <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; 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">105</TD>
    <TD STYLE="color: #5F6062; text-align: right">259</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-59%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; text-align: right">66</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-42%</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">100</TD>
    <TD STYLE="color: #4F5150; text-align: right">96</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+4%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">29</TD>
    <TD STYLE="color: #4F5150; text-align: right">22</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+32%</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">During
Q4 24, power generation</FONT> <FONT STYLE="color: #00B0F0"><B>sales</B></FONT> <FONT STYLE="color: #5F6062">increased by 18% year-on-year,
mainly due to the gradual commissioning of PEPE 6, which reached 140 MW of total installed capacity in November 2024, in addition to the
operational improvements in our PPAs with CAMMESA and higher spot energy prices, supported by </FONT><FONT STYLE="color: #00B0F0">successive
increases</FONT> <FONT STYLE="color: #5F6062">that outpaced the inflation and devaluation. For open cycles (GT and ST), capacity payment
averaged US$5.1 thousand per MW-month (+41% vs. Q4 23, +6% vs. Q3 24), also benefitted with the additional remuneration under the Contingency
Plan effective from December 2024 to March 2026 (Res. SE No. 294/24). Hydros earned US$2.4 thousand per MW-month (+21% vs Q4 23, +6% vs.
Q3 24). CCGTs invoiced US$3.5 thousand per MW-month (-23% vs. Q4 23, -34% vs. Q3 24) due to programmed overhauls at CTLL and the life
extension in CTGEBA. CCGTs are the only units under the legacy pricing scheme with a partial income in US$ (Res. SE No. 59/23).</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062">Higher
recognition of fuel costs and gas and electricity transportation tariffs resulted from increased thermal demand, offset by associated
costs.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062">A slight
drop in legacy and Energ&iacute;a Plus dispatches partially offset increased sales. Compared to Q3 24, the 9% decrease in sales was driven
by lower thermal generation and seasonally lower legacy energy prices.</P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt; color: #5F6062"><FONT STYLE="color: #5F6062">The
</FONT><FONT STYLE="color: #00B0F0"><B>operating performance</B></FONT> <FONT STYLE="color: #5F6062">of Pampa&rsquo;s operated power generation
decreased by 4% vs. Q4 23, which is in line with the 2% year-on-year drop in national generation. This decrease was mainly attributed
to a major overhaul in CTGEBA for life extension (-725 GWh) and lower water inflows at HPPL (-103 GWh). These effects were partially
offset by increased availability at CTLL following the GT05 outage during Q4 23 (+340 GWh), the full commissioning of PEPE 6 (+125 GWh)
and improved hydrological conditions at HINISA and HIDISA (+111 GWh).&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 improved 79
basis points, reaching 94.2% in Q4 24, compared to Q4 23&rsquo;s 93.4%, explained by Q4 23&rsquo;s failure in GT05 and scheduled overhauls
in GT02 and GT04 at CTLL, in addition to outages in CTG. These effects were partially offset by the life extension overhaul in CTGEBA&rsquo;s
legacy CCGT. Thermal availability rate remained stable at 92.4% during Q4 24.&nbsp;</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: left">Power generation's <BR>
key performance indicators&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2024</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">2023</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Variation</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD>
    <TD STYLE="color: white; font-weight: bold; border-bottom: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Wind</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Hydro</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-style: italic; text-align: center">Thermal</TD>
    <TD STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; font-style: italic; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: left; width: 25%">Installed capacity (MW)</TD>
    <TD STYLE="color: #5F6062; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">427</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">5,472</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">287</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">938</TD>
    <TD STYLE="color: #5F6062; text-align: center; width: 6%">4,107</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 6%">5,332</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center; width: 6%">+49%</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%">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 6%">+3%</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">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">33%</TD>
    <TD STYLE="font-weight: bold; text-align: center">32%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">100%</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</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">-</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+2%</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">1.0%</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.5%</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.6%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.7%</TD>
    <TD STYLE="color: #5F6062; text-align: center">2.1%</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; 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="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fiscal year</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,270</TD>
    <TD STYLE="color: #5F6062; text-align: center">2,363</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,111</TD>
    <TD STYLE="font-weight: bold; text-align: center">21,743</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,206</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,964</TD>
    <TD STYLE="color: #5F6062; text-align: center">17,809</TD>
    <TD STYLE="font-weight: bold; text-align: center">20,979</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+20%</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">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,280</TD>
    <TD STYLE="color: #5F6062; text-align: center">2,363</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,914</TD>
    <TD STYLE="font-weight: bold; text-align: center">22,557</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,223</TD>
    <TD STYLE="color: #5F6062; text-align: center">1,964</TD>
    <TD STYLE="color: #5F6062; text-align: center">18,842</TD>
    <TD STYLE="font-weight: bold; text-align: center">22,029</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+20%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+0%</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="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">71</TD>
    <TD STYLE="color: #5F6062; text-align: center">15</TD>
    <TD STYLE="color: #5F6062; text-align: center">36</TD>
    <TD STYLE="font-weight: bold; text-align: center">36</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">71</TD>
    <TD STYLE="color: #5F6062; text-align: center">16</TD>
    <TD STYLE="color: #5F6062; text-align: center">35</TD>
    <TD STYLE="font-weight: bold; text-align: center">35</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-0%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-7%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+4%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+2%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">58</TD>
    <TD STYLE="color: #5F6062; text-align: center">6</TD>
    <TD STYLE="color: #5F6062; text-align: center">22</TD>
    <TD STYLE="font-weight: bold; text-align: center">23</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">61</TD>
    <TD STYLE="color: #5F6062; text-align: center">4</TD>
    <TD STYLE="color: #5F6062; text-align: center">21</TD>
    <TD STYLE="font-weight: bold; text-align: center">22</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-5%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+62%</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>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-style: italic">&nbsp;</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Net generation (GWh)</TD>
    <TD STYLE="color: #5F6062; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">431</TD>
    <TD STYLE="color: #5F6062; text-align: center">722</TD>
    <TD STYLE="color: #5F6062; text-align: center">3,644</TD>
    <TD STYLE="font-weight: bold; text-align: center">4,797</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">293</TD>
    <TD STYLE="color: #5F6062; text-align: center">715</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,009</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,017</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+47%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-9%</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">Volume sold (GWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">436</TD>
    <TD STYLE="color: #5F6062; text-align: center">722</TD>
    <TD STYLE="color: #5F6062; text-align: center">3,859</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,018</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">310</TD>
    <TD STYLE="color: #5F6062; text-align: center">715</TD>
    <TD STYLE="color: #5F6062; text-align: center">4,187</TD>
    <TD STYLE="font-weight: bold; text-align: center">5,211</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+41%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+1%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">-4%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average price (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">71</TD>
    <TD STYLE="color: #5F6062; text-align: center">15</TD>
    <TD STYLE="color: #5F6062; text-align: center">41</TD>
    <TD STYLE="font-weight: bold; text-align: center">40</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">69</TD>
    <TD STYLE="color: #5F6062; text-align: center">12</TD>
    <TD STYLE="color: #5F6062; text-align: center">35</TD>
    <TD STYLE="font-weight: bold; text-align: center">34</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+3%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+30%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+18%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+19%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Average gross margin (US$/MWh)</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">50</TD>
    <TD STYLE="color: #5F6062; text-align: center">7</TD>
    <TD STYLE="color: #5F6062; text-align: center">23</TD>
    <TD STYLE="font-weight: bold; text-align: center">23</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">58</TD>
    <TD STYLE="color: #5F6062; text-align: center">1</TD>
    <TD STYLE="color: #5F6062; text-align: center">22</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-14%</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+5%</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center">+9%</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%">&nbsp;</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 (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">Excluding
depreciation and amortizations, net </FONT><FONT STYLE="color: #00B0F0"><B>operating costs</B></FONT> <FONT STYLE="color: #5F6062">increased
by 96% to US$94 million in Q4 24, mainly explained by lower overdue interests from CAMMESA due to declining rates and days sales outstanding,
higher raw material and maintenance costs in thermal units and increased labor costs. Moreover, higher gas purchases and gas and electricity
transportation costs were offset by the revenue recognition mentioned before. Lower insurance costs partially offset these increases.
Compared to Q3 24, operating costs rose by 7% due to increased maintenance, raw material and labor expenses, partially offset by reduced
purchases to cover contracts.</FONT></P>

<P STYLE="font: 9pt/105% Verdana, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 35.3pt"><FONT STYLE="color: #00B0F0"><B>Financial
results</B></FONT> <FONT STYLE="color: #5F6062">in Q4 24 reached a net profit of US$72 million, compared to US$32 million in Q4 23, mainly
due to lower FX losses on AR$ trade receivables and reduced financial interests because of lower AR$-debt and declining US$ rates, partially
offset by lesser gains from holding financial instruments.&nbsp;</FONT></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; 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 from power generation, <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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 50%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">204</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">272</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">51</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">44</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">100</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">96</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">29</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">22</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">Reporting 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">304</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">368</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">80</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">66</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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: #5F6062; vertical-align: middle; text-align: left">Deletion of CTEB's equity income</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">27</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of commercial interests to CAMMESA</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(29)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(59)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of CAMMESA's receivable impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(12)</TD>
    <TD STYLE="vertical-align: bottom; 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">(12)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">CTEB's EBITDA, at our 50% ownership</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">14</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from power generation</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">390</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">377</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">86</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">80</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: #00B0F0"><B>Adjusted
EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from the power generation segment was US$86 million, a 7% increase year-on-year, mainly
due to the impairment of CAMMESA trade receivables recorded in Q4 23, the full commissioning of PEPE 6, the operating improvement in
our PPAs with CAMMESA and higher spot prices. Increased operating costs in line with the AR$ real appreciation partially offset these
effects. Adjusted EBITDA excludes non-operating, non-recurrent and non-cash items and considers CTEB&rsquo;s 50% ownership, which posted
US$13 million in Q4 24, 10% lower than in Q4 23.&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></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">Finally,
excluding CTEB,</FONT> <FONT STYLE="color: #00B0F0"><B>capital expenditures </B></FONT><FONT STYLE="color: #5F6062">registered US$38 million
in Q4 24 vs. US$66 million in Q4 23, explained by the completion of works at PEPE 4 (commissioned in Q4 23), partially offset by the
final disbursements for PEPE 6. The PEPE 6 project is detailed below:</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="border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: center">MW</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Equipment Provider</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Market</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; border-bottom: white 1pt solid; text-align: center">Currency</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">Investment in 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">Commercial operations date</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <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 @ 12/31/24</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; text-align: left; width: 21%">Renewable</TD>
    <TD STYLE="text-align: center; color: white; font-weight: bold; width: 6%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 12%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 15%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 10%">&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: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right; width: 11%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: left">Pampa Energ&iacute;a 6</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #00B0F0; font-weight: bold; text-align: center">139.5</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: center">Vestas</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: center">MAT ER</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: center">US$</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #5F6062 1.5pt solid; color: #00B0F0; font-weight: bold; text-align: center">250</TD>
    <TD STYLE="color: #00B0F0; font-weight: bold; border-bottom: #5F6062 1.5pt solid; text-align: center">82%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #5F6062 1.5pt solid; color: #00B0F0; font-weight: bold; text-align: center">November 21, 2024</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.</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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 38%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">516</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">507</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+2%</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">122</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">118</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">+3%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; 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">326</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">359</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-9%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">80</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">86</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-8%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 12px; 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">190</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">148</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+28%</TD>
    <TD STYLE="color: #4F5150; font-style: italic">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+34%</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">(487)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(444)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+10%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(126)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(103)</TD>
    <TD STYLE="color: #4F5150; 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: #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>
    <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">29</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">63</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">-54%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">(15)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-13%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(4)</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">(7)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+17%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(1)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other operating income</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">41</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+215%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">30</TD>
    <TD STYLE="color: #4F5150; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+131%</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">(7)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(7)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-60%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of inventories</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #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>
    <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">43</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">45</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">-4%</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">18</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">19</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; 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: #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>
    <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">21</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">21</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">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-</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">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">15</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-53%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-63%</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">25</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+108%</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">24</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">+243%</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>
    <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">68</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">57</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">+19%</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">42</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">26</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+62%</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>
    <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">4</TD>
    <TD STYLE="color: #4F5150; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(3)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-86%</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>
    <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">72</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">30</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+140%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">39</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">4</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; 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>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&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">21</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">53</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">-61%</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">(7)</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">20</TD>
    <TD STYLE="color: white; 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: 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>
    <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">6</TD>
    <TD STYLE="color: #5F6062; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-14%</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">Depreciation and amortization</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>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+100%</TD></TR>
  </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%">&nbsp;</FONT></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; 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 from petrochemicals, <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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 50%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">43</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">45</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">18</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">19</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">5</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">1</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">Reporting 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">48</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">50</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">20</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">20</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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: #5F6062; vertical-align: middle; text-align: left">Deletion of inventory impairment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; 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: #5F6062; 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; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">0</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of contingencies adjustment</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</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>
    <TD STYLE="font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from petrochemicals</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">21</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">53</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">(7)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">20</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">The
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">for the petrochemicals segment reported
a loss of US$7 million in Q4 24, compared to US$20 million gain in Q4 23, mainly due to lower income from export settlements at a differential
FX, which fell to US$2 million in Q4 24 compared to US$12 million during Q4 23, increased operating costs in line with the real AR$ appreciation,
higher raw materials prices and lower styrenics and reformer prices. These effects were partially offset by higher dispatched volumes
of reformer products and increased SBR exports and prices.&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17 -->
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<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 29% vs. Q4 23, reaching 121 thousand
tons, driven by stronger demand for octane and solvents in the domestic market, as well as higher exports of isomerized naphtha and SBR.
However, soft industry activity impacted the local demand.&nbsp;</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">In
Q4 24, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">from the petrochemicals segment
reached a profit of US$24 million, compared to US$7 million in Q4 23, mainly explained by lower contingencies.</FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Verdana, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-weight: bold; text-align: left">Petrochemicals'<BR>
key performance indicators&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 0.5pt solid; color: white; font-weight: bold; text-align: center">Products</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: white 1.5pt solid; color: white; font-weight: bold; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Styrene &amp; polystyrene<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">SBR</TD>
    <TD STYLE="color: white; font-size: 8.5pt; text-align: center">Reforming &amp; others</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; width: 38%">Fiscal year</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: 15%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center; width: 15%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; border-top-color: white; border-top-width: 1.5pt; width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold 2024 (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">88</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">45</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">336</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">469</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold 2023 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">112</TD>
    <TD STYLE="color: #4F5150; text-align: center">43</TD>
    <TD STYLE="color: #4F5150; text-align: center">250</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">405</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 2024 vs. 2023</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">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+35%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+16%</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="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Average price 2024 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,744</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,843</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">832</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,100</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price 2023 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,886</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,796</TD>
    <TD STYLE="color: #4F5150; text-align: center">874</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,251</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation 2024 vs. 2023</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">+3%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-5%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-12%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #939393">
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid">Fourth quarter</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; border-top: white 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: white 1.5pt solid; color: white; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">Volume sold Q4 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">24</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">12</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">85</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">121</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Volume sold Q4 23 (thousand ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">28</TD>
    <TD STYLE="color: #4F5150; text-align: center">11</TD>
    <TD STYLE="color: #4F5150; text-align: center">55</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">94</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q4 24 vs. Q4 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">-13%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+4%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+55%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">+29%</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 Q4 24 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,584</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">1,851</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">743</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">1,017</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; text-align: left">Average price Q4 23 (US$/ton)</TD>
    <TD STYLE="color: #4F5150; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,966</TD>
    <TD STYLE="color: #4F5150; text-align: center">1,744</TD>
    <TD STYLE="color: #4F5150; text-align: center">812</TD>
    <TD STYLE="color: #4F5150; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">1,264</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #4F5150; font-style: italic; text-align: left">Variation Q4 24 vs. Q4 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">-19%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">+6%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">-8%</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: center">-20%</TD></TR>
  </TABLE>


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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></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: 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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 38%">Sales revenue</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">65</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">14</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">NA</TD>
    <TD STYLE="color: #4F5150; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">36</TD>
    <TD STYLE="color: #4F5150; text-align: right; width: 10%">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; width: 10%">NA</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">(17)</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(12)</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>
    <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">48</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">14</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">+243%</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">24</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; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">(98)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(55)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+78%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(60)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+186%</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">12</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+300%</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">(39)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(22)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+77%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(5)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(6)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-17%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Impairment of financial assets</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">4</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Recovery/(accrual) of impairment on 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>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Income from the sale of associates</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">34</TD>
    <TD STYLE="color: #4F5150; text-align: right">9</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+278%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">27</TD>
    <TD STYLE="color: #4F5150; text-align: right">8</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+238%</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">167</TD>
    <TD STYLE="color: #4F5150; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; text-align: right">(17)</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>
    <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">124</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD>
    <TD STYLE="color: #4F5150; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">NA</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">&nbsp;</TD>
    <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">7</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-86%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; text-align: right">2</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-50%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Finance costs</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(33)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(45)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-27%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(8)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+13%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150">Other financial results</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">32</TD>
    <TD STYLE="color: #4F5150; text-align: right">278</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-88%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">7</TD>
    <TD STYLE="color: #4F5150; text-align: right">121</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-94%</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">-</TD>
    <TD STYLE="color: #333333; font-weight: bold; font-style: italic; text-align: right">240</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: right">-100%</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">115</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>
    <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">124</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">207</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">-40%</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">31</TD>
    <TD STYLE="color: #4F5150; font-weight: bold; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">88</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">-65%</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>
    <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">(33)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(95)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-65%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">(21)</TD>
    <TD STYLE="color: #4F5150; text-align: right">(81)</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">-74%</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>
    <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">91</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">112</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">-19%</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">10</TD>
    <TD STYLE="font-weight: bold; border-top: #5F6062 1pt solid; text-align: right">7</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: #5F6062 1pt solid; text-align: right">+43%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 24px; 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>
    <TD STYLE="padding-left: 24px; color: #4F5150; font-style: italic; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&nbsp;</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right; border-top-color: #5F6062; border-top-width: 1pt">&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">179</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">16</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: right">NA</TD>
    <TD STYLE="color: white; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">67</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">(36)</TD>
    <TD STYLE="color: white; 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: 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>
    <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">7</TD>
    <TD STYLE="color: #5F6062; text-align: right">5</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+40%</TD>
    <TD STYLE="color: #4F5150">&nbsp;</TD>
    <TD STYLE="color: #4F5150; text-align: right">3</TD>
    <TD STYLE="color: #4F5150; text-align: right">1</TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: right">+200%</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>
    <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 equity income from affiliates TGS and Transener, posted a lower loss on </FONT><FONT STYLE="color: #00B0F0"><B>operating
margin </B></FONT><FONT STYLE="color: #5F6062">of US$6 million in Q4 24 vs. US$10 million in Q4 23, mainly explained by OCP&rsquo;s sales
recorded until the end of the concession and higher fees, partially offset by increased executive compensation accrual due to share price
outperformance, in addition to a rise in labor costs and personal asset taxes.</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
Q4 24, </FONT><FONT STYLE="color: #00B0F0"><B>financial results</B></FONT> <FONT STYLE="color: #5F6062">showed a net loss of US$1 million
vs. US$115 million profit in Q4 23, mainly explained by lower FX gains on tax payables, partially offset by reduced losses from holding
financial instruments.&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify"></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; 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 from holding and others, <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">Fiscal year</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">Fourth 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>
    <TD STYLE="color: white; vertical-align: middle; border-bottom: #1A458C 0.5pt solid; text-align: right">&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: 50%">Consolidated operating income</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">124</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">(33)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">32</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right; width: 12%">(27)</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">-</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">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</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">Reporting 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">124</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)</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">32</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">(27)</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; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; 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: #5F6062; 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; vertical-align: middle; text-align: right">(167)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(16)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(0)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; 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: #5F6062; 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; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; 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 COLSPAN="2" STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of deferred executive compensation payment</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(9)</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="color: #5F6062; vertical-align: middle; text-align: left">Deletion of gain from the end of the concession in OCP</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">163</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">63</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(10)</TD></TR>
  <TR>
    <TD STYLE="color: #5F6062; 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; vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="color: #4F5150; vertical-align: middle; text-align: right">(8)</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>
    <TD STYLE="color: #4F5150; font-style: italic; vertical-align: bottom; text-align: right; background-color: white">&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>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid">Adjusted EBITDA from holding and others</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">179</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">16</TD>
    <TD STYLE="color: #4F5150; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">67</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: #5F6062 1pt solid; border-bottom: #5F6062 1pt solid; text-align: right">(36)</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
</FONT><FONT STYLE="color: #00B0F0"><B>adjusted EBITDA</B></FONT> <FONT STYLE="color: #5F6062">from our holding and others segment reached
a US$67 million profit in Q4 24, compared to a US$36 million loss in Q4 23. This calculation excludes non-operating, non-recurring and
non-cash items and includes the EBITDA adjusted by equity ownership in TGS and Transener.</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$49 million
in Q4 24, compared to a US$10 million loss in Q4 23, mainly explained by the tariff increases in the regulated transportation business,
the outperformance in the midstream segment, higher dispatched volumes of propane and butane and improved liquids prices, in addition
to the lag between the sharp AR$ devaluation and average inflation in 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">In
</FONT><FONT STYLE="color: #00B0F0"><B>Transener</B></FONT><FONT STYLE="color: #5F6062">, the EBITDA adjusted by our stake was US$11
million in Q4 24 vs. a US$8 million loss recorded in Q4 23, mainly due to tariff hikes and, like TGS, the impact of the steep AR$ devaluation
on Q4 23&rsquo;s results.&nbsp;</FONT></P>


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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 fiscal year,
by subsidiary and segment</B></FONT></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Fiscal year 2024</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Fiscal year 2023</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 35%">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">346</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">987</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">340</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">884</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(47)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">346</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">987</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">340</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">884</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(47)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Power generation segment</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Diamante</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(3)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">VAR</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Greenwind<FONT STYLE="font-family: Verdana, sans-serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">107</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(41)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">102</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(36)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(53)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(51)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(58)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">51</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(18)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">312</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(590)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">465</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">295</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(270)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">205</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">390</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(573)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">461</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">377</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(211)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">207</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">53</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">143</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(97)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">68</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">48</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(20)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(105)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(50)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(36)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(6)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">38</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">18</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">630</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(210)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">359</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">219</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(467)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(266)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(156)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(114)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(21)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">25.9%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">163</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(54)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">93</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.5%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(21)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(20)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(60)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">102</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">179</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(67)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">91</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">112</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Deletions</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(94)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">937</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">410</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">619</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">786</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">613</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">302</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">935</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">347</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">619</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">787</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">708</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">302</TD></TR>
  </TABLE>


<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>&nbsp;</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> Divested in August 2023. <B>2</B> The deletion corresponds to other companies or
inter-companies. <B>3</B> Net debt includes holding companies. <B>4</B> Attributable to the Company&#8217;s shareholders.</P>


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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>3.7</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-size: 9pt">
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="3" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: left">Subsidiary<BR>
<FONT STYLE="font-family: Verdana, sans-serif; font-size: 8.5pt; font-style: normal; font-weight: 400; color: white">In US$ million</FONT></TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Q4 24</TD>
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 0.5pt solid; text-align: center">Q4 23</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">% Pampa</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Adjusted EBITDA</TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
debt<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>3</SUP></FONT></TD>
    <TD ROWSPAN="2" STYLE="color: white; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt">Net <BR>
income<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: white"><SUP>4</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; border-bottom: white 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif; width: 35%">Oil &amp; gas segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left; width: 8%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">987</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">884</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(63)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal oil &amp; gas</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">36</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">987</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(76)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">884</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(63)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Power generation segment</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Diamante</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">61.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Los Nihuiles</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">52.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">1</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">VAR</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">7</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">0</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">CTBSA</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">25</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">117</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(53)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(13)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(14)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(58)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">27</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal CTBSA adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">16</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">8</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">50.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">14</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(27)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 7.65pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">64</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(590)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">118</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">58</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(270)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(82)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal power generation</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">86</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(573)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">133</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">80</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(211)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(103)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Petrochemicals segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa Energ&iacute;a</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">100.0%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal petrochemicals</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(7)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">39</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #9E9FA0">
    <TD STYLE="color: white; font-weight: bold; font-family: Verdana, sans-serif">Holding &amp; others segment</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Transener</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">43</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(97)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">21</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(30)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(20)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(27)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(32)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">72</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(16)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">22</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">15</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal Transener adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">11</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(26)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.3%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(8)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(5)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">TGS</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">194</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(210)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">129</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(38)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(58)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: left">Non-controlling stake adjustment</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(145)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">155</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(96)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">28</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">(114)</TD>
    <TD STYLE="color: #5F6062; font-style: italic; font-family: Verdana, sans-serif; text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Subtotal TGS adjusted by ownership</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">25.5%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">49</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(54)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">33</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">26.5%</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(10)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">41</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(16)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Pampa stand-alone, other companies, &amp; adj.<FONT STYLE="font-family: Verdana, sans-serif; font-size: 9pt; font-style: normal; font-weight: 400; color: #5F6062"><SUP>2</SUP></FONT></TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">6</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">13</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(29)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(18)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(0)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">30</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-right: white 1.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: left">Subtotal holding &amp; others</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">67</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(67)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">10</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">(36)</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">35</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 0.5pt solid; border-bottom: #5F6062 0.5pt solid; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-weight: bold; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif">Deletions</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">63</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-family: Verdana, sans-serif; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">(94)</TD>
    <TD STYLE="color: #5F6062; font-family: Verdana, sans-serif; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; border-right: white 1.5pt solid">Total consolidated</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left; border-left-color: white; border-left-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">182</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">410</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">106</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">114</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">613</TD>
    <TD STYLE="font-weight: bold; font-family: Verdana, sans-serif; border-top: #5F6062 1pt solid; text-align: right">(155)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-right: white 1.5pt solid; border-bottom: #5F6062 1pt solid; text-align: left">At our share ownership</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">181</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">347</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">106</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">113</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">708</TD>
    <TD STYLE="font-weight: bold; font-style: italic; font-family: Verdana, sans-serif; border-bottom: #5F6062 1pt solid; text-align: right">(155)</TD></TR>
  </TABLE>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0; color: #5F6062"><FONT STYLE="vertical-align: baseline"><B>Note:</B></FONT>
<FONT STYLE="vertical-align: baseline"><B>1</B></FONT> Divested in August 2023. <B>2</B> The deletion corresponds to other companies or
inter-companies. <B>3</B> Net debt includes holding companies. <B>4</B> Attributable to the Company&#8217;s shareholders.<BR STYLE="clear: both">
</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
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<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&#8217;s
main operational KPIs by plant</B></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: 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: 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>

<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="6" 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 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 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">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">PEPE6<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; 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">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>3</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: 30%"><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">-</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: 3%"><FONT STYLE="font-size: 7pt">140</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; font-weight: bold; text-align: center; width: 4%"><FONT STYLE="font-size: 7pt">1,366</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">5,472</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">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">140</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-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">428</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">1,770</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">0.0%</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">0.3%</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">0.7%</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">3.2%</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">2.0%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">9.5%</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">13%</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; 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">Fiscal year</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="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 2024 (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">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">188</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">202</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">341</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">343</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">197</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">857</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">616</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">890</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">3,633</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,754</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">303</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">262</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">192</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">7,584</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">70</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,741</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">18,111</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">21,743</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">-</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">0.24%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.14%</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">0.6%</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">0.6%</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">2.6%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3.4%</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">0.0%</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">0.1%</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">5.4%</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">3.3%</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">15.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales 2024 (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">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">201</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">202</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">341</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">343</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">195</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">857</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">616</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">890</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">3,643</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,705</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">625</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">59</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">262</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">192</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">8,043</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">150</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,733</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">18,914</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">22,557</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; 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 2023 (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">193</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">209</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">204</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">274</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">326</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">-</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">543</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">361</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,060</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">3,170</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">4,512</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">225</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">606</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">274</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">265</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">7,548</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">4,236</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">17,809</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">20,979</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 2024
    vs. 2023</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">-10%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+24%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+5%</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">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+58%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+71%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-16%</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">+15%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+5%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+34%</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">-57%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-30%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-45%</FONT></TD>
    <TD STYLE="color: #4F5150; 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">+4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+12%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; 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="font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+4%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Sales 2023 (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">193</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">213</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">217</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">274</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">326</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">-</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">544</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">361</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,060</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">3,187</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">4,470</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">547</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">606</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">274</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">265</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">8,224</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">146</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">4,236</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">18,842</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">22,029</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; 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 2024 (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">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">81</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">82</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">&nbsp;</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">21</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">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">35</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">54</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">124</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">38</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">36</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">36</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">36</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. price 2023 (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">70</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">74</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">65</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">65</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">na</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">17</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">31</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">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">38</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">65</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">24</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">135</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">110</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">39</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">30</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">35</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">35</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Avg. gross margin 2024 (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">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">49</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">57</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">57</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">59</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">5</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">10</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5</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">24</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">21</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">24</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">142</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">10</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">22</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">23</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. gross margin 2023 (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">59</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">55</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">60</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</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">1</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">4</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">26</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">15</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">4</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">107</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">86</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">13</FONT></TD>
    <TD STYLE="color: #4F5150; 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">21</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">22</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; 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">Fourth 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="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="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 Q4 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">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">48</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">57</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">88</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">112</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">125</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">288</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">203</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">231</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">1,153</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">975</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">84</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">15</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">22</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,260</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">1,162</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3,644</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">4,797</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">-</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">0.3%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.33%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.37%</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">0.6%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">0.7%</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">3.4%</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">0.2%</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">0.2%</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">3.7%</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">3.4%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">10.7%</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">14.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150; font-weight: bold"><FONT STYLE="font-size: 7pt">Sales Q4 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">-</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">54</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">57</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">88</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">112</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">125</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">288</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">203</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">231</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">1,159</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">973</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">152</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">15</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">22</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">67</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">42</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,399</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">35</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">1,154</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">3,859</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">5,018</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; 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 Q4 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">-</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">42</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">95</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">107</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">-</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">257</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">123</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">334</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">1,008</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">630</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">106</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">29</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">23</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,986</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">15</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,176</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,009</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">5,017</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 Q4 24
    vs. Q4 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">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">+37%</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">+5%</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">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+12%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+65%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-31%</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">+14%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">+55%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-21%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-47%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-5%</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">+98%</FONT></TD>
    <TD STYLE="color: #4F5150; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-37%</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">-1%</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; font-style: italic; text-align: center"><FONT STYLE="font-size: 7pt">-9%</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">-4%</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Sales Q4 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">-</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">53</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">55</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">95</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">107</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">-</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">257</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">123</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">334</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">1,024</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">588</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">173</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">29</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">23</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">2,118</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">36</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">1,176</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">4,187</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">5,211</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; 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 Q4 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">na</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">83</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">63</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">63</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">63</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">13</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">15</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">36</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">21</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">62</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">36</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">135</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">48</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">30</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">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. price Q4 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">na</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">71</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">60</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">na</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">11</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">10</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">29</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">41</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">15</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">31</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">30</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">35</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">34</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 Q4 24 (US$/MWh)</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">32</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">37</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">68</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">&nbsp;</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">5</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">10</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">7</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">23</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">15</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">9</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">74</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">115</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">117</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">8</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">23</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">23</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #4F5150"><FONT STYLE="font-size: 7pt">Avg. gross margin Q4 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">na</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">52</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">71</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</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">2</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">4</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">19</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">15</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">2</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">0</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">na</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">13</FONT></TD>
    <TD STYLE="color: #4F5150; text-align: center"><FONT STYLE="font-size: 7pt">24</FONT></TD>
    <TD STYLE="color: #4F5150; font-weight: bold; text-align: center"><FONT STYLE="font-size: 7pt">22</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%">&nbsp;</FONT></P>

<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> Progressive commissioning:
45 MW (Jul-24), 36 MW (Aug-24), 13,5 MW (Sep-24), 18 MW (Oct-24) and 27 MW (Nov-24). <B>3</B> Co-operated by Pampa (50% equity stake).</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: left">&nbsp;</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: 0; 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>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>




<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>

<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">Fiscal year</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">Fourth 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>
    <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: 38%">Gas</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; width: 10%">&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">43.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">35.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+23%</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">30.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">27.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+12%</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">9.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-2%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">7.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">9.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-16%</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">18.5</TD>
    <TD STYLE="color: #5F6062; text-align: center">13.2</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+40%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">17.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">12.8</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+34%</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">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-16%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-22%</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">0.8</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-25%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.9</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-6%</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">73.4</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">60.6</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">+21%</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">57.6</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">51.9</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">+11%</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>
    <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>
    <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">2.0</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-21%</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">1.7</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-15%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Gobernador Ayala<FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7.65pt; 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">0.9</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-23%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-68%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">Rinc&oacute;n de Aranda</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">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">na</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">na</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>4</SUP></FONT></TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">+13%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.1</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">Others</TD>
    <TD STYLE="padding-left: 15px; color: #5F6062; text-align: left">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.6</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-72%</TD>
    <TD STYLE="color: #5F6062; text-align: center">&nbsp;</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.5</TD>
    <TD STYLE="color: #5F6062; font-style: italic; text-align: center">-78%</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 oil 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">4.8</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">4.8</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">-1%</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">4.0</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; border-bottom: #5F6062 0.5pt solid; text-align: center">4.5</TD>
    <TD STYLE="border-top: #5F6062 0.5pt solid; font-weight: bold; font-style: italic; border-bottom: #5F6062 0.5pt solid; text-align: center">-11%</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>
    <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">78.2</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">65.4</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; text-align: center">+20%</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">61.6</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">56.4</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; font-style: italic; border-bottom: Black 1pt solid; text-align: center">+9%</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 33.75pt 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 &#8211; Puesto Quiroga block.
<B>3</B> On October 21, 2024, Pampa transferred its 22.51% stake in the concession at the Gobernador Ayala to Pluspetrol. <B>4</B> From
gas fields.</P>

<P STYLE="font: 7pt/105% Verdana, Helvetica, Sans-Serif; margin: 0 33.75pt 3pt 0; text-align: justify; color: #5F6062">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin-top: 0; 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>4.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 11pt"><B>Proven reserves (P1), by
block and hydrocarbon</B></FONT></TD></TR></TABLE>

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  <TR STYLE="vertical-align: middle; background-color: #1A458C">
    <TD STYLE="color: white; width: 32%">In million boe</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 17%">Oil</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 17%">Natural gas</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 17%">Total</TD>
    <TD STYLE="color: white; font-weight: bold; font-style: italic; text-align: center; width: 17%">Variation vs. 2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">El Mangrullo</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.1</TD>
    <TD STYLE="color: #5F6062; text-align: center">89.9</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">90.0</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">+9%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Sierra Chata</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">67.9</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">68.1</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">+40%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">R&iacute;o Neuquen</TD>
    <TD STYLE="color: #5F6062; text-align: center">3.0</TD>
    <TD STYLE="color: #5F6062; text-align: center">52.0</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">55.0</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-1%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Rinc&oacute;n de Aranda</TD>
    <TD STYLE="color: #5F6062; text-align: center">11.6</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.8</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">12.4</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">+572%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Ag&uuml;arag&uuml;e</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.8</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">2.0</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-5%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">El Tordillo</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.4</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.2</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">1.6</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-41%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Rinc&oacute;n del Mangrullo</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">1.4</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">1.4</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-36%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Los Blancos</TD>
    <TD STYLE="color: #5F6062; text-align: center">0.7</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">0.7</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-10%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: #5F6062; text-align: left">Gobernador Ayala</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; text-align: center">-</TD>
    <TD STYLE="color: #5F6062; font-weight: bold; font-style: italic; text-align: center">-100%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 15px; 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; 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 as of December 31, 2024</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">17.2</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">214.0</TD>
    <TD STYLE="border-top: Black 1pt solid; font-weight: bold; border-bottom: Black 1pt solid; text-align: center">231.2</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">+16%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 62.1pt 3pt 0; text-align: justify"><P STYLE="font: 10pt/105% Calibri, Helvetica, Sans-Serif; margin: 0 62.1pt 3pt 0; text-align: justify"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 7pt; color: #5F6062; line-height: 105%">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
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<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; color: white"><B>Term</B></FONT></TD>
    <TD STYLE="width: 79%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"><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: 9pt; color: #0081C6; line-height: 105%"><B>A</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>B</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Banco Central de la Rep&uacute;blica Argentina </I>or Argentina&#8217;s 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Bolsas y Mercados Argentinos </I>or 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: 9pt; color: #0081C6; line-height: 105%"><B>C</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico S.A.</I> or <BR>
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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">2027 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2027</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: 9pt; color: #5F6062; line-height: 105%">2031 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2031</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: 9pt; color: #5F6062; line-height: 105%">2034 CB</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Corporate Bonds maturing in 2034</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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>E</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador del Gas </I>or 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: 9pt; color: #5F6062; line-height: 105%">ENARSA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Energ&iacute;a Argentina S.A.</I></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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Ente Nacional Regulador de la Electricidad </I>or National Electricity 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: 9pt; color: #0081C6; line-height: 105%"><B>F</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">LNG</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Floating liquefaction of natural gas</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: 9pt; color: #5F6062; line-height: 105%">FS</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>G</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">PM, former GPNK</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Francisco Pascasio Moreno Gas Pipeline, formerly President Nestor Kirchner </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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>H</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0070C0; line-height: 105%"><B>I</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>K</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">b/kboe</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">Kbpd/kboepd</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Thousands of barrels per day/thousands of barrels of oil equivalent per day</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: 9pt; color: #0081C6; line-height: 105%"><B>M</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">MAT</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Business-to-business market</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><FONT STYLE="font-family: Verdana; font-size: 8pt"><B>Pampa Energ&iacute;a</B> &#9679; Earnings release Q4 24 &#9679; <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></TD></TR></TABLE></DIV>
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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 STYLE="background-color: #20396D">
    <TD STYLE="width: 21%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"><B>Term</B></FONT></TD>
    <TD STYLE="width: 79%; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; color: white"><B>Definition</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Mboe</FONT></TD>
    <TD STYLE="width: 79%; border-top: #F2F2F2 1pt solid; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">Mcmpd</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Million cubic meters per day</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: 9pt; color: #5F6062; line-height: 105%">MEM</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Wholesale electricity market</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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>N</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">OCP Ecuador</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Oleoducto de Crudos Pesados S.A.</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: 9pt; color: #0081C6; line-height: 105%"><B>P</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">Pampa Energ&iacute;a S.A.</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: 9pt; color: #5F6062; line-height: 105%">PEA</FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%"><I>Punto de Ingreso al Sistema de Transporte </I>or 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: 9pt; color: #5F6062; line-height: 105%">Plan Gas</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Argentine Natural Gas Production Promotion Plan &#8211; 2020 &#8211; 2024 Supply and Demand Scheme (Executive Order No. 892/20, 730/22 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>Q</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">3 24</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Third quarter of 2024</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: 9pt; color: #5F6062; line-height: 105%">Q4 24/Q4 23</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Fourth quarter of 2024/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: 9pt; color: #0081C6; line-height: 105%"><B>R</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">RIGI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>R&eacute;gimen de Incentivo para Grandes Inversiones</I> or Incentive Regime for Large Investments</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: 9pt; color: #5F6062; line-height: 105%">RQI</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Five-year 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: 9pt; color: #0081C6; line-height: 105%"><B>S</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">ACDE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%"><I>Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico</I></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: 9pt; color: #5F6062; line-height: 105%">SCEyM</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Secretariat of Energy and Mining Coordination</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: 9pt; color: #5F6062; line-height: 105%">SE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">SESA</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Southern Energy 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: 9pt; color: #5F6062; line-height: 105%">SSEE</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Undersecretariat of Electric Power</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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>T</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; 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: 9pt; color: #5F6062; line-height: 105%">Transba</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba 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: 9pt; 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: 9pt; 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: 9pt; color: #0081C6; line-height: 105%"><B>U</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">S$</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">U.S. Dollars</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">US$-link</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">A security in which the underlying is linked to a US$ wholesale exchange rate</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: 9pt; color: #5F6062; line-height: 105%">US$-MEP</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">A security in which the settlement uses US$ in the domestic market</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: 9pt; color: #0081C6; line-height: 105%"><B>V</B></FONT><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">MOS</FONT></TD>
    <TD STYLE="border-bottom: #5F6062 2.25pt solid; line-height: 105%"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; color: #5F6062; line-height: 105%">Vaca Muerta Oil Sur</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #2172AE; font: bold 10pt/105% Trebuchet MS, Times, Serif; margin: 12pt 0 0.25in; text-align: left">&nbsp;</P>

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    <!-- Field: /Page -->

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