<SEC-DOCUMENT>0001292814-25-000785.txt : 20250310
<SEC-HEADER>0001292814-25-000785.hdr.sgml : 20250310
<ACCEPTANCE-DATETIME>20250310161748
ACCESSION NUMBER:		0001292814-25-000785
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250310
DATE AS OF CHANGE:		20250310

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:		25723936

	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>pamfs4q24_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="word-spacing: 0px; background-color: white"><B>Exhibit
2: </B></FONT><A HREF="ex99-2.htm"> Management&rsquo;s Report on Internal Control Over Financial Reporting </A></P>


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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;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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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.8pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 122px; width: 426px"><B></B></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><B>AS OF DECEMBER 31, 2024 AND 2023</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><B>FOR THE YEARS ENDED DECEMBER 31,
2024, 2023 AND 2022</B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt">(In millions of U.S. dollar (&#8220;US$&#8221;))</P>


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<P STYLE="font: bold 10pt Georgia, Times, Serif; margin: 12pt 0 3pt">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: bold 10pt/120% Georgia, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center"><B>Report of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Pampa Energ&iacute;a Sociedad An&oacute;nima (Pampa Energ&iacute;a
S.A.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><I>Opinions on the Financial Statements and Internal Control over
Financial Reporting</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">We have audited the accompanying consolidated statement of financial
position of Pampa Energ&iacute;a Sociedad An&oacute;nima (Pampa Energ&iacute;a S.A.) and its subsidiaries (the &ldquo;Company&rdquo;)
as of December 31, 2024 and 2023, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows
for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the &ldquo;consolidated
financial statements&rdquo;). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based
on criteria established in <I>Internal Control - Integrated Framework</I> (2013) issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">In our opinion, the consolidated financial statements referred to
above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023<B>, </B>and the
results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with IFRS
Accounting Standards as issued by the International Accounting Standards Board. Also, in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in <I>Internal Control
- Integrated Framework</I> (2013) issued by the COSO.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><I>Basis for Opinions</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The Company's management is responsible for these consolidated financial
statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal
control over financial reporting, included in Management&rsquo;s Report on Internal Control over Financial Reporting appearing under Exhibit
99.2. Our responsibility is to express opinions on the Company&rsquo;s consolidated financial statements and on the Company's internal
control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements
are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was
maintained in all material respects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Our audits of the consolidated financial statements
included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances.
We believe that our audits provide a reasonable basis for our opinions.</P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 6pt 0 0">Price Waterhouse &amp; Co. S.R.L., Bouchard 557, 8<SUP>th</SUP> floor, C1106ABG
- Autonomous City of Buenos Aires, Argentina</P>

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0">T: +(54.11) 4850.0000, www.pwc.com/ar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><I>Definition and Limitations of Internal Control over Financial
Reporting</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">A company&rsquo;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial reporting
includes those policies and procedures that (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the company; (ii)&nbsp;provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition
of the company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B><I>Critical Audit Matters</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The critical audit matters communicated below are matters arising
from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit
committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved
our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,
providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font-size: 6pt; color: red"><SUP>&nbsp;</SUP></FONT><I>The
Impact of Proved Estimates of Oil and Gas Reserves on Oil and Gas Segment Property, Plant and Equipment and Allocated Goodwill.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">As described in Notes 7 and 11.2 to the consolidated financial statements,
as of December 31, 2024, the Company&rsquo;s consolidated net book value of property, plant and equipment balance of the oil and gas
segment was US$ 1.183 million, the goodwill balance allocated to the oil and gas segment was US$ 35 million, and depreciation expense
for the year ended December 31, 2024 was US$ 236 million. As described in Note 6.1.7 to the <FONT STYLE="color: #262626">consolidated
</FONT>financial statements, the Company&rsquo;s management estimates oil and gas reserves which are used in the determination of depreciation
of property, plant and equipment used in oil and gas areas, as well as assessing the recoverability of these assets and goodwill allocated
to the oil and gas segment. There are numerous uncertainties in estimating proved and unproved reserves, future production profiles,
development costs and prices, including several factors beyond the producer&rsquo;s control. Reserve engineering is a subjective process
of estimating underground accumulations involving a certain degree of uncertainty. Reserves estimates depend on the quality of the available
engineering and geological data as of the estimation date and on the interpretation and judgment thereof. The estimates of oil and gas
reserves have been developed by employed specialists, specifically petroleum engineers, and audited by independent specialists engaged
by the Company.</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The principal considerations for our determination that performing
procedures relating to the impact of estimates of proved oil and gas reserves on oil and gas segment property, plant and equipment and
allocated goodwill are a critical audit matter are the significant judgment by management, including the use of specialists, when developing
the estimates of oil and gas reserves, which in turn led to a high degree of auditor judgment and effort in performing procedures to evaluate
the significant assumptions used in developing those estimates, related to future production profiles, development costs and prices.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the <FONT STYLE="color: #262626">consolidated</FONT> financial statements.
These procedures included testing the effectiveness of controls relating to management&rsquo;s estimates of oil and gas reserves. These
procedures also included, among others, evaluating the methods and significant assumptions used by management in developing these estimates,
related to future production profiles, development costs and prices. The work of management&rsquo;s engaged specialist was used in performing
the procedures to evaluate the reasonableness of these estimates of proved oil and gas reserves. As a basis for using this work, the specialists&rsquo;
competence, capability and objectivity were understood, as well as their methods and assumptions. The procedures performed also included
tests of the data used by the Company&rsquo;s engaged specialists and an evaluation of their findings. Evaluating the significant assumptions
relating to the estimates of proved oil and gas reserves also involved obtaining evidence to support the reasonableness of the assumptions,
including whether the assumptions used were reasonable considering the past performance of the Company, and whether they were consistent
with evidence obtained in other areas of the audit. The procedures performed also included testing that the estimates of oil and gas reserves
were appropriately included in the Company&rsquo;s determination of depreciation expense, as well as in the impairment of non-financial
assets assessment of oil and gas segment.<BR>
<BR>
<FONT STYLE="font-size: 3.5pt; color: red"><SUP>&nbsp;</SUP></FONT><I>Impairment of Non-Financial Long-Lived Assets&nbsp;Related to the
Rinc&oacute;n del Mangrullo and el Tordillo / la Tapera cash generating units within the Oil and Gas Segment</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">As described in Note 7 to the consolidated financial statements,
as of December 31, 2024, the Company&rsquo;s consolidated property, plant and equipment balance of the oil and gas segment was US$&nbsp;1.183
million. According to Notes 4.8, 6.1.1. and 11.1.1, as of December 31, 2024, management has identified impairment indicators in the Rinc&oacute;n
del Mangrullo and el Tordillo / la Tapera cash generating units (CGUs). Management analyzes the recoverability of its non-financial long-lived
assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amount is the
higher of fair value less costs of disposal and value in use. Management used value in use to determine the recoverable amount. The value
in use is determined based on the present value of future net cash flows expected to be derived from the CGU, using discount rates that
considers the business segment and the country conditions where the operations are performed. <FONT >Management&rsquo;s
</FONT>assessment of the existence of impairment indicators and <FONT >cash flow projections included key
judgments and assumptions relating to reference prices for products, </FONT>production projections, costs <FONT >evolution,
</FONT>and <FONT >the discount rate.</FONT></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">The principal considerations for our determination that performing
procedures relating to the impairment of non-financial long-lived assets related to the Rinc&oacute;n del Mangrullo and el Tordillo /
la Tapera CGUs within the oil and gas segment is a critical audit matter are the significant judgment by management when evaluating the
existence of impairment indicators and when developing the recoverable value measurement of the non-financial long-lived assets. This
in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures to evaluate management&rsquo;s assessment
of impairment indicators and cash flow projections and key assumptions related to reference prices for products, production projections,
costs evolution, and the discount rate. In addition, the audit effort involved the use of professionals with specialized skill and knowledge
to assist us in performing these procedures and evaluating the audit evidence obtained.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Addressing the matter involved performing procedures and evaluating
audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing
the effectiveness of controls relating to management&rsquo;s impairment assessment, including controls over the valuation of the Company&rsquo;s
non-financial long-lived assets. These procedures also included, among others, evaluating the determination of the Company&rsquo;s CGUs,
as well as the allocation of the assets and liabilities thereto; evaluating the reasonableness of management&rsquo;s assessment over the
existence of impairment indicators; testing management&rsquo;s process for developing the value in use estimate; evaluating the appropriateness
of the discounted cash flow model, as well as the mathematical precision of the calculations; testing the completeness, accuracy, and
relevance of underlying data used in the model; and evaluating the key assumptions used by management related to reference prices for
products, production projections, costs evolution, and the discount rate. Evaluating management&rsquo;s assumptions involved evaluating
whether the assumptions used by management were reasonable considering (i) the current and past performance of the CGUs, (ii) the consistency
with external market and industry data, and (iii) whether these assumptions were consistent with evidence obtained in other areas of the
audit. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company&rsquo;s discounted cash
flow model and the discount rate. The procedures performed also included evaluating the sufficiency of the information disclosed in the
consolidated financial statements regarding the evaluation of the recoverable value of long-lived non-financial assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 40%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">/s/ PRICE WATERHOUSE &amp; CO. S.R.L.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center">/s/ Carlos Martin Barbafina (Partner)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Autonomous City of Buenos Aires, Argentina, March 5, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">We have served as the Company&rsquo;s auditor since 2006.</P>



<P STYLE="font: bold 10pt/120% Georgia, Times, Serif; margin: 0; text-align: left"></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-indent: -35.4pt"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: left"><U>GLOSSARY OF TERMS</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 12pt 0; text-align: justify">The following are not technical
definitions, but they are helpful for the reader&#8217;s understanding of some terms used in the notes to the Consolidated Financial Statements
of the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Terms</U></P></TD>
  <TD STYLE="width: 80%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Definitions&#9;</U></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ADR&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">American Depositary Receipt</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">AFIP&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Federal Administration of Public Revenue</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">BCBA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Buenos Aires Stock Exchange</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">BCRA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Argentina&#8217;s Central Bank</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">BNA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Banco de la Naci&oacute;n Argentina</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">BO&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Official Gazette</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CAMMESA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico
Mayorista S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Corporate Bonds</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Combined Cycle</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CENCH&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Hydrocarbons Unconventional Exploitations Concessions</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CGU&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Cash-Generating Unit</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CIESA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a
S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CISA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Comercializadora e Inversora S.A.</P></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Citelec&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n
El&eacute;ctrica Citelec S.A.</P></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CNV&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Securities Commission of Argentina</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">CNY&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Yuan R. China</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CPB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Piedra Buena thermal power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CPI&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Consumer's price index</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CSJN&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Argentina&#8217; Supreme Court of Justice</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTB</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CT Barrag&aacute;n S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTEB</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Ensenada Barrag&aacute;n thermal power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTG&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">G&uuml;emes thermal power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTGEBA</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&#9;Genelba thermal power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTIW&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Ingeniero White power plant</P></TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Terms&#9;</U>&nbsp;</P></TD>
  <TD STYLE="width: 80%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&#9;<U>Definitions&#9;</U></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTLL&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Loma La Lata thermal power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">CTPP&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Parque Pilar power plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EcuadorTLC/PB18&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Ecuador TLC S.A. (currently Pampa Bloque 18)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">EMESA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Empresa Mendocina de Energ&iacute;a S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ENARGAS&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Regulator of Gas</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ENARSA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Energ&iacute;a Argentina S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ENRE</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Regulatory Authority of Electricity</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">FTR</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Five-Year Tariff Review</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">GASA</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Generaci&oacute;n Argentina S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Greenwind</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Greenwind S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">GU300</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Large users with demand
greater than 300 kW</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pumped Hydroelectric Power Plant</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HI</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Hydropower plants</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HIDISA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Hidroel&eacute;ctrica
Diamante S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HINISA</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Hidroel&eacute;ctrica Los Nihuiles S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HPPL</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Hidroel&eacute;ctrica
Pichi Pic&uacute;n Leuf&uacute;</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">HR&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Renewable Hydroelectric</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">IAS&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International Accounting
Standards</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">IASB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International Accounting
Standards Board</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ICC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International Chamber
of Commerce</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">ICSID&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International International
Centre for Settlement of Investment Disputes</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">IFRIC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International Financial Reporting Interpretations Committee</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">IFRS</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">International Financial
Reporting Standards</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">IGJ&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Public Registry of
Organizations</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">INDEC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Institute
of Statistics and Censuses</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">KBBL/day&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Thousands of barrels
per day</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">LGS&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Argentine Business Organizations Law</P></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Terms&#9;</U>&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Definitions&#9;</U></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">LNG&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Liquefied Natural Gas</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">LPG&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Liquefied Petroleum Gas</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MAT &#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">WEM&#8217;s Forward Market</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MATER&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Renewable Energy Forward Market</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MBTU&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Million of BTU</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MEyM&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Ministry of Energy and Mining</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MLC &#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Foreign Exchange Market</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MVAr&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Reactive kilovolt-ampere</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MW&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Megawatt</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">MWh&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Megawatt - hour</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">NTC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Tax Court</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">NYSE&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">New York Stock Exchange</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">OCP&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Oleoductos de Crudos Pesados Ltd</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">OCPSA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Oleoductos de Crudos Pesados S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Oldelval&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Oleoductos del Valle S.A.</P></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PE Arauco</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Arauco Wind Farm</P></TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a Bolivia S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PECSA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a Chile S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEN&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">National Executive Branch</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEPE II&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a II Wind Farm</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEPE III&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a III Wind Farm</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEPE IV&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a IV Wind Farm</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PEPE VI&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a VI Wind Farm</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PISA&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Inversiones S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">PIST&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Transportation System Entry Point</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Refinor&#9;</P></TD>
  <TD STYLE="width: 80%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Refiner&iacute;a del Norte S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Terms&#9;</U>&#9;</P></TD>
  <TD STYLE="width: 80%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><U>Definitions&#9;</U></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">RIGI</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Incentive Regime for Large Investments</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">RTT&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Transitional Tariff Regime</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">SACDE&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Argentine Society of Construction and Strategic Development</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">SADI&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Argentine Interconnection System</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">SCEyM&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Energy and Mining Coordination Secretary</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">SE&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Secretary of Energy</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">SEC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Security and Exchange Commission</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">TG&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Gas Turbine</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">TGS&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Transportadora de Gas del Sur S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">TGU&#9;&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Transporte y Servicios de Gas en Uruguay S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company / Pampa&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pampa Energ&iacute;a S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">The Group&#9;&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Pampa Energ&iacute;a S.A. and its subsidiaries</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">TJSM&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n
S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">TMB&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Termoel&eacute;ctrica Manuel Belgrano S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Transba</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de &#9;Buenos Aires Transba
S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Transener&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a
El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">TV&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Vapor Turbine</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">US$ </P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">U.S. dollar</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">VAR</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Vientos de Arauco Renovables S.A.U.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">VAT&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Value Added Tax</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">VMOS&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">VMOS S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">WACC&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Weighted Average Cost of Capital</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">WEM&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">Wholesale Electrical Market</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">YPF&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0">YPF S.A.</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">$&#9;</P></TD>
  <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Argentine Pesos</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 14.15pt 0 0; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the years ended December
31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 9%">Note</TD>
    <TD STYLE="vertical-align: middle;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,876</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,732</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,829</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">9</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: middle; text-align: right">(1,279)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1,107)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1,139)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Gross profit</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&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: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">597</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">625</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">690</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.1</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(74)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(66)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(65)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.2</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(239)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(185)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(142)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Exploration expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.3</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(21)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(7)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.4</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">175</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">177</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">131</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.4</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(88)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(88)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(46)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(34)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(39)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(38)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(56)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share of profit/loss from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">5.3.2</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">146</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">105</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Profit from sale/acquisition of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">9</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Operating income&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&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: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">440</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">424</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">631</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.5</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(185)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(364)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(221)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.5</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">211</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">558</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">166</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Financial results, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&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: middle; text-align: right">58</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">199</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(50)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; ">Profit before income tax</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">498</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">623</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">581</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Income tax</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">10.6</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">121</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(318)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(124)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Profit of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&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: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">619</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">305</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; vertical-align: middle; text-align: right">457</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income (loss)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Items that will not be reclassified to profit or loss</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Results related to defined benefit plans</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">2</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Exchange differences on translation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">123</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(78)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">21</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Items that may be reclassified to profit or loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">138</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; ">(97)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; ">39</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Other comprehensive income (loss) of the year&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right">261</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right">(178)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: bottom; text-align: right">54</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Total comprehensive income of the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">880</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">127</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">511</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P>


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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the years ended December
31, 2024, 2023 and 2022 </B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 9%">Note</TD>
    <TD STYLE="vertical-align: middle;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 12%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: middle;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 12%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 12%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Total profit of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Owners of the company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">619</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">302</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">456</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Non-controlling interest</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">619</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">305</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">457</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Total comprehensive income of the year attributable to:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Owners of the Company</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="color: white; ">&nbsp;</TD>
    <TD STYLE="color: white; ">&nbsp;</TD>
    <TD STYLE="text-align: right">880</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">124</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">510</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Non-controlling interest</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">880</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">127</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">511</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Earnings per share attributable to equity holders of the Company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Total basic and diluted earning per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">13.2</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.46</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.22</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.33</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 28.35pt">The accompanying notes are an integral
part of these Consolidated Financial Statements.</P>


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<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENT OF FINANCIAL POSITION</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of December 31, 2024 and 2023</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 14.2pt"></P>




<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; width: 62%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center;  width: 8%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: center;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center;  width: 13%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">NON-CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,607</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,544</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Intangible assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Right-of-use assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">19.1.1</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">157</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Investments in associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.3.2</TD>
    <TD STYLE="color: white; text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">993</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">672</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,965</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,386</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&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: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Inventories</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.4</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">223</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">205</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.2</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">850</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">559</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Trade and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">488</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">296</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">738</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">171</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">2,380</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,336</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,345</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,722</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of December 31, 2024 and 2023</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 62%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 8%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">SHAREHOLDERS&acute; EQUITY</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">36</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share capital adjustment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">191</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">191</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share premium</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">516</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">516</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Treasury shares adjustment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Treasury shares cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Legal reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">45</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,657</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,433</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other reserves</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other comprehensive income (loss)&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Retained earnings&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">742</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">223</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Equity attributable to owners of the company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">3,286</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; ">2,404</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-controlling interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total equity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,295</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">2,413</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">137</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax and minimum notional income tax provision</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.6</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.3</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">297</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">12.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,373</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,224</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">12.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,748</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">1,788</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">257</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Tax liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.7</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">11.8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11.9</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">39</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">706</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">224</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Trade and other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.6</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">253</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">238</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,302</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">521</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total liabilities&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">3,050</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; ">2,309</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total liabilities and equity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">6,345</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; ">4,722</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The accompanying notes are an integral part of
these Consolidated Financial Statements.</P>

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


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<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the years ended December
31, 2024, 2023 and 2022 </B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 5%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserves</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Other comprehensive income (loss)&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Unappropiated retained earnings (losses)&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Equity attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Total equity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2021</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">36</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">191</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">516</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">61</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">659</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">48</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">295</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,785</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,791</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Voluntary reserve constitution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(16)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">311</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(295)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Treasury shares acquisition</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Profit of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">456</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">456</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">457</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other comprehensive income of the year</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2022</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">36</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">191</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">516</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(23)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">45</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">968</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">81</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">477</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,277</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,284</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Voluntary reserve constitution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">478</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(478)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Capital reduction</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Dividens ditribution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Profit of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">302</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">302</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">305</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Other comprehensive loss of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(100)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(78)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(178)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(178)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance as of December 31, 2023</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">36</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">191</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">516</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">45</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1,433</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(19)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">223</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,404</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,413</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the years ended December
31, 2024, 2023 and 2022 </B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Equity holders of the company</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Retained earnings</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share premium</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares adjustment</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury shares cost</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserves&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Other comprehensive (loss) income&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Unappropiated retained earnings (losses)&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Equity attributable to owners</TD>
    <TD STYLE="vertical-align: middle; text-align: right;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Non-controlling interest</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Total equity</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">36</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">191</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">516</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">45</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1,433</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(19)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">223</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2,404</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2,413</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Voluntary reserve constitution</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">224</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(223)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Stock compensation plans</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle">Profit of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">619</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">619</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">619</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other comprehensive income of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">138</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">123</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">261</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">261</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance as of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">191</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">516</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1,657</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">119</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">742</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">3,286</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">3,295</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>

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

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0">The accompanying notes are an integral part of these Consolidated Financial
Statements.</P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 7.1pt">&nbsp;</P>


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<P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENT OF CASH FLOWS</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the years ended December
31, 2024, 2023 and 2022 </B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(In millions of US$ &#8211; unless otherwise stated)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify;  width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 13%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 10%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 10%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 10%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Cash flows from operating activities:</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Profit of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">619</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">305</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">457</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">14.1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">152</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">406</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">302</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">14.2</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(336)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(136)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(140)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">Net cash generated by operating activities</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">435</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; ">575</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; ">619</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Cash flows from investing activities:</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Payment for property, plant and equipment acquisitions</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(447)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(758)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(416)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Payment for intangible assets acquisitions</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(31)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">(Payment for purchases) Collection for sales of public securities and shares acquisitions, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">130</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(102)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">(Suscription) Recovery of mutual funds, net</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">96</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment for companies&acute;acquisitions</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(48)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(111)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collection for equity interests in companies sales</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">39</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">72</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">44</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collection for joint ventures&acute; share repurchase</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Collections for property, plant and equipment sales</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collections for intangible assets sales</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">21</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Dividends collection</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collection for equity interests in areas sales</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Cash addition for purchase of subsidiary</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">71</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collection (Payment) of loans&nbsp;</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; ">Net cash used in investing activities</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(344)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(446)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(575)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; ">&nbsp;</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; ">Cash flows from financing activities:</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,174</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">424</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">308</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(236)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(191)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(143)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment of&nbsp;&nbsp;borrowings interests</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(145)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(280)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(162)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment for treasury shares acquisition</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(18)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Repurchase and redemption of corporate bonds</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">12.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(313)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(6)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(28)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Payments of leases</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Dividends payment</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; ">Net cash generated by (used in) financing activities</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">476</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">(57)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">(46)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; ">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">567</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">72</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">171</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">106</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Exchange difference generated by cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">567</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">72</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(2)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Cash and cash equivalents at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12.4</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">738</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">171</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">106</TD></TR>
  </TABLE>

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

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

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 1</U>: GENERAL INFORMATION</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">1.1
General information of the Company</P>




<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s principal executive
office is located in Maip&uacute; 1, Autonomous City of Buenos Aires in Argentina, which participates in the energy sector, mainly in
the production of oil and gas and power generation.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the oil and gas segment, the Company
develops an important activity in gas and oil exploration and production, reaching a production level of 12.5 million m3/day of natural
gas and 4.8 thousand boe/day of oil (including the production from the Gobernador Ayala area until its cession in October 2024) and maintaining
11 productive areas and 2 exploratory areas in Argentina as of December 31, 2024. Its main production blocks are located in the Provinces
of Neuqu&eacute;n and R&iacute;o Negro.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the generation segment, the Company,
directly and through its subsidiaries and joint ventures, has a 5,472 MW installed capacity as of December 31, 2024, which represents
approximately 13% of Argentina&#8217;s installed capacity, and being one of the largest independent generators in the country.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the petrochemicals segment, the Company
operates 2 high-complexity plants in Argentina producing styrene, synthetic rubber and polystyrene, with a share ranging between 93% and
100%, in the domestic market.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, through the holding, transportation
and others segment, the Company participates in the electricity transmission and gas transportation businesses. In the transmission business,
the Company jointly controls Citelec, which has a controlling interest in Transener, a company engaged in the operation and maintenance
of a 22,396 km high-voltage electricity transmission network in Argentina with an 86% share in the Argentine electricity transmission
market. In the gas transportation business, the Company jointly controls CIESA, which has a controlling interest in TGS, a company holding
a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west and south of Argentina, and which
is also engaged in the processing and sale of natural gas liquids through the Cerri Complex, located in Bah&iacute;a Blanca, in the Province
of Buenos Aires, in addition to shale gas transportation and conditioning at Vaca Muerta. Additionally, the segment includes advisory
services provided to related companies.</P>


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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 1</U>: </B>(Continuation)</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">1.2 Economic context</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company operates in an economic context
which main variables are experiencing volatility as a result of political and economic events both in the domestic and international spheres.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Argentine economy recorded a 2.1%
and 1.7% accumulated decrease in the Gross Domestic Product as of the third quarter of 2024 and 2023, respectively, a 117.8% and 211.4%
cumulative inflation considering the CPI and a 27.7% and 356.3% depreciation of the peso against the U.S.&nbsp;dollar, according to the
BNA exchange rate, for fiscal years 2024 and 2023, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The context of volatility and uncertainty
continues as of the date of issuance of these Consolidated Financial Statements. Although in 2024 the current Government promoted regulations
aimed at economic deregulation and state reform, it is not currently possible to foresee the associated regulations&#8217; evolution or
what new measures might be announced.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s Management permanently
monitors the evolution of the variables affecting its business to define its course of action and identify potential impacts on its assets
and financial position.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s financial statements
should be read in the light of these circumstances.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 2</U>: REGULATORY FRAMEWORK</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The main regulations applicable to the
Company&#8217;s activities are detailed below. It is worth highlighting that this is not an exhaustive list of all regulations the Company
is subject to.</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">2.1 Oil and gas</P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.1.1 <U>Argentine Hydrocarbons Law</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,007, enacted in 2014, amended
Hydrocarbons Law No. 17,319, enacted in 1967, establishing the general principles for the exploration, exploitation, industrialization,
transportation and commercialization of hydrocarbon resources in Argentina. The most relevant aspects are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It empowers the Federal Government or the Provinces to grant exploration permits and concessions to the
private sector.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It establishes the terms for exploration permits: (i) conventional: term of 2 periods of up to 3 years
each, plus 1 optional extension for up to 5 years; (ii) unconventional: term of 2 periods of 4 years each, plus 1&nbsp;optional extension
for up to 5 years; and (iii) on the continental shelf and in the territorial sea: term of 2&nbsp;periods of 3 years each with the possibility
of increasing by 1 year each.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It sets the terms for exploitation concessions, renewable for 10-year terms: (i) conventional: 25 years;
(ii)&nbsp;unconventional: 35 years; and (iii) on the continental shelf and in the territorial sea: 30&nbsp;years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It establishes that transportation concessions will be granted for the same term as the originating exploitation
concession.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It fixes exploration and exploitation fee values for each km2 or fraction to be paid annually and in advance,
and empowers the enforcement authority to set the payment of extension and exploitation bonds.</TD></TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It sets royalties of 12% (increasing up to a total maximum of 18% in the case of extensions) payable monthly
to the grantor on the production of liquid hydrocarbons extracted at the wellhead and on natural gas production.</TD></TR></TABLE>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><B><U>NOTE 2</U>: </B>(Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">It restricts the Federal Government and the Provinces from reserving new blocks in favor of public or
mixed companies or entities, irrespective of their legal form, in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, Law No. 27,742, enacted
in 2024, introduces additional amendments to Hydrocarbons Law No. 17,319 aiming to maximize income from the exploitation of resources,
especially the following: (i) setting of commercialization prices in the domestic market without the PEN&#8217;s intervention; (ii) free
international trade of hydrocarbons, in the absence of an objection by the SE; (iii) elimination of extensions to exploitation concessions;
(iv)&nbsp;incorporation of authorizations to be granted by the PEN or the Provinces for hydrocarbon processing, conditioning or separation
and natural gas liquefaction, not necessarily linked to an exploitation concession; (v) incorporation of standard tender specifications
for new awards with a base value of 15% of royalties; (vi) setting of new royalty values payable in each stage regarding the average oil
barrel price, annually adjustable based on the Brent price; and (vii)&nbsp;incorporation of authorizations to be granted by the PEN for
underground storage of natural gas in natural reservoirs of depleted hydrocarbons.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.1 CENCH in the Province of Neuqu&eacute;n
</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Ministry of Energy and Natural Resources
of the Province of Neuqu&eacute;n established certain parameters for granting CENCH in this province, instrumented through Resolutions
No. 53/20 and No. 142/21, and later ratified by Provincial Executive Order No. 2,183/21.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These resolutions provide: (i) the development
project&#8217;s parameters to apply for a CENCH, including a pilot plan of up to 5 years to demonstrate its technical and economic feasibility;
(ii) the incorporation of the payment of a block extension bond for the surface exceeding that covered by the approved pilot plan; and
(iii) the annual presentation of continuous development plans and investment commitments.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.1.2 <U>Gas Market</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.1.2.1 Argentine Natural Gas Production
Promotion Plan (&#8220;GasAr Plan&#8221;)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Executive Order No. 892/20 approved the
Argentine Natural Gas Production Promotion Program (&#8220;GasAr&nbsp;Plan&#8221;) to promote the development of the Argentine gas industry
based on a call for tenders mechanism.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 317/20 launched the
national public call for tenders under GasAr Plan 2020-2024 for the award of a 70 million m3 volume of natural gas per calendar year through
the execution of specific contracts between gas producers, distributors and CAMMESA. Furthermore, the Federal Government bears the monthly
payment of the difference between the price tendered and that resulting from the tariff schemes through a price complement to be paid
directly to producers.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to SE Resolution No. 391/20,
natural gas volumes were awarded under the GasAr Plan - Round 1 call for tenders, where the Company obtained a base volume of 4.9 million
m3/day at an average annual price of US$&nbsp;3.60 MBTU for a term of 4 years as from January 1, 2021.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Additionally, the Company was one of the
three producers that offered an additional volume during the winter period, with the award of 1 million m3/day for US$ 4.68 MBTU, an essential
volume to meet the Argentine demand&#8217;s high seasonality.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under SE Resolution No. 169/21, natural
gas volumes offered under the GasAr&nbsp;Plan - Round 2 call for tenders where awarded, and the Company was awarded a volume of 0.70 million
m3/day, 0.90 million m3/day and 1&nbsp;million m3/day for the months of June, July and August-September 2021, respectively, as well as
0.86&nbsp;million&nbsp;m3/day to meet the winter peak for years 2022 through 2024, for US$ 4.68 MBTU.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 984/21 called for GasAr
Plan - Round 3 for 2022 through 2024 inclusive, with injection starting in May 2022. The volumes were awarded by SE Resolution No. 1,091/21,
and the Company was awarded 2 million m3/day for US$ 3.347 MBTU.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, Executive Order No. 730/22
established the 2023&#8211;2028 Reinsurance and Enhancement Plan for Federal Hydrocarbon Production, Internal Self-Sufficiency, Exports,
Import Substitution, and Expansion of Transportation System for All Hydrocarbon Basins in the Country (the &#8220;Reinsurance Plan&#8221;)
and modified the GasAr Plan scheme approved by Executive Order No. 892/20.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Reinsurance Plan establishes a new
term for the regime until December 31, 2028, with the following main objectives: (i) consolidating a 70 MMm3/d flat block (volumes awarded
under GasAr Plan&#8217;s Round&nbsp;1 and&nbsp;3), excluding winter peaks; and (ii) developing the demand for incremental volumes that
may be evacuated with the new transportation capacity following the construction of the Francisco Pascasio Moreno Gas Pipeline (SE Resolution
No. 326/24), previously called N&eacute;stor Kirchner Gas Pipeline (TransportAr Program, SE&nbsp;Resolution No. 67/22).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 770/22, called for Tender
Rounds 4 and 5 for the Neuquina Basin, and del Golfo and Austral Basins, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under SE Resolution No. 860/22, the Company
was awarded with: (i) Round 4.1: the extension of the commitments under GasAr Plan - Rounds 1 and 3 until December 2028, maintaining the
original prices of US$&nbsp;3.6 MBTU and US$ 3.347 MBTU, respectively; and (ii) Round 4.2: 4.8 million m3/day of the demand associated
with flat gas for US$ 3.485 MBTU from July 1, 2023 until December 31, 2028.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In December 2024, Pampa entered into agreements
to extend the commitments under the contracts awarded in Rounds 1 and 3 of the Reinsurance Plan undertaken with CAMMESA and ENARSA, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The awards granted to the Company and
the executed contracts represented a production commitment of 15.7&nbsp;million m3/day for the winter periods and 13.8 million m3/day
for the summer periods 2023-2024, implying, compared to 2022, a 44% growth in winter production, the period with the largest gas supply
needs in the country. As from 2025, the commitment under the Reinsurance Plan remains at 13.8 million m3/day.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, gas volumes under GasAr Plan
- Round 5.2 were awarded pursuant to SE Resolution No. 799/23. The&nbsp;Company, jointly with all partners of the Aguarag&uuml;e Joint
Venture, was awarded 400,000 m3/d of incremental volume to be sold to ENARSA for US$ 9.8 MBTU between October 2023 and December 2026 and
US$ 6 MBTU between January 2027 and December 2028. The Company holds a 15% stake in this Joint&nbsp;Venture.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>2.1.2.2 Accession to GasAr Plan&#8217;s payment cancellation scheme</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On June 19, 2024, the Company opted into
the payment cancellation scheme established in Note NO-2024-54277417- APN-SE#MEC for the cancellation of compensations under the GasAr
Plan. Consequently, it accepted (i) the provisional payment for the periods due February and March 2024, in cash, and (ii)&nbsp;the provisional
payment for the periods due up to and including January 2024, and the adjusted payment for the periods due up to and including November
2023, through the delivery of government securities (BONO USD 2038 L.A.). The Company received cash for $ 2,884 million (US$ 3.1 million)
and Bonds for $ 4,534 million FV (US$ 4.8 million) and recorded a $ 1,763 million (US$ 1.9 million) impairment in the related receivables
considering the quoted market value of the instruments maturing in 2038 received under the described cancellation methodology.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.2.3 Natural gas for the residential
segment and CNG </I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolutions No. 41/24, No. 93/24, No.
191/24, No. 232/24 and No. 284/24, SCEyM Resolution No. 18/24 and SE Resolutions No. 386/24 and No. 602/24 established the PIST price
to be passed on to end users pursuant to the agreements entered into under the GasAr Plan for gas consumptions made as from the months
of April, June and August through December 2024, respectively, and on the effective date of the tariff schemes published by ENARGAS.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that the PIST
value updates increase the amount collectable by the Company directly from distributors, decreasing the price compensation payable by
the Federal Government under the GasAr Plan.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.2.4 Acquisition of Natural Gas
for Generation</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The power plant&#8217;s fuel supply is
centralized in CAMMESA (except for generators with contracts under Energy Plus and under SE Resolution No. 287/17). Likewise, most gas
supplies to CAMMESA are made under the GasAr Plan.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Complementarily, CAMMESA launched biweekly
calls to GasAr Plan&#8217;s awardees that may offer surplus volumes, with a maximum price equivalent to that awarded in GasAr Plan&#8217;s
first round.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During 2024, an average of 286 million
m3/day at US$ 3.4 MBTU (168 million m3/day corresponding to the Neuquina Basin) were awarded in tenders for GasAr Plan&#8217;s awardees,
and 87 million m3/day at US$&nbsp;2.4&nbsp;MBTU (37 million m3/day of which correspond to the Neuquina Basin) under complementary calls.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.2.5 Natural Gas and Liquefied Natural
Gas Exports </I></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Current regulations establish a procedure
to authorize natural gas exports delimiting four export zones: the Neuquina Basin and the Austral Basin, with summer quotas, and the Noroeste
Basin and other zones, with no quota definition.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The distribution of firm summer quotas
among producers is made considering (i) the share of the producer&#8217;s volume in the basin&#8217;s total volume, and (ii) the highest
discount in the weighted-average price discount per volume against the basin&#8217;s incremental volume.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">For the summer periods (January - April and
October - December), an export quota of 9 million m3/d for the Neuquina Basin and 2 million m3/d for the Austral Basin was assigned, with
a minimum price equal to the simple average of the Brent crude quotations for the first fifteen days of the month prior to delivery, multiplied
by 7% and 5.5% for the 2024 and 2025 summer periods, respectively. The Company was assigned a volume of 606,529&nbsp;m3/d and 977,963
m3/d for the 2024 and 2025 summer periods, respectively.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, the SE established the export
quotas for the winter period (May - September) for a total of 5.9&nbsp;m3/d and 7 million m3/d for the 2024 and 2025 winter periods, respectively.
In line with its participation in the GasAr Plan, the Company was assigned a volume of 610,989 m3/d and 694,236 m3/d for the 2024 and
2025 winter periods, respectively.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that, as of the
date of issuance of these Consolidated Financial Statements, there is an 8% tax on natural gas exports.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>(ii) Liquefied Natural Gas (LNG)</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,742 (amending Law No. 24,076),
establishes a special LNG export regime for entities producing, processing, refining, commercializing, storing and/or fractionating hydrocarbons
and/or their derivatives, subject to non-objection by the SE within 120 business days.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The granted LNG export authorizations
will be final regarding the LNG volumes authorized for a term of up to 30 years from the commissioning of the liquefaction plant (on land
or floating) or its expansions.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.3.1 Crude oil price </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, there is no reference
price for the sale of crude oil in the domestic market. However, considering pump prices for fuels, local refining companies have historically
validated prices below the export parity. As with natural gas exports, there is an 8% export duty on crude oil.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">2.2
Generation</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Generation units are remunerated under:
i) sales contracts with large users within the MAT (SE Resolutions No. 1,281/06 and No. 281/17); ii) supply agreements with CAMMESA (SE
Resolutions No. 220/07, No. 21/16, No. 287/17 and Renovar Programs) and iii) sales to the spot market pursuant to WEM&#8217;s regulations
(SE Resolution No. 387/24 in force in force at the end of the year and complementary resolutions). The Company&#8217;s generating units,
held directly and through its subsidiaries and joint ventures, are detailed below:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">In operation as of 12.31.2024:</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-size: 11pt; font-weight: bold; width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 22%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 23%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 30%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border: Black 0.5pt solid; text-align: center">Generator</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Generating unit</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Tecnology</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Power</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt">Applicable regime <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; ">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">GUEMTG01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&nbsp;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV11</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV12</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&le;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GUEMTV13</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&gt;100 MW&nbsp;</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Piquirenda</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PIQIDI 01-10</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">30 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV29</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CPB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLATV30</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&gt;100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Ing. White</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BBLMD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG01/TG02/TG03/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 59/23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG04</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Res. No. 220/07 (75%)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLATG05</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&nbsp;105 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTLL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LDLMDI01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">15 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG01/TG02/TV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">&gt;150 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 59/23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TG</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">169 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTGEBA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">GEBATG03/TG04/TV02</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">CC</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">400 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 287/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Ecoenerg&iacute;a</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">CERITV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">14 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Energy Plus Res. No. 1,281/06</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CT Parque Pilar</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PILBD01-06</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">MCI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">100 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 21/16&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">EBARTG01 - TG02</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TG</TD>
    <TD STYLE="vertical-align: middle; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">&gt;50 MW</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 59/23</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">CTB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">EBARTV01</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">TV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">279 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Resolution No. 220/07</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AGUA DEL TORO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HI &ndash; Media&nbsp; 120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">EL TIGRE</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HR</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renewable&nbsp;&nbsp;&le; 50</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HIDISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">LOS REYUNOS</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HB</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HB &ndash; Media &nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HINISA</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">NIHUIL I - II - III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Small &nbsp;50&lt;P&le;120</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">HPPL</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PPLEHI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">HI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">HI &ndash; Media &nbsp;120&lt;P&le;300</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Resolution No. 387/24</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE II</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PAMEEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE III</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">BAHIEO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">53 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE IV</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PEP3EO - PE32EO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">81 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PE Arauco (PEPE V)</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">AR21EO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">99.75 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">Renovar</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">PEPE VI</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">PEP6EO</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt; ">Wind</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">139.5 MW</TD>
    <TD STYLE="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt">MATER Res. No. 281/17</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">Surplus
power capacity and energy are remunerated in the spot market.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.2 <U>Sales contracts with large users
within the MAT </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.2.1 Energy Plus</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 1,281/06 set a specific
regime for new generation installed by certain agents, authorizing the execution of Energy Plus contracts in the MAT at a price to be
negotiated with the GU300 above the base demand (electricity consumption for the year 2005).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under this regime, the Company &#8212;through
its power plants CTG, EcoEnerg&iacute;a and CTGEBA, sells its energy and power capacity for a maximum amount of 283 MW with Energy Plus
contracts mostly denominated in U.S. dollars, or adjusted by CAMMESA&#8217;s price variation instead.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, the Company has power availability
agreements in force with other Energy Plus generators whereby, in case of unavailability, it purchases or sells power to support the respective
agreements.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that SE Resolution
No. 21/25 introduces modifications limiting the validity of the Energy Plus regime (see Note 23).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.2.2 Renewable Energy Term Market
(&#8220;MATER&#8221; Regime)</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 281/17 regulated the
regime for large users and WEM distribution agents&#8217; large demands (comprised within Section 9 of Law No. 27,191) to meet the obligation
to supply their demand from renewable sources through individual purchases within the MATER, upon conditions to be agreed between the
parties.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under this provision, the Company, through
its PEPE II, III and IV wind farms, sells energy for up to 187 MW, and in 2024 it added power capacity for 140&nbsp;MW through PEPE VI
(with 31 wind turbines commissioned between July and November 2024); furthermore, sales started for third-party generators&#8217; renewable
energy for an approximate volume of 1.14 MW. Surplus energy is sold in the spot market.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.3 <U>Supply Agreements with CAMMESA</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.3.1 SE Resolution No. 220/07 </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 220/07, authorized CAMMESA
to enter into long-term agreements with WEM generating agents for the energy produced with new equipment and prices that remunerate the
investments made by the agent at a rate of return to be accepted by the SE.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Within the framework of this resolution,
the Company has units remunerated under agreements for 79 MW and 280 MW, through CTLL thermal power plant and CTEB&acute;s closed cycle,
owned by CTB, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.3.2 SE Resolution No. 21/16</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 21/16 called for parties
interested in offering new thermal power generation capacity with the commitment to making it available through the WEM for the 2016/2017
summer, 2017 winter, and 2017/2018 summer periods.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">For the awarded projects, wholesale power
purchase agreements were entered into with CAMMESA for a term of 10 years, with a remuneration made up of the available power capacity
price plus the variable non-fuel cost for the delivered energy and the fuel cost (if appropriate), less penalties and fuel surpluses.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to this resolution, the Company,
through its CTLL, CTIW and CTPP power plants, has effective agreements with CAMMESA for the sale of energy and power capacity for a total
305&nbsp;MW. Surplus power capacity is sold in the spot market.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.3.3 SE Resolution No. 287/17 </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 287/17 launched the
call for tenders for low specific consumption, cogeneration and CC closing projects on existing equipment, provided the new capacity does
not increase electricity transmission needs or includes the necessary expansions at the tenderer&#8217;s cost.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to this regulation, the Company,
through its CTGEBA thermal power plant, has entered into a wholesale power purchase agreement with CAMMESA for the sale of energy and
power capacity for a total 400 MW, for a term of 15 years.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.3.4 Renovar Programs</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In order to meet the objectives, set by
Law No. 26,190 and Law No. 27,191 promoting the use of renewable sources of energy, the MEyM called for open rounds for the hiring of
electric power from renewable sources (Renovar Programs). For the awarded projects, renewable electric power supply agreements were executed
for the sale of an annual committed electric power block for a term of 20 years.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under the Renovar programs, the Company,
has a supply contract in place with CAMMESA for a total of 100 MW for the PE Arauco.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.2.4 <U>Remuneration at the spot market</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Spot generation is remunerated with tariffs
in pesos that are updated through the issuance of different resolutions. For fiscal year 2024, SE Resolutions No. 9/24, No. 99/24, No.
193/24, No. 233/24 and No. 285/24, SCEyM&nbsp;Resolution No. 20/24 and SE Resolution No. 387/24 provided for 73.9%, 25%, 3%, 5%, 2.7%,
6% and 5% increases as from the February, June and August through December 2024 economic transactions, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, SE Resolutions No. 603/24
and No. 27/25 provided for 4% increases as from the January and February 2025 economic transactions, respectively. Likewise, the maximum
spot price in the WEM was updated to $ 12,469/MWh as from February 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The applicable remuneration based on technology
as of December 31, 2024 under SE Resolution No. 387/24 is detailed below.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><I>2.2.4.1 Remuneration for Available Power Capacity </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.4.1.1 Thermal Power Generators</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">A minimum remuneration for power capacity
based on technology and scale was established, and generating, co-generating and self-generating agents owning conventional thermal power
plants were allowed to offer guaranteed availability commitments for the energy and power capacity generated by their units and not committed
under sales contracts with large users within the MAT or supply agreements with CAMMESA.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Availability commitments are tendered
for quarterly periods: a) summer (December through February); b) winter (June through August) and c) &#8216;other,&#8217; (March through
May, and September through November), the thermal generators&#8217; remuneration for committed power capacity being proportional to their
compliance.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The minimum remuneration for generators
with no availability commitments includes the following scales and prices:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Technology / Scale</TD>
    <TD STYLE="width: 39%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">($ / MW-month)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Large CC Capacity &gt; 150 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">1,659,023</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Large TV Capacity &gt; 100 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">2,366,144</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Small TV Capacity <FONT STYLE="font-family: SimSun">&#8804;</FONT> 100 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">2,828,486</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Large GT Capacity &gt; 50 MW</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">1,930,992</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The remuneration for guaranteed power
capacity to generators with availability commitments is:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 61%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Period</TD>
    <TD STYLE="width: 39%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">($ / MW-month)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Summer &#8211; Winter</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">5,933,881</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Fall - Spring</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">4,450,412</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.4.1.2 Hydroelectric Generators</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Power capacity availability is determined
independently of the reservoir level, the contributions made, or the expenses incurred. In the case of pumping hydroelectric power plants,
the operation as turbine and pump is considered to calculate availability.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The base remuneration includes the following
scales and prices:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 73%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Technology / Scale</TD>
    <TD STYLE="width: 27%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">($ / MW-month)</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Medium HI Capacity &gt; 120 &#8804; 300 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">2,175,761</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Small HI Capacity &gt; 50 &#8804; 120 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">2,991,666</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">Medium Pumped HI Capacity &gt; 120 &#8804; 300 MW</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">2,175,761</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt">Renewable HI Capacity &#8804; 50 MW</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">4,895,454</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The payment for power capacity is determined
by the actual capacity, hours of unavailability due to programmed and/or agreed maintenance are not computed for the calculation of the
remuneration. However, to consider the incidence of such programmed maintenance works, a factor of 1.05 is applied over the power capacity
payment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the case of hydroelectric power plants
maintaining control structures on river courses and not having an associated power plant, a 1.20 factor is applied to the plant at the
headwaters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>2.2.4.2 Remuneration for generated and operated energy </I></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Remuneration</TD>
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Thermal</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Power Plants</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">($ / MWh)</P></TD>
    <TD STYLE="vertical-align: top; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pumped Hydropower Plants</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">($ / MWh)</P></TD>
    <TD STYLE="vertical-align: top; width: 21%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Non-conventional Source</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">($ / MWh)</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Generated energy</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Between 3,960 and 6,929</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">3,462</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">27,691</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">Operated energy</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">1,378</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">1,378</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">-</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the case of thermal generators, the
remuneration for generated energy depends on the type of fuel. Furthermore, it is worth highlighting that if the dispatched unit operates
outside its optimal dispatch, the remuneration for generated energy is recognized at 60% of the installed net capacity, irrespective of
the energy delivered by the unit.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The remuneration for operated energy corresponds
with the grid&#8217;s optimal dispatch; however, the current resolution does not indicate the consequence if this is not the case. Likewise,
in the case of pumped hydropower plants, both the generated energy and that used for pumping are considered. Additionally, if it operates
as a synchronous condenser, $986/MVAr is recognized in addition to the price for the energy operated.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Energy generated from non-conventional
energy sources (including wind energy) has a remuneration equivalent to the integration of the hours of the month at a price of $ 29,951/MWh.
This remuneration is reduced to 50% in the case of energy generated prior to the commercial commissioning by the Agency in Charge of Dispatch.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.4.3 Additional remuneration</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As from November 2022, a differentiated
remuneration scheme was established for energy generated during peak hours, applicable to thermal and hydroelectric generators, with a
value equivalent to twice the value of the current price of energy generated during peak hours (6:00 p.m. to 11:00 p.m.) every day of
the months of December, January, February, June, July and August, and one time such value for the same hours of the months of March, April,
May, September, October and November.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.4.4 Remuneration for CC</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 59/23 established a
regime allowing for the execution of availability and efficiency improvement agreements with CAMMESA for the adhered CC owners.</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The agreements imply an availability commitment
of 85% of the net power for a maximum term of 5 years, a US$ 2,000/MW-month remuneration for the power capacity made available, and the
dollarization of the energy price based on the fuel used (US$ 3.5/MWh in the case of natural gas and US$ 6.1/MWh in the case of fuel oil
and gas oil). Additionally, for generators with availability commitments in the spot market, it implies a 35% and 15% reduction in the
remuneration to be received for the guaranteed power capacity for the summer-winter and autumn-spring periods, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company executed agreements with CAMMESA
for its CTLL and GTGEBA power plants&#8217; CC. Additionally, CTB executed an agreement with CAMMESA for its open cycle&#8217;s GT units.
The mentioned agreements are effective from March 1, 2023 to February 29, 2028.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.4.5 Additional, complementary and
exceptional remuneration for thermal generation</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Regarding power generation, SE Resolution
No. 294/24 incorporated a scheme recognizing an additional, complementary and exceptional remuneration to promote thermal generation plants&#8217;
availability in critical months and hours, effective from December 2024 to March 2026. This additional remuneration may be extended by
the SE&#8217;s Under-secretariat of Electric Power for an additional 12-month period subject to the presentation of a maintenance program
for each generation unit.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The remuneration scheme implies (i) a
US$&nbsp;2,000/MW-month remuneration for power capacity, adjusted by a criticality factor that considers the node where the generation
unit is located, and by the unit&#8217;s actual availability in the most critical hours, and a 50% of such remuneration for the power
capacity exceeding the committed one; and (ii) a remuneration for the energy generated in the most critical days and hours, also adjusted
by the criticality factor, ranging from US$&nbsp;3.4/MWh to US$ 10.5/MWh depending on the fuel and the generation technology used.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On its part, CAMMESA must implement an
exceptional dispatch procedure allowing for the strategic use of the power generation units to reduce the risks of supply restrictions
during peak consumption periods, including the possibility of reserving the dispatch of the remaining operating hours of units nearing
the end of their useful life to leverage their use during the SADI&#8217;s peak demand times.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under this regulation, the Company adhered
to the call and formalized availability agreements for the energy of its thermal power plants CPB, CTG, Piquirenda, CTLL, CTGEBA and Ecoenerg&iacute;a
not committed under other regimes.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.2.4.6 Suspension of contracts within
the MAT</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2024, the suspension of contracts
within the MAT (excluding those derived from a differential remuneration scheme) remained in effect.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequently, SE Resolution No. 21/25 introduced
regulatory amendments (see Note 23).</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.5 <U>Fuel supply for thermal power
plants </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to Ministry of Productive Development&#8217;s
Resolution No. 12/19, the supply of fuels for power generation is centralized in CAMMESA (except for generators under the Energy Plus
scheme or with contracts under SE&nbsp;Resolution No. 287/17).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Likewise, as a result of GasAr Plan&#8217;s
implementation (see Note 2.1.2.1), SE Resolution No. 354/20 established a new dispatch order for generation units based on the fuel supplied
for their operation according to a centralized dispatch scheme, and established that the electricity demand should bear, among others,
the regulated transportation costs, the cost of natural gas and the corresponding take-or-pay obligations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On its part, generating agents that maintained
the possibility of contracting their fuel supply (i.e., agents under the Energy Plus program or with contracts under SE Resolution No.
287/17) could opt into CAMMESA&#8217;s unified dispatch through the operational assignment of the contracted gas and firm transportation
volumes and the waiver to file claims regarding the application of SE Resolution No. 354/20, which impacts on the assigned priority&nbsp;order.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the specific case of generators with
wholesale power purchase agreements under SE Resolution No. 287/17, it was provided that they would have the option of canceling the self-supply
obligation and the resulting recognition of its associated costs, having to maintain the respective transportation capacity for its management
in the centralized dispatch.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company assigned the firm transportation
and gas volumes committed to supplying Genelba Plus&#8217; CC and Energy Plus contracts, setting certain guidelines for calculating fuel
costs to support its Energy Plus contracts. In the case of the supply to Genelba Plus&#8217; CC, the assignment will remain effective
during the life of the GasAr Plan, and it may be revoked by the generator with a minimum advance notice of 30 business days. Within this
framework, the parties agreed to enter into an addendum to the wholesale power purchase agreement to establish the modifications regarding
this new supply scheme, which execution is pending as of the issuance of these Consolidated Financial Statements.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that SE Resolution
No. 21/25 abrogates the above-mentioned dispatch scheme (see Note&nbsp;23).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.6 <U>Payment agreement with CAMMESA
</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On May 27, 2024, an agreement was entered
into with CAMMESA instrumenting the exceptional, transitional and unique payment system established in SE Resolution No. 58/24 for the
balance of WEM&#8217;s unpaid economic transactions. Thus, the December 2023 and January 2024 transactions were canceled through the delivery
of government securities (BONO USD 2038 L.A.); whereas the February 2024 transaction was paid in cash with funds available in CAMMESA
and transfers made by the Federal Government. In all cases, payments were made without recognizing interest. The Company received Bonds
for $&nbsp;73,776 million FV (US$ 82.6 million) and $ 51,473 million in cash (US$ 57.8 million), and recorded a $ 46,485 million (US$&nbsp;53.5&nbsp;million)
impairment in CAMMESA&#8217;s receivables considering the received instrument&#8217;s market value and the non-recognition of interest
under the described cancellation methodology.</P>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">2.3
Gas Transportation</P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.3.1 <U>TGS&#8217;s Tariff situation
</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">PEN Executive Order No. 55/23 dated December
16, 2023 declared the emergency of the national energy sector until December 31, 2024, date which was postponed until July 9, 2025 under
PEN Executive Order No. 1,023/24 dated November 19, 2024. Among other issues, it: (i) launches the Five-Year Tariff Review (&#8220;FTR&#8221;)
process, (ii) establishes ENARGAS&#8217; intervention as from January 1, 2024, and (iii) instructs the SE to issue the necessary rules
and procedures to pass market prices for the natural gas transmission utility. PEN Executive Order No. 1,023/24 provides that tariff schemes
resulting from the tariff review launched under PEN Executive Order 55/23 must not exceed July 9, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 26, 2024, TGS entered into the
2024 transitional agreement (&#8220;RTT24&#8221;) with ENARGAS, which established a transitional 675% update in natural gas transportation
tariffs. This tariff increase entered into effect on April 3, 2024, following the publication of ENARGAS Resolution No. 112/24 in the
BO. Under this Resolution, as from May 2024 and until the FTR process&#8217; completion, tariffs would be adjusted monthly by a transitional
update index.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, on May 9, June 5 and July 1, 2024, ENARGAS
informed the licensees of the natural gas transportation and distribution utility of the postponement of the above-mentioned monthly tariff
adjustment for the months of May, June and July 2024, maintaining tariff schemes in force as from April 3, 2024. Furthermore, ENARGAS
communicated the replacement of the tariff update index based on the expected inflation to be estimated by the Ministry of Economy.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequently, effective as from August 1, September
2, October 1, November 4, December 4, 2024, January 1 and February 1, 2025, ENARGAS published new transitional tariff charts with 4%,
1%, 2.7%, 3.5%, 3%, 2.5% and 1.5% increases, respectively, over the current tariffs.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is worth highlighting that the operation of
gas pipelines by TGS requires a high level of investments related to the service&#8217;s quality, safety and reliability. This is why
it is important to determine the tariff for the public natural gas transportation service on the basis of an economic, prudent and efficient
operation, allowing for deriving sufficient income to provide a sustainable, safe and reliable service.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Within the framework of the FTR process,
on February 6, 2025 a public hearing was held to consider, among other issues, the FTR and the periodic update methodology for gas transportation
and distribution tariffs. TGS presented, among others, its costs and investment plan for the five-year period 2025-2030, the capital base,
a proposed WACC of 9.98% real after taxes, requested a tariff increase of 22.7% with respect to the rates in force as of January 2025,
and presented alternative tariff adjustment methodologies (IPIM or formula). On the other side, the ENARGAS proposed the application of
a 7.18% real after taxes WACC and a periodic tariff adjustment (50% CPI and 50% IPIM).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the resolution providing for the FTR&#8217;s conclusion, granting the corresponding tariff update and providing
the framework for the development of the natural gas transportation activity over the 2025-2030 five-year period has not been issued.</P>

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


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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.3.2 <U>License extension request</U></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 8, 2023, TGS submitted a
request to ENARGAS to initiate a license term extension proceeding, for the provision of the gas transportation service contemplating
all the scopes of the license approved by Executive Order No. 2,458/92, as of the expiration that will operate on December 28, 2027.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 13, 2024, ENARGAS issued a technical
and legal report indicating that TGS has amply complied with its obligations under the License. This report allows the ENARGAS comptroller,
after the non-binding public hearing held on October 21, 2024, to issue its recommendation report to be submitted to the PEN, which in
turn could issue the executive order granting the License&#8217;s 20-year extension&nbsp;within 120 working days.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the PEN executive order granting the extension is pending issuance, which is expected to be issued during the first
half of 2025, after giving intervention to the different public bodies.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2.3.3 <U>Regulatory framework of the segment
of Production and Commercialization of Liquids</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.3.3.1 Domestic market</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The production and commercialization of
liquids segment is not subject to regulation by ENARGAS. However, over recent years, the Argentine Government enacted regulations which
significantly impacted it.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">LPG domestic sales prices are impacted
by the provisions of Law No. 26,020 &quot;Regime of the industry and commercialization of liquefied petroleum gas&quot; and the Argentine
Government through the public office in charge, that set forth LPG minimum volumes to be sold in the local market in order to guarantee
domestic supply. In this context, TGS sells the production of propane and butane to fractionators at prices determined semiannually.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Decree No. 470/15, regulated by SE Resolution
No. 49/15, created the &#8220;Household Plan&#8221; and sets a maximum reference price for the members of the commercialization chain
in order to guarantee the supply to low-income residential users, by committing the LPG producers to supply at a fixed price with a quota
assigned to each producer.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">TGS has filed various administrative and
judicial claims challenging the general regulations of the program, as well as the administrative acts that determine the volumes of butane
that must be sold in the domestic market, in order to safeguard its economic-financial situation and thus, preventing that this situation
does not extend over time.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">As from January 24, 2025, SE Resolution No. 15/25
eliminates the maximum sales price set for the products provided under the Household Plan (being the export parity price published by
the SE under Law No. 26,020 the limit sale price). Moreover, although this resolution maintains LPG producers&#8217; obligation to supply
the domestic market, it eliminates the previously effective product supply contributions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, TGS is a party of the Propane
Gas Supply Agreement for Induced Propane Gas Distribution Networks (&quot;Propane for Networks Agreement&quot;) entered into with the
Argentine Government and propane producers by which it undertakes to supply propane to induced propane gas distributors and sub- distributors
through at a price lower than the market price. In compensation, TGS receives an economic compensation calculated as the difference between
the sale price and the export parity determined by the SE.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Argentine
Government owes TGS $ 10,881 million under these items.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.3.3.2 Foreign market</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The rate applicable to the export duties
for certain gas and oil derivatives, including the products produced and exported by TGS, is 8%.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During 2024, TGS participated in the Export
Increase Program (see Note 2.6.4).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">2.4
Transmission</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.4.1 <U>Transener and Transba tariff
situation </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">PEN Executive Order No. 55/23, dated December
16, 2023, declared the emergency in the national energy sector until December 31, 2024, date extended until July 9, 2025 by PEN Decree
No. 1,023/24 of November 19, 2024. Among other issues, it is established (i) the launching of the tariff review process in accordance
Article 43 of Law No. 24,065 for public electricity distribution and transmission companies under federal jurisdiction and (ii) that the
entry into force of the resulting tariff schedules could not exceed July 9, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Through ENRE Resolutions No. 104/24 and
No.105/24, hourly remuneration values effective as from February 19, 2024 (date of publication in the BO) were established, which represented
an increase of 179.7% and 191.1% compared to the values in force since November 2023 for Transener S.A. and Transba S.A., respectively.
Furthermore, the tariff update formula to be applied monthly as from May 2024 was determined.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">However, by instruction of the Ministry
of Economy, on May 9, June 11 and July 2, 2024, the ENRE informed Transener S.A. and Transba S.A. of the suspension of the tariff update
planned for the months of May, June and July 2024, and modified the update mechanism with a formula based on the inflation projected for
the July-December 2024 semester. These measures were emphatically rejected by both companies due to the great impact on the income necessary
to render the service, the uncertainty on the methodology and the lack of definition on the source of the involved indexes, and they requested
the ENRE to take all the necessary measures to restore income.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, effective as from August
1, September 1, October 1, November 1, December 1, 2024, and January 1 and February 1, 2025, the ENRE determined hourly remuneration values,
establishing 6%, 6%, 2.7%, 6%, 5%, 4% and 4% increases over effective values for Transener S.A. and Transba S.A.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Moreover, on April 15, 2024, ENRE Resolution
No. 223/24 approved the &#8220;Program for the tariff review of electric power transmission in 2024&#8221;, which set the criteria and
methodology for the five-year tariff review process to be taken into consideration by transmission companies when submitting their tariff
proposal applicable as from January 1, 2025. In this sense, the information on the capital base, historical costs, property, plant and
equipment, status of easements and existing facilities was submitted to the ENRE in due time and form before May 17, 2024, whereas the
projected information on costs, investments and required annual remuneration was sent to the ENRE on September 16, 2024.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On August 21, 2024, ENRE Resolution No.
554/24 set the high-voltage and main electricity distribution utility concessionaires&#8217; return rate for the 2025-2029 period at 10.14%
after taxes.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 3, 2024, ENRE Resolution No.
706/24 launched the procedure for determining the remuneration of independent transmission companies, to be applied as of January 1, 2025,
including Transener S.A., as operator of the Fourth Line and the Choele Choel - Pto. Madryn Interconnection, and Transba S.A., for the
Transportista Independiente de Buenos Aires (TIBA)&#8217;s facilities.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">Subsequently, ENRE Resolutions No. 5/25 and No. 7/25 dated
January 7, 2025 modified the schedule, contemplating the submission of the required annual remuneration before January 20, 2025 and the
entry into effect of the resulting tariff schemes by April 1, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Besides, on January 10, 2025, ENRE Resolution
No. 28/25 modified the high-voltage and main electricity distribution utility concessionaires&#8217; return rate defined by ENRE Resolution
No. 554/24 to 6.10% after taxes. Transener S.A. and Transba S.A. will file the corresponding appeal for reconsideration since the reasonable
profitability requirement mandated by Law No. 24,065 is not complied with. In this sense, and according to the modified tariff review
schedule, on January 20, 2025, Transener S.A. and Transba S.A. ratified their required tariffs, considering a 10.14% profitability rate.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, on January 21 and 28, 2025, ENRE
Resolutions No. 74/25 and No. 80/25 called for a Public Hearing on the tariff proposals submitted by Transmission Companies and Independent
Transmission Companies, to be held on February 25 and 26, 2025, respectively.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">2.5
Regulations on access to the MLC</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In 2020, BCRA introduced measures with
the purpose of regulating inflows and outflows in the MLC to maintain the exchange rate stability and protect international reserves in
view of the high degree of uncertainty and volatility in the exchange rate, including restrictions associated with transactions with stock
market assets by companies and the disposal of liquid foreign assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">All foreign currency demand transactions
in the MLC require BCRA&#8217;s prior authorization, with certain exceptions, such as: (i) in case of an affidavit stating that all foreign
currency holdings in the country are deposited in local financial entities and that there are no liquid foreign assets available for an
amount greater than US$ 100,000; (ii) in case of deferred payment of certain imports of goods with customs entry registration; (iii)&nbsp;in
case of payment of services rendered by non-residents; (iv) in case of an affidavit stating that, on the date of access to the MLC and
in the previous 90 days, certain sale, exchange or securities transfer transactions were not entered into, with the commitment not to
enter into such transactions during the 90 days following the request for access to the MLC.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, the BCRA imposes, in certain
circumstances, the obligation to enter and settle funds received abroad within 20 business days from collection or receipt.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">It is worth highlighting that the detailed
information does not list all possibly applicable exchange regulations; for more information on Argentina&#8217;s exchange rate policies,
please visit the Central Bank&#8217;s website: www.bcra.gov.ar.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">2.6
Tax regulations</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.6.1 <U>Income tax</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.6.1.1 Income tax rate</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,630, effective in Argentina
for fiscal years beginning on or after January 1, 2021, established a tiered rate scheme of 25%, 30% and 35% and, if applicable, a flat
tax depending on the level of annual net taxable income.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The income tax rates used at year-end
in Argentina, Ecuador, Bolivia, Uruguay and Chile are 35%, 25%, 25%, 25% and 27%, respectively. A 3% surcharge on income tax will be added
in Ecuador when the shareholder is an entity incorporated in a jurisdiction considered a tax haven under Ecuadorian law.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In Uruguay, effective January 1, 2023,
the Income Tax on Economic Activities (IRAE) includes as Uruguayan-source income certain passive income obtained by entities making up
multinational groups and considered non-qualified.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.6.1.2 Tax on dividends</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,430 and modifications introduced
by Law No. 27,541 and Law No. 27,630, established a 7% tax on dividends derived from earnings accrued during fiscal years beginning as
from January 1, 2018, which be distributed by Argentine companies to individuals, undivided estates or beneficiaries residing abroad.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Dividends resulting from benefits gained
until the fiscal year prior to that beginning on January 1, 2018, in Argentina, will remain subject to the 35% withholding on the amount
exceeding the untaxed distributable retained earnings (equalization tax&#8217; transition period) for all beneficiaries.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In Bolivia, payments of Bolivian-source
income made to foreign beneficiaries are subject to a 12.5% withholding tax on the profits of the foreign beneficiary companies.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In Ecuador, effective January 1, 2020,
dividends distributed to foreign shareholders are subject to a 10% withholding tax.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In Chile, dividend payments to non-residents
are subject to a 35% withholding tax.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In Uruguay, dividends distributed by IRAE
taxpayers are taxed &#8212;until the concurrence of the net income taxed by IRAE&#8212;, at a general 7% rate, while the amount of a company&#8217;s
taxable income that remains undistributed after 3 fiscal years is treated as a deemed distribution and is subject to the 7% dividend tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><I>2.6.1.3 </I>Tax inflation adjustment</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,430 sets out the following
rules for the application of the income tax inflation adjustment mechanism:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(i)</TD><TD STYLE="text-align: justify">a cost adjustment for goods acquired or investments made during fiscal years beginning after January 1,
2018 taking into consideration the percentage variations in the CPI published by the INDEC; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD STYLE="text-align: justify">the application of the adjustment provided for by Title VI of the Income Tax Law when variations in the
above-mentioned index exceed 100% over the 36 months preceding the closing of the fiscal period to be settled.</TD></TR></TABLE>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Law No. 27,541 provided that, as regards
the positive or negative fiscal inflation adjustment determined as a result of the application of the adjustment provided for by Title
VI of the Income Tax Law corresponding to the first and second fiscal year starting as from January 1, 2019, one-sixth should be charged
in that fiscal period and the remaining five sixths, in equal parts, in the five immediately following fiscal periods.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On December 1, 2022, Law No. 27,701 was
published in the BO, which established that taxpayers determining a positive inflation adjustment in the first and second fiscal year
starting from January 1, 2022 (inclusive) may allocate one-third in that fiscal period and the remaining two-thirds, in equal parts, in
the two immediately following fiscal periods. This computation only applies to subjects making investments in the purchase, construction,
manufacture, production or final import of property, plant and equipment, except automobiles, during each of the two fiscal periods immediately
following that in which the computation of the first third of the period in question exceeds or equals $ 30,000 million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of issuance of these Consolidated Financial
Statements, this provision has not yet been regulated.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company and its subsidiaries determine
and disclose the impact of the tax inflation adjustment for each of the fiscal periods in which it is applicable.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.6.2 <U>Value-added tax</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">A procedure is established for the reimbursement
of tax credits originated in investments in property, plant and equipment which, after 6 months as from their assessment, have not been
absorbed by tax debits generated by the activity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.6.3 <U>Tax for an Inclusive and Caring
Argentina (Impuesto Para una Argentina Inclusiva y Solidaria, &#8220;PAIS&#8221;) for import and foreign service procurement transactions</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; ">PEN Executive
Order No. 377/23, dated July 24, 2023, extended the application of the PAIS tax to the acquisition of services abroad and import transactions
for certain goods, exempting the following goods associated with the energy sector under SE Resolutions No. 671/23, 714/23, 824/23 and
955/23: (i) liquid fuels, natural gas and electricity;; (ii) goods destined for the construction and commissioning of the Perito Francisco
Pascasio Moreno Gas Pipeline, the Northern gas pipeline reversal project and works making up the Gas Pipelines System Program; (iii) goods
destined for power generation works with or without foreign financing for the payment of imports; (iv) goods for works and maintenance
of renewable energy generation projects, including PEPE II through IV wind farms, PE Arauco and PEPE VI; and (v) maintenance and construction
works at thermal and hydroelectric power plants, including the Company&#8217;s assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; ">For non-exempted
goods and services, AFIP Resolution No. 5,393/23, dated July 25, 2023, provided for an advance payment offsetable against the PAIS tax
equivalent to 95% of the total final tax payable for certain goods and merchandise. This advance payment had to be paid by the importer
when declaring the import&#8217;s intended use. The PAIS tax&#8217;s remaining 5% balance had to be paid when accessing the MLC to make
the payment abroad, with the intervening bank acting as collection and settlement agent.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The application of the PAIS tax on the
acquisition of services abroad and non-exempted import operations ceased to be in force as of December 23, 2024.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">2.6.4 <U>Export Increase Program</U></P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consequently, a certain minimum percentage of
the value of exports in foreign currency had to be entered and settled in the MLC, and the remaining percentage could be settled in pesos
through the purchase of marketable securities for exports settled during the periods established by the regulations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Finally, PEN Executive Order No. 28/23 established,
as from December 13, 2023, the entry and settlement of at least 80% of the value of foreign currency exports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">2.6.5 <U>Other regimes</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Law No. 27,742 created the RIGI, which grants
tax, customs and exchange benefits for projects involving investments in long-term assets according to a determined amount per productive
sector (from US$ 200 to US$&nbsp;600 million) or if the investments qualify as a long-term strategic export project (US$ 2 billion) aiming
to encourage major domestic and foreign investments, promote the competitiveness of economic sectors, generate predictability and certainty
conditions, increase goods and services exports, advance job creation and further the development of local production chains.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Additionally, Law No. 27,743, &#8220;Palliative
and Relevant Tax Measures Act&#8221;, enacted on July 8, 2024, establishes an Exceptional Tax, Customs and Social Security Obligations
Regularization Regime for obligations due as of March 31, 2024, establishing the reduction of compensatory interest depending on the time
and form of adhesion, the total remission of fines and the discharge of criminal penalties that may apply to such obligations. It is worth
highlighting that, during the third quarter of 2024, the Company paid $&nbsp;901 million, including items under discussion with tax authorities,
within the framework of the above-mentioned regularization regime.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These Consolidated Financial Statements
have been prepared in accordance with IFRS&acute; Accounting Standards issued by IASB, are expressed in million dollars and were approved
for their issuance by the Board of Directors on March 5, 2025. Significant accounting policies adopted in the preparation of these Consolidated
Financial Statements are described in Note 4, which have been consistently applied.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This consolidated financial information
has been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through profit or
loss.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These accounting policies have been applied
consistently by all Group companies. Additionally, certain non-significant reclassifications have been made to financial statements presented
with comparative purposes to keep the consistency in the presentation with the amounts of the current year.</P>


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

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 4</U>: ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The main accounting policies used in the
preparation of these Consolidated Financial Statements are explained below.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to CNV General Resolution No.
972/23, the early application of IFRS&acute; Accounting Standards and/or their amendments is not allowed, unless specifically allowed
at the time of adoption.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company has
not opted for the early application of IFRS&acute; Accounting Standards and/or its amendments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.1
New accounting standards, amendments and interpretations issued by the IASB effective as of December 31, 2024 and adopted by the Company</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The Company has applied the following standards and/or amendments
for the first time as of January 1, 2024:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.1pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">IAS 1 - &#8220;Presentation of financial statements&#8221; (amended in January 2020 and October 2022)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.1pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">IFRS 16 - &#8220;Leases&#8221; (amended in September 2022)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.1pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">IAS 7 - &#8220;Statement of Cash Flows&#8221; and IFRS 7 - &#8220;Financial Instruments - Disclosures&#8221;
(amended in May 2023)</TD></TR></TABLE>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The application of the detailed standards
and amendments did not have any impact on the results of the operations or the financial position of the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.2
New standards, amendments and interpretations issued by the IASB not yet effective and which have not been early adopted by the Company</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company has
not early applied the following standards and/or amendments:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IAS&nbsp;21 - &#8220;Effects of Changes in Foreign Exchange Rates&#8221;: amended in August 2023. It incorporates the accounting
treatment in case of lack of currency exchangeability, establishing the guidelines for estimating the exchange rate to reflect the rate
at which each transaction would take place at the measurement date under the prevailing economic conditions. The amendments apply to fiscal
years starting on or after January 1, 2025, allowing for early adoption. The Company estimates that its application will not impact the
results of operations or the Company&#8217;s financial position; however, it continues to monitor the exchange rate environment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IFRS 18 - &#8220;Presentation and Disclosures in Financial Statements&#8221;: issued in April 2024. It establishes new presentation
and disclosure requirements aiming to ensure that financial statements provide relevant information faithfully representing an entity&#8217;s
situation. The standard does not affect the recognition or measurement of financial statement items; however, it introduces new requirements
for improved comparability among entities. Specifically, the following are worth mentioning: (i) the classification of revenues and expenses
into operating, investing and financing categories; (ii) the incorporation of required subtotals; and (iii) the disclosure of performance
measures defined by management. The standard is applicable retroactively to fiscal years and interim periods beginning on or after January
1, 2027, allowing for early adoption. The Company is currently analyzing the disclosure impact in the financial statements in relation
to the application of the standard.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IFRS 19 - &#8220;Subsidiaries without Public Accountability: Disclosures&#8221;: issued in April 2024. It allows for reduced disclosures
for entities without public accountability which are subsidiaries of an entity that prepares consolidated financial statements available
for public use and comply with IFRS accounting standards. The standard is applicable for periods beginning on or after January 1, 2027,
allowing for early adoption. The application of the standard will not have an impact on the Company&#8217;s results of operations or financial
position.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IFRS 9 and IFRS 7 - &#8220;Financial Instruments and Disclosures&#8221;: in May 2024, the application guidance for IFRS 9 is modified
and disclosure requirements are incorporated into IFRS 7. In particular, it incorporates the option to consider the derecognition of a
financial liability before its settlement in case of issuance of electronic payment instructions meeting certain requirements, and incorporates
disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income and instruments
at amortized cost or fair value through other comprehensive income. The amendments apply to fiscal years beginning on or after January
1, 2026, allowing for early adoption. The application of the standard will not have an impact on the Company&#8217;s results of operations
or financial position.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IMPROVEMENTS TO IFRS - Volume 11: in July 2024, minor amendments are incorporated into IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS
7. The amendments are applicable to fiscal years beginning on or after January 1, 2026, allowing for early adoption. The application of
the amendments will not have an impact on the Company&#8217;s operating results or financial position.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;
</FONT> IFRS 9 and IFRS 7 &#8220;Financial Instruments and Disclosures&#8221;: in December 2024, IFRS 9 is amended and disclosure requirements
are incorporated into IFRS 7 concerning nature-dependent electricity purchase agreements. In particular, it allows for exemption from
registration at fair value for entities that are net buyers of electricity during the contracts; and makes designation as a hedging instrument
more flexible for contracts not meeting the requirements for the above-mentioned exemption. The amendments are applicable to fiscal years
beginning on or after Friday, January 1, 2027, allowing for early adoption. The application of the standard will not have an impact on
the Company&#8217;s results of operations or financial position.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.3
Effects of changes in foreign exchange rates</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.3.1 <U>Functional and presentation currency</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The information included in these Consolidated
Financial Statements is recorded and presented in U.S. dollars, which is the Company&#8217;s functional currency, that is, the currency
of the primary economic environment where the entity operates.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.3.2 <U>Foreign-currency transactions
and balances</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Foreign currency transactions are translated
into the functional currency at the exchange rates prevailing on each transaction date or valuation date, when items are remeasured. Foreign
exchange gains and losses arising on the settlement of monetary items and on translating monetary items at the closing of the fiscal year
using year-end exchange rate are recognised within the financial results in the statement of comprehensive income, with the exception
of capitalized amounts.</P>

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.3.3 <U>Group entities&#8217; translation
into functional currency</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The results and financial position of
subsidiaries, joint ventures and associates whose functional currency is the Argentine Peso, a currency of a hyperinflationary economy,
are translated into the Company&#8217;s functional currency using the year-end exchange rate. The results generated by the application
of the IAS 29 adjustment mechanism for hyperinflationary economies on the opening equity measured in functional currency are recognized
under &#8220;Other comprehensive income&#8221;.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.3.4 <U>Presentation of Other comprehensive
income within the Company&#8217;s equity</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company classifies and directly accumulates
within equity, in the retained earnings line, the results generated by the application of the IAS 29 adjustment mechanism on the opening
retained earnings, while the remaining results are presented in a separate component of equity and accumulated until the disposal of the
foreign operation in &#8220;Other comprehensive income&#8221;, in accordance with IAS 21.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.4
Consolidation and participation in companies</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">4.4.1 <U>Subsidiaries</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred
to the Group and ceases consolidation of entities from the date that control ceases.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The acquisition method of accounting is
used to account for business combinations by the Group. Thus, identifiable assets acquired and liabilities and contingent liabilities
assumed are recognized at their fair value at the acquisition date and the non-controlling interest at the proportional interest in the
amounts of the identifiable net assets. The excess consideration transferred over the above-mentioned fair value is recognized as goodwill
under Intangible Assets and the shortfall as gain on purchase in profit or loss for the period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If the business combination is completed
in stages, the carrying amount of the previous interest in the acquiree is measured at fair value at the acquisition date. Any gain or
loss arising from such measurement is recognized in profit or loss.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Intercompany transactions, balances and
unrealized gains and losses on transactions between Group entities are eliminated. Accounting policies of subsidiaries have been changed
when necessary to ensure consistency with the policies adopted by the Group.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-controlling interests in the results
and equity of subsidiaries are shown separately in the Consolidated Statement of Comprehensive Income and Consolidated Statement of Changes
in Equity respectively. The Company concluded that there are no significant minority shareholdings that require additional disclosures.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: justify">4.4.2 <U>Joint operations</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes its direct right
to the assets, liabilities, incomes and expenses of joint operations and its share of any jointly held or incurred assets, liabilities,
incomes and expenses.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.4.3 <U>Associates and joint businesses
</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Interests in associates and joint ventures
are accounted for using the equity method, after initial recognition at cost. Under this method, investments are adjusted for post-acquisition
changes to recognize the Group&#8217;s share of the profit or loss for the period and other comprehensive income of each investee.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">At the time of acquisition, any difference
between the cost of the investment and the Company&#8217;s share of the net fair value of the identifiable assets and liabilities in an
associate or joint business is recorded as follows: (i)&nbsp;goodwill is included in the carrying amount of the investee and is not amortized;
and (ii) any excess of the net fair value over cost is recorded as income for the determination of the Company&#8217;s share in the investee&#8217;s&nbsp;results.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unrealized gains and losses on transactions
between the Group and its associates and joint businesses are eliminated to the extent of the Group&#8217;s interest in these entities.
Accounting policies of investees have been modified where necessary to ensure consistency with the accounting policies adopted by the
Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The carrying amount of investments is reviewed
for impairment following the policy described in Note 4.8.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.5
Segment reporting</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Operating segments are reported in a manner
consistent with the internal reporting provided to the Executive committee.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Executive Committee, is the highest
decision-making authority, is the body responsible for allocating resources and setting the performance of the entity&#8217;s operating
segments and has been identified as the body executing the Company&#8217;s strategic decisions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In segmentation the Company considers
transactions with third parties and intercompany operations, which are done on internal transfer pricing based on market prices for each
product.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.6
Property, plant and equipment</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Property, Plant and Equipment is measured
following the cost model. It is recognised at acquisition cost less depreciation a less any accumulated impairment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequent costs are included in the asset&#8217;s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with
the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for
as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting
period in which they are incurred.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Works in progress are valued according
to their degree of progress. The cost of work in progress whose construction will extend over time includes, if applicable, the computation
of financial costs accrued on loans granted by third parties and other pre-production costs. Revenues and costs arising from the sale
of elements obtained during the start-up process are charged to the profit and loss of the period.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Assets&#8217; residual values and useful
lives are reviewed, and adjusted if appropriate, at the end of each year. An asset&#8217;s carrying amount is written down immediately
to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. (see Note 4.8).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Any gain or loss generated by the disposal
of an asset is charged or credited to income for the period in which the asset is derecognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.6.1
<U>Oil and gas exploration assets</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company uses the successful efforts
method to account for operations related to oil and gas exploration and production activities. Under this method, the following are capitalized:
i) the costs of acquiring properties in oil and gas production and exploration areas; ii) the costs of drilling and equipping exploratory
wells that result in the discovery of economically exploitable reserves; iii) the costs of drilling and equipping development wells and;
iv) the estimated future costs of abandonment and plugging of wells.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Exploration costs, excluding the costs
of exploratory wells, are charged to income during the period in which they are incurred. The exploratory wells&#8217; drilling costs
are capitalized until it is determined whether there are proven reserves justifying their commercial development. If no such reserves
are found, the drilling costs are charged to income. Occasionally, an exploratory well may determine the existence of reserves, but such
reserves may not be classified as proved when drilling is completed, in which case, such costs continue to be capitalized to the extent
that the well encounters sufficient reserves to justify its completion as a producing well and the company makes sufficient progress in
the economic and operational evaluation of the project&#8217;s viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.6.2
<U>Depreciation methods and useful lives</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The group depreciates productive wells,
machinery and camps in the oil and gas production areas according to the units of production method, by applying the ratio of oil and
gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with proved reserves is depreciated
by applying the ratio of oil and gas produced to estimated proved oil and gas reserves. Acquisition costs related to properties with unproved
reserves is valued at cost with recoverability periodically assessed on the basis of geological and engineering estimates of possible
and probable reserves that are expected to be proved over the life of each concession.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Machinery and generation equipment (including
any significant identifiable component) are depreciated under the unit of production method.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The group&acute;s remaining items of property,
plant and equipment (including any significant identifiable component) are depreciated by the straight-line method based on estimated
useful lives, as detailed below:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 45pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 50%"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 45pt; text-align: left">Buildings: &#9;</P></TD>
  <TD STYLE="text-align: left; width: 50%"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 45pt; text-align: left">50 years</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">Vehicles: &#9;</P></TD>
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">3 - 5 years</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">Furniture, fittings and communication
equipment:</P></TD>
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">5 years</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">Computer equipment and software: &#9;</P></TD>
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">3
years</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">Tools: &#9;&#9;</P></TD>
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">10 years</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">Equipment and machinery: &#9;</P></TD>
  <TD STYLE="text-align: left"><P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: left">10 - 30
years</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The depreciation method is reviewed and,
if appropriate, adjusted at the end of each year.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.6.3
<U>Asset retirement obligations and wind turbines decommissioning</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Estimated future costs of asset retirement
obligations on well abandonment in oil and gas areas and wind turbines decommissioning, discounted at a risk adjusted rate, are capitalized
in the cost of the assets and depreciated using the units of production method. Additionally, a liability at the estimated value of the
discounted amounts payable is recognised. Changes in the measurement of asset retirement obligations that result from changes in the estimated
timing, amount of the outflow of resources required to settle the obligation, or the discount rate, are added to, or deducted from, the
cost of the related asset. If a decrease in the liability exceeds the carrying amount of the asset, the excess is recognised immediately
in profit or loss.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.7
Intangible assets</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.7.1
<U>Goodwill</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Goodwill is the result of business combinations
(See Note 4.4.1) and do not depreciate.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">For impairment testing, goodwill acquired
in a business combination is allocated from the acquisition date to each of the CGU or group of CGU that are expected to benefit from
the synergies of the combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.7.2
<U>Concession arrangements</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponding to the Diamante and Nihuiles
hydroelectric concessions, they are recorded at cost less amortization and any accumulated impairment losses. Amortization is calculated
by the straight-line method according to the useful life, which corresponds to the term of each concession agreement.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.7.3
<U>Identified intangible assets in acquired investments</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponds to intangible assets identified
in the moment of the acquisition of companies that meet the criteria established for capitalization less depreciation and less any accumulated
impairment. They are amortized by the straight-line method according to the useful life of each asset.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.7.4
<U>Digital Assets</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company accounts for digital assets
(cryptocurrencies) as intangible assets with indefinite useful life, they are recognised at acquisition cost less any accumulated impairment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>4.8 Impairment of non-financial long-lived
assets</B></P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Intangible assets that have an indefinite
useful life and goodwill are not subject to amortization and are tested annually for impairment, or more frequently if events or changes
in circumstances indicate that they might be impaired.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The remaining non-financial long-lived
assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset&#8217;s fair value less costs of disposal and value in use. For the purpose of assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash
inflows from other assets or groups of assets (CGU).</P>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-financial long-lived assets, other
than goodwill, that have been impaired are reviewed for possible reversal of the impairment at the end of each reporting period.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.9
Leases</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In leases where the Company acts as a
Lessor (Note 19.1), a right-of-use asset and a lease liability are recognized on the date on which the leased asset is available for use
by the Company.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The lease liability at inception corresponds
to the value of the unpaid lease payments discounted using the Company&#8217;s incremental borrowing rate. The finance cost is charged
to income over the term of the lease to produce a constant periodic interest rate on the remaining liability balance for each period.
The lease liability is included within &#8220;Trade and other payables&#8221;.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The right-of-use asset is measured at
cost, which comprises the amount of the initial measurement of the lease liability considering advances net of incentives received, initial
direct costs and estimated expenditures to dismantle or restore the underlying asset, if applicable. Right-of-use assets are depreciated
using the straight-line method over the asset&#8217;s useful life or, if shorter, during the term of the lease.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes short-term lease
payments (up to 12 months) and leases in which the underlying asset is a low-value asset (IT equipment and office supplies) as an expense
using the straight-line method over the term of the lease.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Leases in which the Company, as a lessor,
has transferred all risks and rewards incidental to ownership are classified as financial leases (Note 19.2.1). Financial leases are recognized
at the beginning of the lease at the fair value of the leased property or, if lower, the present value of the minimum lease payments to
be received. The corresponding lease rights, net of financial charges, are included in &#8220;Trade and other receivables&#8221;. Financial
income is recognized as a profit over the term of the lease to produce a constant periodic interest rate on the remaining liability balance
for each period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Leases in which the Company, as a lessor,
has retained a significant portion of the risks and rewards of ownership are classified as operating leases. Revenues from associated
leases are recognized in income on a straight-line basis over the term of the lease (Note 19.2.2). The respective leased assets are included
in the Consolidated Statement of Financial Position in view of their nature.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.10
Financial instruments</P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">Based on the entity&#8217;s business model for managing the
financial assets and the contractual cash flow characteristics, the Group classifies its financial assets in the following categories:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify"><U>Financial assets that are subsequently measured at fair value through profit or loss</U><I>: </I>they
are initially recognized at fair value, transaction costs incurred are expensed and changes in fair value are recognized in &#8220;Financial
results&#8221; in the statement of comprehensive income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify"><U>Financial assets that are subsequently measured at amortized cost</U>: they are initially recognized
at fair value plus costs directly attributable to the acquisition of instruments, and are subsequently measured at amortized cost using
the effective interest rate method less any impairment loss.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Conventional purchases and sales of financial
assets are recorded on the settlement date.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company subsequently measures all
investments in equity instruments at fair value through profit or loss. Dividends from these investments are recognized in the income
statement.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The company reclassifies financial assets
when and only when it changes its business model for managing those financial assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial assets are derecognized when
contractual rights to the cash flows from the assets have expired or been transferred, and the Company has substantially transferred all
risks and rewards of asset ownership.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial liabilities are initially recognized
at fair value less transaction costs incurred and are subsequently measured at amortized cost using the effective interest rate method.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If a debt contract is amended or swapped,
the Company records the cancellation of the original liability, and recognizes a new financial liability if the new conditions are substantially
different from the original ones. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">General and specific borrowing costs that
are directly attributable to the acquisition, construction or assembly of an asset that necessarily requires a substantial or prolonged
period to prepare for its intended use are capitalized during that period. The returns from the temporary investment of funds from specific
borrowings pending disbursement in eligible assets are deducted from the borrowing costs for capitalization.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Any other borrowing costs are recorded
in the income statement for the period in which they are incurred under &#8220;Financial results&#8221; in the statement of comprehensive
income.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial liabilities are derecognized
in the event of extinction, that is, when the obligation has been paid, canceled or has expired.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial assets and liabilities are offset
when there is a legally enforceable right to offset the recognized amounts, and there is an intention to pay on a net basis, or to realize
the asset and settle the liability simultaneously.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.10.1
<U>Impairment of financial assets</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company assesses the expected credit
losses related to its financial instruments at amortized cost.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company applies the simplified approach
allowed by IFRS 9 to measure expected credit losses for trade receivables and other receivables with similar risk characteristics. For
this purpose, receivables are grouped by business segment and based on shared credit risk characteristics and expected credit losses are
determined based on rates calculated for different ranges of default days from the due date.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The expected loss rates are based on the
sales collection profiles over a period of 24 months before the end of each year, considering historical credit losses experienced within
this period that are adjusted, if applicable, to reflect forward-looking information that could affect the ability of customers to settle
the receivables.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">When applicable, provisions for impairment
on tax credits have been recognised based on estimates on their uncollectibility within their statutory limitation period, taking into
consideration the Company&#8217;s current business plans.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.10.2
<U>Derivative financial instruments and hedging accounts</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Derivative financial instruments are recorded
at their fair value, determined on the basis of the cash value to be collected or payable required to settle the instrument at the measurement
date, net of advances collected or paid. The accounting for subsequent changes in fair value depends on whether the derivative is designated
as a hedging instrument and, if so, the nature of the item being hedged. The Company has not formally designated financial instruments
as hedging instruments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.11
Inventories</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This line item includes crude oil stock,
raw materials, work in progress and finished products relating to Petrochemicals, Oil and Gas and Generation.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Inventories are stated at the lower of
cost or net realizable value. Cost is determined using the weighted average price method and includes expenditure incurred in purchases
and production and other necessary costs to bring them to their existing location and condition. In case of manufactured products and
production in process, the cost includes a portion of indirect production costs, excluding any idle capacity (slack). The net realizable
value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs
to make the sale.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has classified materials and
spare parts into current and non-current, depending on the timing in which they are expected to be used for replacement or improvement
on existing assets. The portion of materials and spare parts for maintenance or improvements on existing assets, is exposed under the
heading &#8220;Property, plant and equipment&#8221;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.12
Non-current assets (or disposal group) held for sale and discontinued operations</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-current assets are classified as held
for sale if it is considered highly probable that their amount will be recovered through a sale transaction. They are measured at the
lower of their carrying amount and fair value less costs to sell, except deferred tax assets, assets arising from employee benefits, financial
assets and investment property that are carried at fair value and contractual rights from insurance contracts, which are specifically
exempt from this requirement.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-current assets are not depreciated
while they are classified as held for sale but interest and other expenses attributable to the liabilities of a disposal group classified
as held for sale continue to be recognised.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-current assets or group of assets
classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified
as held for sale are presented separately from other liabilities in the balance sheet. These assets and liabilities are not offset.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If it is a discontinued operation; a single
amount is disclosed in the statement of comprehensive income, which shows results of discontinued operations, net of tax, including the
result for the valuation at fair value less cost of sales or asset disposal costs, if applicable.</P>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.13
Cash and cash equivalents</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponds to cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less
that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. If any, bank
overdrafts are shown within borrowings in current liabilities, and there are not disclosed under Cash and cash equivalents in the Consolidated
Statement of Cash Flows since they are not part of the Company&#8217;s cash management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.14
Shareholder&acute;s equity</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Equity&#8217;s movements accounted for
in accordance with the pertinent decisions of shareholders' meetings and legal or regulatory standards.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">All equity accounts were restated in terms
of the current measurement unit until the functional currency changeover date (January 1, 2019). The adjustment resulting from the restatement
of the accounts Share capital and Treasury shares held until December 31, 2018 is disclosed in the Comprehensive share capital adjustment
and Comprehensive treasury shares adjustment lines, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Share capital represents the capital issued,
composed of the contributions that were committed and/or made by the shareholders and represented by shares that comprise outstanding
shares at nominal value.</P>

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

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Share premium includes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(i)</TD><TD STYLE="text-align: justify">The portion of the collected price exceeding the face value of the shares issued by the Company, net of
absorbed accumulated losses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(ii)</TD><TD STYLE="text-align: justify">The difference between the fair value of the consideration paid/collected and the accounting value of
the equity interest in the subsidiary acquired/sold/diluted which does not represent a loss of control; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">(iii)</TD><TD STYLE="text-align: justify">The difference between the proportional equity value registered before the merger of the subsidiary and
the value resulting from applying to the subsidiary&#8217;s merged equity interest, the new ownership share resulting from the exchange
relationship.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In accordance with the LGS, 5% of the
profit arising from the statement of income for the year, prior years' adjustments, the translation differences which are directly accumulated
in Retained earnings (see Note 4.3.4), the amounts transferred from other comprehensive income and prior years' accumulated losses, must
be appropriated to a legal reserve until such reserve equals 20% of the Company&#8217;s share capital and the related adjustment of share
capital. When for any reason, the amount of this reserve is reduced, dividends may not be distributed, until such amount is reached.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The voluntary reserve corresponds to retained
earnings as allocated by the Shareholders&#8217; Meeting.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Other reserves correspond to the result
of transactions with non-controlling interests that do not result in a loss of control and reserves for stock compensation plans.</P>


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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Retained earnings comprise the profit
or loss of the year, the prior year&#8217;s retained and undistributed earnings, those transferred from other comprehensive income, prior
years&#8217; adjustments by application of IFRS&#8217; Accounting Standards and translation differences appropriated to retained earnings
in accordance with the policy described in Note 4.3.4</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Other comprehensive income includes gains
and losses from the remeasurement process of foreign operations and the translation differences which are not classified and directly
accumulated in retained earnings pursuant to the policy described in Note 4.3.4 and actuarial gains and losses for defined benefit plans
and the related tax effect.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The distribution of dividends to the Company&#8217;s
shareholders is recognized as a liability in the year in which the dividends are approved by the Shareholders&#8217; Meeting. The distribution
of dividends is made based on the Company&#8217;s Stand-Alone Financial Statements, which are presented in pesos, the legal currency in
Argentina, pursuant to regulatory requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.15
Compensation plans</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.15.1
<U>Compensations payable in cash</U>:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponds to compensation agreements
&#8211; senior management: fixed compensation and annual, variable and contingent long-term compensation established based on the Company&#8217;s
annual market value appreciation, with a payment cap calculated over the Company&#8217;s adjusted operating income. Any analogous compensation
paid to senior managers is deducted from the compensation amount.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The reasonable value of the received services
is measured through a share appreciation estimate using the Monte Carlo simulation model. The fair value of the amount payable is accrued
and acknowledged as an expense, with the corresponding increase in liabilities. Liabilities are revalued on each balance sheet date. Any
change in the fair value of liabilities is disclosed under profit or loss.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.15.2
<U>Compensations payable in shares</U>:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponds to stock compensation plan
by which certain officers and other key staff receive a certain number of the Company&#8217;s shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The number of shares for each eligible
employee is calculated as from a percentage over the total annual remuneration, including the bonus, divided by the weighted average price,
in pesos, of the Company&#8217;s share and ADR for the same period; with one-third vesting each year, which will be awarded together with
the payroll for April of the year following the vesting date, with the requirement that the employment relationship continues at least
until each vesting date. The fair value of the received services is measured at the fair value of the shares at the time of granting and
is disclosed during the vesting period, together with the corresponding increase in equity.</P>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.16
Defined benefit plans</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Defined benefit plans define an amount
of pension benefit that an employee will receive on retirement, depending on one or more factors, such as age, years of service and compensation.
In accordance with conditions established in each plan, the benefit may consist in a single payment, or in making complementary payments
to those made by the pension system.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The defined benefit liability recognised
in the financial statement balance sheet, at the end of the reporting period, is the present value of the defined benefit obligation net
of the fair value of the plan assets, when applicable. The defined benefit obligation is calculated annually by independent actuaries
using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated
future cash outflows using future actuarial assumptions about demographic and financial variables that affect the determination of the
amount of such benefits.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Actuarial gains and losses from experience
adjustments and changes in actuarial assumptions, are recognised in other comprehensive income (loss) in the period in which they arise
and past service costs are recognised immediately in the statement of income (loss).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.17
Provisions, contingent liabilities and contingent assets</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Provisions are recognized when the Company
has a present obligation as a result of a past event, an outflow of resources will probably be required to settle it, and a reliable estimate
of the amount can be made. They are measured at the present value of the disbursements expected to settle the obligation, taking into
account the best information available at the date of preparation of the financial statements, based on assumptions and methods considered
appropriate and taking into consideration the opinion of the Company&#8217;s legal advisors. Estimates are reviewed and adjusted periodically
as additional information is obtained by the Company. The increase in provisions generated by the passage of time is recognized within
other financial results.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Contingent liabilities are possible obligations,
arising from past events, which existence is subject to the occurrence of uncertain future events not wholly within the control of the
Company; or present obligations for which settlement an outflow of resources is not likely to be required or which amount cannot be measured
with sufficient reliability. They are not recognized, but information regarding the nature of material contingent liabilities is disclosed
in the note.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Contingent liabilities for which the possibility
of an eventual outflow of resources for settlement is remote are not disclosed, unless they involve guarantees.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Contingent assets are assets of a possible
nature, arising from past events, which existence will be confirmed only by the occurrence or non-occurrence of uncertain future events,
which are not entirely within the control of the Company. They are not recognized, but information regarding the nature of material contingent
assets is disclosed in the note when the inflow of related economic benefits is deemed probable.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.18
Revenue from contracts with customers</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.18.1
<U>Oil and gas segment</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenue from the
sale of oil and gas to third parties or other segments when control of the product is transferred, that is, at the output of each area,
when the oil and gas is delivered to the carrier and to the extent there is no unfulfilled obligation that may affect the acceptance of
the product by the purchaser. Revenues from these sales are recognized based on the price per product specified in each contract, to the
extent that it is highly probable that there will be no significant reversal.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Revenues are not adjusted for the effect
of financing components as sales are made with an average term of 45 days, in line with market practice.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.18.2
<U>Generation segment</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>4.18.2.1 Revenues from the sale of
energy to the spot market </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenues for: i)
monthly power capacity availability as the different plants are available to generate, ii) generated energy, operated energy and energy
generated during peak hours, when the effective delivery of energy occurs, based on the price applicable according to each plant&#8217;s
technology. Revenues are not adjusted for the effect of financing components as sales are made with an average term of 42&nbsp;days, in
line with market practice.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>4.18.2.2 Revenues from contracts with
CAMMESA</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenues from supply
contracts with CAMMESA for: i) monthly power capacity availability, if applicable, as the different plants are available to generate and
ii) generated energy when the energy is actually delivered, based on the price established in each contract. Revenues are not adjusted
for the effect of financing components as sales are made with an average term of 42 days, in line with market practice.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>4.18.2.3 Revenues from contracts with
the MAT </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenues from the
sale of energy plus and renewable energy upon actual delivery of the energy at the price established in each contract. Revenues are not
adjusted for the effect of financing components as sales are made with an average term of 30 days, in line with market practice.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.18.3 <U>Petrochemical segment</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenues from the
sale of petrochemical products, whether in local or foreign markets, when the control of the product is transferred, that is, when the
products are delivered to the client and there is no unfulfilled obligation that could affect the acceptance of the product by the client.
The delivery, as established in each contract, is occurs:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(i)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">when the products are dispatched and transported by and in charge of the client, or,</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(ii)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">when the products have been dispatched by the Company to a specific location, the obsolescence
risks and loss have been transferred to the client, and the client has accepted the, or when the Company has objective evidence that
all acceptance criteria have been met.</TD>
</TR></TABLE>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 4</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Revenues from these sales are recognised
based on the price specified in each contract, to the extent that it is highly probable that a significant reversal will not occur. Revenues
are not adjusted for the effect of financing components as sales are made with an average credit term not exceeding 40 days, which is
consistent with market practice.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.18.4 <U>Holding, Transportation and
Others segment</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes revenues from contracts
with customers in relation to advisory services to related companies as services are rendered based on the price established in each agreement.
Revenues are not adjusted for the effect of financing components, as sales are made with an average credit term of 30 days, which is consistent
with market practice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.19
Other Income</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.19.1
<U>GasAr Plan</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognizes price complement
revenues under the GasAr Plan, with the actual delivery of the gas and based on the price established in the respective regulation, only
to the extent that it is highly probable that no significant reversal will occur and that it is probable that the consideration will be
received, that is, to the extent that the procedure defined by the Government is formally complied with.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These revenues fall within the scope of
IAS 20 since they involve compensation as a consequence of the maintenance or increase in the committed production volume and are shown
under the caption other operating income in the statement of comprehensive income. Furthermore, the associated fiscal costs are disclosed
under other operating expenses in the consolidated statement of comprehensive income.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">4.19.2
<U>Interest</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Interest income from financial assets
at fair value through profit or loss is included into the result of changes in the fair value of those assets. Interest income from financial
assets at amortized are recognised in the statement of income.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Interest income is calculated by using
the effective interest rate to the gross carrying amount of a financial asset (without considering impairment provision), except for impaired
financial assets, that is calculated by applying the effective interest rate to the carrying amount net of impairment provision.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Commercial interest corresponding to late
payment surcharges in the cancellation of sales receivables is disclosed under Other operating income as it provides relevant information
on the business&#8217; operations and operating flows.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">4.20
Income tax</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The tax expenses for the year include
current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The current income tax charge is calculated
on the basis of the tax laws. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid
to the tax authorities.</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred income tax is recognised, using
the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will
be available and can be used against temporary differences.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred income tax is provided on temporary
differences from investments in subsidiaries, joint ventures and associates, except for deferred income tax liability where the timing
of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse
in the foreseeable future.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred assets or liabilities are recognised
on account of gains or losses from fiscal tax inflation which, pursuant to Law No. 27,541 and No 27,701, are deferred and accounted for
in subsequent fiscal periods.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred income tax assets and liabilities
are offset when there is a legally enforceable right to offset the recognised amounts and when the deferred income tax assets and liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there
is an intention to settle the balances on a net basis.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Current and deferred tax assets and liabilities
are stated at their nominal value.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred tax assets and liabilities are
measured using the tax rates expected to apply in the period when the asset is realized or the liability is settled.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, receivables have been disclosed
on account of the application of the minimum presumed income tax prior to its abrogation as from January 1, 2019, which are computable
as an advance payment of income tax in any of the following ten years.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s management evaluates
the recoverability of the recorded receivables at the closing of each fiscal year, and allowances are created as long as it is estimated
that the computable amounts will not be recoverable within the statutory limitation period taking into consideration the Company&#8217;s
current business plans.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 3pt"><U>NOTE 5</U>: GROUP STRUCTURE</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">5.1  Corporate
reorganization</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 6, 2024 and April 29, 2024, the
Boards of Directors and the Ordinary and Extraordinary General Shareholders&#8217; Meetings of CISA, the Company and GASA approved the
reorganization proceeding, under the terms of Section 82 and subsequent sections of the LGS and tax neutrality pursuant to Sections 80
and subsequent sections of the Income Tax Law (as amended 2019), for the spin-off of CISA&#8217;s equity and subsequent merger through
absorption of a part of its spun-off equity into Pampa and the other part of its spun-off equity into GASA (&#8220;Reorganization Proceeding&#8221;).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Reorganization Proceeding, effective
January 1, 2024, entailed benefits for the involved companies and the entire economic group, since it allows for greater resource efficiency
in financial information management and reduced costs on account of legal and tax advisory fees.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the Reorganization Proceeding has been approved by the CNV through Resolution RESFC-2024-22892-APN-DIR#CNV dated
October 3, 2024 and is pending registration with the IGJ.</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">5.2
Acquisition of equity interests</P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in"><FONT STYLE="font-weight: normal">5.2.1 <U>Acquisition
of additional stake in OCP and concession termination </U></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company, through PEB, had an 34.08%
equity stake in OCP, which in turn held the whole capital stock and voting rights of OCP SA, the licensee company of an oil pipeline in
Ecuador with a transportation capacity of 450,000 barrels/day.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On January 16, 2024, the Company closed
the transaction to acquire, through PEB, shares representing an additional 29.66% stake in OCP under the purchase and sale agreement entered
into with Repsol OCP de Ecuador S.A. for a price of US$&nbsp;15 million. The closing of the transaction involved recognizing profits for
US$ 5&nbsp;million under IAS 28 and obtaining joint control in accordance with the shareholders' agreement.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequently, on August 30, 2024, the transaction
for the acquisition by the Company, through PEB, of the shares representing the remaining 36.26% stake in OCP was closed under the purchase
and sale agreement entered into with PetroOriental OCP Holdings Ltd. for a price of US$ 22.9 million. The Company thus indirectly obtained
control with a 100% stake in OCP&#8217;s capital stock and votes.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On the acquisition date, the Company determined
the preliminary fair values of the assets acquired and liabilities assumed as of August 30, 2024 and recognized US$ 27.4 million profits
to reflect the fair value of the 63.74% former equity interest in OCP and US$ 3.8 million profits from the acquisition since the transaction
consisted of a business combination carried out in stages under IFRS 3.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The acquisition contributed to the group revenues
from sales for US$ 39.4 million and net earnings for US$ 16.1 million for the August 31 - December 31, 2024 period.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the acquisition had taken place on January
1, 2024, consolidated revenues from sales and income for the fiscal year ended December 31, 2024 would have been US$ 1,987.3 million and
US$ 631.7 million, respectively. The pro forma information was calculated based on the Company and OCP&#8217;s results.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#8195;</P>


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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company paid US$ 24 million for the acquisition
of the additional interest and added a US$ 71 million balance of cash and cash equivalents, which is disclosed in the Consolidated Statement
of Cash Flows under &#8220;Payment for acquisitions of companies&#8221; and &#8220;Cash addition for purchase of subsidiary&#8221; within
investment activities.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">It is worth highlighting that, pursuant to the
terms of the concession authorization agreement, OCP has provided an operational guarantee and an environmental guarantee for a total
amount of US$ 100 million, including surety bonds made by the Company as shareholder for US$ 84 million, which are disclosed in the line
Security deposits under Other receivables in the Consolidated Statement of Financial Position.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Besides, OCP declared dividends for US$ 13.3
million on January 18, 2024, and repurchased a total of 5,740,902,124 own shares on January 22, 2024, for a unit price of US$ 0.01. Consequently,
on January 22, 2024, the Company, through PEB, collected dividends in the amount of US$ 8.5 million, and on January 29, 2024, it received
US$ 36.6 million on account of the share repurchase.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">After successive extensions of the concession
term granted to OCPSA by the Ministry of Energy and Mines of Ecuador during 2024 &#8212;which extended the term first until July 31, 2024,
then until August 19, 2024 and lastly until November 30, 2024&#8212;, finally, on October 25, 2024, OCPSA was notified by the Vice Minister
of Hydrocarbons of Ecuador of the Authorization Agreement&#8217;s termination on November 30, 2024.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consequently, and pursuant to the authorization
agreement, on November 30, 2024, OCP transferred the OCPSA&#8217;s shares to the Ecuadorian Government, also transferring all titles,
rights and other interests on the oil pipeline, except for cash and cash equivalents for US$ 71 million, which were transferred to OCP
prior to the termination date, and a receivable for US$ 4 million to be collected up to January 31, 2025 , which constitute excluded assets
under the Authorization Agreement and the agreed procedures. As of the date of issuance of these Consolidated Financial Statements, the
aforementioned receivable has not been collected.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the month of February 2025, OCP
received claims from the Ecuadorian Government for alleged compensable damages amounting to approximately US$ 50 million, which, according
to the interpretation of OCP and its external legal advisors, are unfounded. In the event OCP and the Ecuadorian Government fail to reach
a solution, the Authorization Agreement provides the dispute to be submitted to the jurisdiction and competence of ICSID to be resolved
through arbitration. Finally, it should be noted that according to the interpretation of OCP and its advisors, there would be no legal
basis for the guarantees to be executed.</P>

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


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">5.3 Interest in subsidiaries,
associates and joint ventures</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">5.3.1 <U>Subsidiaries
information</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unless otherwise indicated, the country
of the registered office is also the principal place where the subsidiary develops its activities.</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid;  width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid;  width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid;  width: 26%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 11%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 12%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; ">Company</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Country</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Main activity</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Direct and indirect participation %</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Direct and indirect participation %</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Autotrol Renovables S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">CISA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Trader &amp; investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Ecuador Pipeline Holdings Limited</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">EISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Electricity transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">70.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">GASA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation &amp; Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">HIDISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">HINISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">52.04%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">OCP <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">34.08%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Pampa Ecuador Inc&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Nevis</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PEB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Bolivia</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PECSA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Chile</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Trader</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PESOSA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Trader</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Venezuela</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PB18</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Ecuador</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oil</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">PISA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Investment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">TGU <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Uruguay</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Gas transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">51.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">VAR</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Generation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Vientos Solutions Argentina S.A.U.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Argentina</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Advisory services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">100.00%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-size: 8pt; line-height: 115%"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">See Note 5.1</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(2)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">See Note 5.2.1</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(3)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Liquidated company.</TD>
</TR></TABLE>

<P STYLE="font: 9pt/12pt Times New Roman, Times, Serif; margin: 6pt 0 10pt">&nbsp;</P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">5.3.2 <U>Information about investments in associates
and joint ventures</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table presents the main
activity and financial information used for valuation and percentages of participation in associates and joint ventures; unless otherwise
indicated, the share capital consists of common shares, each granting the right to one vote:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Information about the issuer</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 28%">Main activity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Date</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Profit (loss) of the&nbsp;&nbsp;year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Equity</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid;  width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center;  width: 12%">Direct and indirect participation %</TD></TR>
  <TR >
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">Joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12.31.2024</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">183</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,104</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Investment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12.31.2024</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">36</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">316</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Generation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12.31.2024</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(38)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">459</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50.00%</TD></TR>
  </TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Company holds a 50% interest in CIESA, a company that holds a 51% interest
in TGS&#8217;s capital stock; therefore, the Company has a 25.50% indirect interest in TGS.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 32.2pt; text-align: justify">As of December 31, 2024, TGS&#8217;s common
shares and ADR traded on the BCBA and NYSE were listed at $&nbsp;7,020.00 and US$&nbsp;29.27, respectively, giving Pampa&#8217;s holding
an approximate market value of $&nbsp;1,422,226 million.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">The Company has a 50% interest in Citelec, a company that holds a 52.65%
interest in Transener&#8217;s capital stock; therefore, the Company has a 26.33% indirect interest in Transener. As of December 31, 2024,
Transener&#8217;s common share price listed at the BCBA was $ 2,750.00, conferring Pampa&#8217;s indirect holding an approximate market
value of $&nbsp;321,916 million.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 32.2pt; text-align: justify; text-indent: -9.7pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">OCP <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TGS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom"></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CIESA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">605</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">158</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">230</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">993</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total associates and joint ventures</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">993</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">See Note 5.2.1.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">The following tables show the breakdown of the share of profit
from associates and joint ventures:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; ">Associates</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">OCP <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Refinor</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(12)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">TGS</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total associates</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; ">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">CIESA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">89</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">43</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Citelec&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">18</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(21)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">41</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Greenwind<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">OCP <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">59</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total joint ventures</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">145</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(10)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">111</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">146</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(2)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">105</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">See Note 5.2.1.</FONT></TD>
</TR></TABLE>

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

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


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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center;  width: 14%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center;  width: 14%">12.31.2023</TD>
    <TD STYLE="vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center;  width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">At the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">672</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">902</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">770</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Dividends</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share repurchase</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(37)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease due to sale of equity interests</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(58)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease due to acquisition of control&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(76)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(20)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Profit from sale/acquisition of equity interest&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit/loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">146</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">116</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Impairment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">279</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(174)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">60</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">At the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">993</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">672</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">902</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">5.3.3 <U>CTB</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the quarter ended June 30, 2024,
CTB identified significant changes in the environment in which it operates and, consequently, has determined CTEB&#8217;s recoverable
amount as of June 30, 2024.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The recoverability assessment resulted
in the recognition of an impairment in CTB with a US$&nbsp;71 million impact on the Company&#8217;s share of profits from associates and
joint ventures.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, CTB has identified
no indications that may impact the assumptions taken into consideration in the above-mentioned assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -9.7pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3.4 <U>Citelec - Transener</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Impairment of non-financial assets</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The projections used by Transener in the calculation
of the recoverable amount of long-lived non-financial assets considered 3&nbsp;weighted alternatives associated with: (i) the status of
negotiations with the ENRE; (ii) the Right-of-Use and Associated Maintenance contract; (iii) Transener&#8217;s Management expectations
on the transitional tariff increase to be granted until the conclusion of the new RTI; (iv) Transener&#8217;s expectations on the new
RTI process timeliness and outcome; and (v) the impact of a cost monitoring scheme allowing for periodic updates to current tariffs.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the book value
of Transener&#8217;s long-lived non-financial assets does not exceed their recoverable amount.</P>


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

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

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.3.5 <U>CIESA - TGS</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Impairment of non-financial assets in TGS</I></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In view of the 675% tariff updates granted by
ENERGAS to TGS as from April 2024 with subsequent monthly increases and the FTR completion process (see Note 2.3), TGS re-estimated the
cash flows used to determine the recoverable value (value in use) of the CGU related to the natural gas transportation segment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The projections used in the calculation
of the recoverable amount considered 3&nbsp;weighted alternatives associated with: (i) the status of negotiations with the Argentine Government;
(ii) the contractual rights resulting from the license; (iii)&nbsp;expectations on the transitional tariff increase to be granted until
the conclusion of the new FTR; (iv) expectations on the result of the new FTR process; and (v) the impact of a cost monitoring scheme
allowing for periodic updates to current tariffs.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2024, TGS recorded an impairment
reversal charge on property, plant and equipment as a result of the recoverability assessment, with a $ 10,104 million (US$ 9.8 million)
impact on the Company&#8217;s share of profit from associates and joint ventures.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Issuance and cancellation of CB in
TGS</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 24, 2024 and under the Short-
and Medium-Term Corporate Bonds Program for up to US$&nbsp;2,000 million approved by the CNV, TGS issued 2031 CB for US$ 490 million maturing
on July 24, 2031 and accruing interest at an 8.50% rate, payable semiannually. The 2031 CB&#8217;s US$ 483.7 million net proceeds were
used to make a purchase and cancellation tender offer for the 2018 CB.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, TGS and its controlled companies are in compliance with the covenants established for their whole financial debt.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>TransportAr Producci&oacute;n Nacional
Pipelines System Program</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 67/22 created the &#8220;TransportAr
National Production&#8221; Pipelines System Program to execute the necessary works to expand the gas transportation capacity, including
a list of gas pipelines to be executed to promote the development, production growth and supply of natural gas, among other objectives.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Subsequently, ENARSA was granted the transportation
concession for the Perito Francisco Pascasio Moreno Gas Pipeline, under the terms of Law No. 17,319, over a 35-year term, as well as the
power to call for tenders, contract, plan and execute the construction of the infrastructure works included in the program.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">On June 5, 2023, TGS was awarded the operation
and maintenance of section I of the gas pipeline, including its two compressor plants, for a 5-year term, extendable for up to 12 additional
months.</P>


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

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

<P STYLE="margin: 12pt 0pt 0pt; font: 10pt/14pt Times New Roman, Times, Serif; text-align: justify">In August 2023, transportation operations
started at gas pipeline&#8217;s Tratay&eacute;n - Salliquel&oacute; section, which crosses the provinces of Neuqu&eacute;n, R&iacute;o
Negro, La Pampa and Buenos Aires, with a 573 km extension and an initial transportation capacity of 11&nbsp;million m3/day of gas produced
at the Vaca Muerta field. As from August 2024, the transportation capacity of the Perito Francisco Pascasio Moreno Gas Pipeline - Tratay&eacute;n
- Salliquel&oacute; section was increased to 21 million m3/day with the commissioning of the second natural gas compression station located
in Salliquel&oacute;.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On November 4, 2024, TGS&#8217;s Board
of Directors incorporated Transportadora de Gas del Sur S.A. - Dedicated Branch 1 (&#8220;Dedicated Branch&#8221;), registered with the
IGJ on December 2, 2024, to request accession to the RIGI.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Dedicated Branch&#8217;s purpose will
be the execution of a single project consisting of the expansion of the transportation capacity of the gas pipeline in its section I,
on the Tratay&eacute;n - Salliquel&oacute; route, consisting of the construction of 3 compressor plants, operation and maintenance of
pipelines, facilities and plants, and the transportation and disposal of the natural gas transportation capacity resulting from the expansion
project.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On December 2, 2024, PEN Executive Order
No. 1,060/24 declared the private initiative presented by TGS of national public interest. The price of the transportation capacity resulting
from the expansion and payable to the awardee will result from the open call for tenders. As of the date of issuance of these Consolidated
Financial Statements, the Federal Government has not issued the call for tenders.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">5.4
Operations in oil and gas consortiums</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">5.4.1 <U>General considerations</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is jointly and severally liable
with the other participants for meeting the contractual obligations under these arrangements.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The production areas in Argentina are
operated pursuant to concession production agreements with free hydrocarbons availability.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">For the computable crude oil and natural
gas in Argentina production, according to Law No.17,319, are paid royalties equivalent to 12% of the wellhead price of crude oil and natural
gas. The wellhead price is calculated by deducting freight and other sales related expenses from the sale prices obtained from transactions
with third parties. This rate may increase from 3% to 4% depending on the producing jurisdiction and market value of the product.</P>


<!-- Field: Page; Sequence: 59 -->
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">5.4.2 <U>Oil and gas participation details
</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company and
its associates are part of the joint operations and consortia for the exploration and production of oil and gas as indicated below:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 19%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 11%">Participation</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 23%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">&nbsp;Duration Up To&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Name</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Location</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Direct</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Operator</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline">Argentine production</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">R&iacute;o Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">R&iacute;o Negro and Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">31.42% and 33.07%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">YPF</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">2027/2051</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Sierra Chata&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">45.55%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >El Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2053</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >La Tapera - Puesto Quiroga&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">Tecpetrol</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >El Tordillo&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Chubut</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">35.67%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">Tecpetrol</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Aguarag&uuml;e&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">15.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">Tecpetrol</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2037</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >R&iacute;o Limay este (Ex Senillosa) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2040</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Rinc&oacute;n de Aranda<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>&nbsp;</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">100.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2058</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Veta Escondida</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">55.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Rinc&oacute;n del Mangrullo</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">YPF</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2052</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Los Blancos (ex Chirete) <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Salta</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">50.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">High Luck Group Limited</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2045</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline">Argentine exploration</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Parva Negra Este</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">85.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2025</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD >Las Tacanas Norte</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; ">Neuqu&eacute;n</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">90.00%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center; ">PAMPA</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">2027</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">In February 2024, the execution of the environmental remediation plan approved
by the Under-secretariat of Environment of the Province of Neuqu&eacute;n was completed, a necessary step to relinquish the block.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Operator in the process of removal (see Note 15.6).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The assets and liabilities as of December
31, 2024 and 2023 and the production cost for the years ended December 31, 2024, 2023 and 2022 of Joint Operations and Consortiums in
which the Company has interests are detailed below:&nbsp;</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; text-align: right; width: 47%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center;  width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 15%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="font-weight: bold;  text-align: right"></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Non-current assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Current assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Non-current Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Current Liabilities</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total liabilities&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Production cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt">It is worth highlighting that the information presented does
not include charges recorded by the Company as a member of the Joint Operations and Consortiums.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: justify"><I>Assignment of mixed companies in Venezuela</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0pt 0pt; text-align: justify">On May 6, 2022, the Company transferred
to Integra Petr&oacute;leo y Gas S.A. (the &#8220;Assignee&#8221;) all the rights and obligations of the Company for its direct and indirect
interest in the capital of the following mixed companies in the Bolivarian Republic of Venezuela: Petroritupano S.A., Petroven-Bras S.A.,
Petroway&uacute; S.A. and Petrokari&ntilde;a S.A. (the &#8220;Mixed Companies&#8221;) that exploit four hydrocarbon production areas in
that country: Oritupano Leona, La Concepci&oacute;n, Acema and Mata (the &#8220;Areas&#8221;). As consideration for the assignment, the
Assignee will pay to the Company 50% of any payment it obtains, whether monetary or in kind (including, without limitation, an indemnity,
compensation, reparation or similar) related to the direct or indirect interest in the Mixed Companies and the Areas. This transaction
is subject to the change of control approval by the Minister of Popular Power of Petroleum of the Bolivarian Republic of Venezuela.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the Company considers contingent the collection right associated with the assignment, in terms of IAS 37, taking
into consideration that it is subject to the change of control approval and subsequent collection of payments by the Assignee.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Relinquishment of the Borde del Limay
and Los V&eacute;rtices block to the province</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 2, 2024, the Borde del Limay
and Los V&eacute;rtices blocks were relinquished to the province.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Assignment of interest in the Gobernador
Ayala block</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 13, 2024, following an offer
received from a third party, Pluspetrol S.A. (operator) expressed its decision to exercise its preferential right under the joint operation
agreement and acquire the Company&#8217;s undivided 22.51% interest in the rights and obligations of the hydrocarbon exploitation concession
and the joint operating agreement on the Gobernador Ayala block.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 21, 2024, the transaction was
closed for a US$ 23 million base price, including an initial payment of US$ 9 million in cash and 4 installments payable semi-annually
for the remaining balance. In addition, the Company recognized a profit of US$ 10.8 million to reflect the result of the transaction disclosed
under &#8220;Other income&#8221; in the line &#8220;Results for property, plant and equipment sale&#8221;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">5.5
Exploratory well costs</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table provides the year
end balances and activity for exploratory well costs, during the years ended December 31, 2024, 2023 and 2022:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" width: 54%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: white; font-weight: bold; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">42</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Transferred to development</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(7)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Derecognition of unproductive wells&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(20)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">18</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Number of wells at the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; ">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">4</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; ">7</TD></TR>
  </TABLE>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 6</U>: RISKS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">6.1
Critical accounting estimates and judgments</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The applied estimates and accounting judgments
are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual
future results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements.
The estimates which have a significant risk of producing adjustments on the amounts of the assets and liabilities during the following
year are detailed below:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.1 <U>Impairment of non-financial long-lived
assets</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Non-financial long-lived assets, including
identifiable intangible assets and right-of-use assets, are reviewed for impairment at the lowest level for which there are separately
identifiable cash flows (CGU). For this purpose, each assets group with independent cash flows, each subsidiary, associate and each jointly
controlled company has been considered a single CGU, as all of their assets jointly contribute to the generation of cash inflows, which
are derived from a single service or product; thus cash inflows cannot be attributed to individual assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The value in use of each CGU is estimated
on the basis of the present value of future net cash flows expected to be derived on the CGU. Management uses approved budgets up to one
year as the base for cash flow projections that are later extrapolated into a term consistent with the assets&#8217; remaining useful
life, taking into consideration the appropriate discount rates. The discount rates used to discount future net cash flows is the WACC,
for each CGU a specific WACC was determined which considered the business segment and the country conditions where the operations are
performed. In order to calculate the fair value less the costs of disposal, the Company Management uses the estimated value of the future
cash flows that a market participant could generate from the appropriate CGU, less the necessary costs to carry out the sale of the corresponding
CGU.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company Management is required to
make judgments at the moment of the future cash flow estimation. The actual cash flows and the values may differ significantly from the
expected future cash flows and the related values obtained through discount techniques.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.2 <U>Current and deferred Income tax</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s Management periodically
evaluates tax treatments affecting the determination of taxable profit regarding uncertain tax treatment under tax law considering the
acceptability of a particular tax treatment by the relevant taxation authority, and, if applicable, recognizes tax provisions to reflect
the effect of the uncertainty for each tax treatment based on the amount estimated to be paid to the tax authorities.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If the final tax resolution regarding
uncertain tax treatments differs from recognised figures, such differences will have an effect on income tax and deferred income tax at
the year of such determination.</P>


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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred tax asset is reviewed at each
reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow and for the
total or partial recovery of these assets. In assessing the recoverability of deferred tax assets, Management considers if it is likely
that a portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the
generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, Management
takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future taxable income and tax planning
strategies.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The generation of future taxable profits
may differ from these estimated affecting the deductibility of deferred tax assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.3 <U>Provision for contingencies</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Liabilities related to claims, lawsuits
and other legal proceedings arising from the Company&#8217;s activities cannot be estimated with certainty. The Company analyzes the status
of each contingency and assesses the potential financial exposure, applying the criteria indicated in Note 4.17; to such effect, it prepares
estimates mainly with the assistance of legal counsel, based on the information available to Management at the date of preparation of
the Consolidated Financial Statements, and taking into account the litigation and resolution/settlement strategies.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The final resolutions of the litigation
could differ from Management's estimates, generating current provisions to be inadequate, which could have a material adverse effect on
the statement of financial position, comprehensive income, changes in equity and cash flows.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.4 <U>Asset retirement obligations
and decommissioning of wind turbines</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Asset retirement obligations in oil and
gas areas after completion of operations require the Company&#8217;s Management to estimate the number of wells, long-term well abandonment
costs and the time remaining until abandonment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the same way, the obligations related
to the decommissioning of wind turbines in wind farms require the Company&#8217;s Management to estimate long-term dismantling costs and
the time remaining until the dismantling.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Technology, costs and political, environmental
and safety considerations constantly change and may result in differences between actual future costs and estimates.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Asset retirement obligations&#8217; and
the decommissioning of wind turbines&#8217; estimates are adjusted at least once a year or more frequently if there are changes in the
assumptions considered in the assessment.</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.5 <U>Impairment of financial assets
and other credits</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Group is exposed to losses for uncollectible
receivables. The Company Management estimates the final collectability of the accounts receivable.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The accounting of expected credit losses
for trade receivables and other receivables with similar risk characteristics is based on the Company's best estimate of the default risk
and the calculation of the expected credit losses rates, based on historical information of the behavior of the Company's clients, current
market conditions and forward-looking estimates at the end of each reporting period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In order to estimate collections related
to the sale of gas and energy in the spot market and revenues associated with natural gas production promotion plans, the Company mainly
considers CAMMESA&#8217;s and federal government&#8217;s capacity to meet its payment obligations to generators and producers, including
the resolutions issued by the SE, which allow the Company to collect its receivables through different mechanisms.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Future adjustments to the allowance may
be necessary if future real economic conditions differ substantially from the assumptions used in the assessment for each year.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.6 <U>Actuarial assumptions in defined
benefit plans</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Commitments with defined benefit plans
to employees are recognised as liabilities in the statement of financial position based on actuarial estimates revised annually by an
independent actuary, using the projected unit credit method.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The present value of defined benefit pension
plan depends on multiple factors that are determined according to actuarial estimates, net of the fair value of the plan assets, when
applicable. For this purpose, certain assumptions are used including the discount rate and wage growth rate assumptions. It may be necessary
to make adjustments in the future if future real economic conditions materially differ from the assumptions used in the valuation of each
year.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.7 <U>Oil and gas reserves</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Reserves include oil and gas volumes (in
m3 of oil equivalent) that are economically producible, in the areas where the Company operates or has a direct or indirect interest and
over which the Company has exploration and exploitation rights.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There are numerous uncertainties in estimating
proved and unproved reserves, future production profiles, development costs and prices, including several factors beyond the producer&#8217;s
control. Reserve engineering is a subjective process of estimating underground accumulations involving a certain degree of uncertainty.</P>


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Reserves estimates depend on the quality
of the available engineering and geological data as of the estimation date and on the interpretation and judgment thereof.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s estimates of oil and
gas reserves have been developed by the Company&#8217;s internal specialists, specifically petroleum engineers, and audited by independent
specialists engaged by Company.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company uses the information obtained
from the calculation of reserves in the determination of depreciation of properties, plant and equipment used in oil and gas areas, as
well as assessing the recoverability of these assets and including, when applicable, goodwill allocated to the oil and gas segment (see
Notes 4.6 to 4.8).</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.8 <U>Fair value of financial assets
that are not traded in active markets</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The fair value of financial instruments
that are not traded in active markets is determined using valuation techniques. These valuation techniques consider estimates based on
information available to the Management at Consolidated Financial Statements date, for those significant variables that cannot be observed
in the market, including the discount rate, among others.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Future adjustments may be necessary if
future real economic conditions differ substantially from the assumptions used in the valuation for each period.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.1.9 <U>Business Combinations</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The acquisition method involves the measurement
at fair value of the identifiable assets acquired and the liabilities assumed in the business combination at the acquisition date.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">For the purpose to determine the fair
value of identifiable assets, the Company uses the valuation approach considered the most representative for each asset. These include:
i) the income approach, through indirect cash flows (net present value of expected future cash flows) or through the multi-period excess
earnings method, ii) the cost approach (replacement value of the good adjusted for loss due to physical deterioration, functional and
economic obsolescence) and iii) the market approach through comparable transactions method.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Likewise, in order to determine the fair
value of liabilities assumed, the Company&#8217;s Management considers the probability of cash outflows that will be required for each
contingency, and elaborates the estimates with assistance of legal advisors, based on the information available and taking into account
the strategy of litigation and resolution / liquidation.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Management critical judgment is required
in selecting the approach to be used and estimating future cash flows. Actual cash flows and values may differ significantly from the
expected future cash flows and related values obtained through the mentioned valuation techniques.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">6.2
Financial risk management</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.2.1 <U>Financial Risk Factors</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Company&#8217;s activities are subject
to several financial risks: market risk (including the exchange rate risk, the interest rate risk and the price risk), credit risk and
liquidity risk.</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial risk management is encompassed
within the Company&#8217;s global policies, there is an integrated risk management methodology, where the focus is not placed on the individual
risks of the business units&#8217; operations, but there is rather a wider perspective focused on monitoring risks affecting the whole
portfolio. The Company&#8217;s risk management strategy seeks to achieve a balance between profitability targets and risk exposure levels.
Financial risks are those derived from financial instruments the Company is exposed to during or at the closing of each fiscal year. The
Company uses derivative instruments to hedge certain risks when it deems it necessary according to its risk management internal policies.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Financial risk management is controlled
by the Financial Department, which identifies, evaluates and covers financial risks. Risk management systems and policies are reviewed
on a regular basis to reflect changes in market conditions and the Company&#8217;s activities, and have been applied consistently during
the periods included in these Consolidated Financial Statements. This section includes a description of the main risks and uncertainties
which may adversely affect the Company&#8217;s strategy, performance, operational results and financial position.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><I>6.2.1.1
Market risks</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">6.2.1.1.1 Foreign exchange risk</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s results of operations
and financial position are exposed to changes in the exchange rate between the Company&#8217;s functional currency, which is the U.S.
dollar and other currencies, primarily with respect to the Argentine peso (which is the legal currency in Argentina). In some cases, the
Company may use derivative financial instruments to mitigate the associated exchange rate risk.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In fiscal year 2024, the U.S. dollar recorded
an approximate 27.7% increase against the Argentine peso, from $ 808.45 in December 2023 to $ 1,032 in December 2024, and the Company
recorded net foreign exchange loss in the amount of US$ 11 million as of December 31, 2024. Taking into account the net passive financial
position in Argentine pesos as of December 31, 2024, the Company estimates that provided all other variables remain constant, a 10% revaluation/(devaluation)
of U.S. dollar as compared to the Argentine peso would generate in absolute values a increase/(decrease) of US$ 10 million in the fiscal
year&#8217;s income, before income tax.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Group&acute;s exposure to other foreign
currency movements is not material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">6.2.1.1.2 Price risk</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s investments in financial
assets classified as &#8220;at fair value through profit or loss&#8221; are sensitive to the risk of changes in the market prices resulting
from uncertainties as to the future value of such financial assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company estimates that provided all
other variables remain constant, a 10% revaluation/(devaluation) of each market price would generate the following increase/(decrease)
in the fiscal year&#8217;s income, before income tax in relation to financial assets at fair value through profit and loss detailed in
Note 12.2 to these Consolidated Financial Statements:</P>


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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Increase of the result for the year</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 54%">Financial assets</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">69</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; ">Corporate Bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Mutual funds</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Variation of the result of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">87</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">59</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">6.2.1.1.3 Cash flow and fair value interest
rate risk</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The management of the interest rate risk
seeks to reduce financial costs and limit the Company&#8217;s exposure to interest rate increases; to this effect, the Company evaluates:
(i) different liquidity sources available in the financial and capital markets, both local and international; (ii) different interest
rate, currency and maturity alternatives available to companies in the industry with a risk similar to the Company's; and (iii) availability,
access and cost of interest rate hedging agreements.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Indebtedness at variable rates exposes
the Company to the interest rate risk on its cash flows due to the possible volatility they may experience. Indebtedness at fixed rates
exposes the Company to the interest rate risk on the fair value of its liabilities, since they may be considerably higher than variable
rates.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, 2% of the indebtedness
was subject to variable interest rates. Furthermore, 54% of the Company&#8217;s debt accruing variable interest rates is denominated in
U.S. dollars, mainly at SOFR rate plus an applicable spread.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is not exposed to a significant
risk of increases in variable interest rates, since 98% of its financial debt is at a fixed rate and given current market conditions;
the Company considers the risk of a significant drop in interest rates to be low, and therefore does not perceive a substantial risk in
its fixed rate indebtedness.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table shows the breakdown
of the Company&#8217;s borrowings classified by interest rate and the currency in which they are denominated:</P>


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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Fixed interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">33</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,929</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,210</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Yuan R.China</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Subtotal loans obtained at a fixed interest rate</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">1,929</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">1,248</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Floating interest rate:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">17</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">20</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans obtained at a floating interest rate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">37</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">71</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Non interest accrued:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Argentine pesos</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>U.S. dollar</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">113</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">118</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Subtotal loans no interest accrued</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">113</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">129</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total borrowings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">2,079</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">1,448</TD></TR>
  </TABLE>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Based on the conducted simulations, and
provided all other variables remain constant, a 10% increase/decrease in variable interest rates would generate the following (decrease)/increase
in the 2024 fiscal year's income, before income tax, of US$ 1 million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><I>6.2.1.2
Credit risk</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The credit risk represents the exposure
to possible losses resulting from the breach by commercial or financial counterparties of their obligations taken on with the Company.
This risk stems mainly from economic and financial factors or a possible counterparty default.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the ordinary course of its business,
the Company grants credit to a large customer base, mainly different sectors of industry, including petrochemical companies, natural gas
distributors and large electricity users, among others. For this purpose and in accordance with its credit policies, it establishes individual
credit limits based on internal or external ratings, approved by the Finance Department, and permanently performs credit assessments on
its customers&#8217; financial capacity to minimize the potential risk of uncollectibility losses.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company&#8217;s
trade receivables totaled US$ 288 million and is classified as current. With the exception of CAMMESA, which represents approximately
37% of such trade receivables, the Company does not have a significant credit risk concentration, as this exposure is distributed among
a large number of customers and other counterparties.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The impossibility by CAMMESA to pay these
receivables may have a substantially adverse effect on cash income and, consequently, on the result of operations and financial situation
which, in turn, may adversely affect the Company&#8217;s repayment capacity.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The credit risk of liquid funds and other
financial investments is limited since the counterparties are high credit quality banking institutions. If there are no independent risk
ratings, the Financial Department evaluates the customer&#8217;s creditworthiness, based on past experiences and other factors.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company applies the simplified approach
of IFRS 9 to measure the expected credit losses of trade receivables and other receivables in accordance with the policy described in
Note 4.10.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The expected credit loss on trade receivables
and financial assets as of December 31, 2024, 2023 and 2022 amounts to US$ 1.5 million, US$ 1 million and US$ 1 million, respectively
and was determined based on credit loss rates calculated for days past due detailed below:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="font-weight: bold; width: 28%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.04%</TD>
    <TD STYLE="text-align: center">0.34%</TD>
    <TD STYLE="text-align: center">6.25%</TD>
    <TD STYLE="text-align: center">19.99%</TD>
    <TD STYLE="text-align: center">27.11%</TD>
    <TD STYLE="text-align: center">28.79%</TD>
    <TD STYLE="text-align: center">37.16%</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.09%</TD>
    <TD STYLE="text-align: center">0.55%</TD>
    <TD STYLE="text-align: center">3.70%</TD>
    <TD STYLE="text-align: center">8.92%</TD>
    <TD STYLE="text-align: center">12.26%</TD>
    <TD STYLE="text-align: center">14.78%</TD>
    <TD STYLE="text-align: center">16.40%</TD>
    <TD STYLE="text-align: center">21.41%</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.01%</TD>
    <TD STYLE="text-align: center">0.11%</TD>
    <TD STYLE="text-align: center">9.50%</TD>
    <TD STYLE="text-align: center">17.12%</TD>
    <TD STYLE="text-align: center">24.00%</TD>
    <TD STYLE="text-align: center">24.24%</TD>
    <TD STYLE="text-align: center">24.93%</TD>
    <TD STYLE="text-align: center">25.46%</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD>Holding, Transportation and others</TD>
    <TD STYLE="text-align: center">0.24%</TD>
    <TD STYLE="text-align: center">3.37%</TD>
    <TD STYLE="text-align: center">4.49%</TD>
    <TD STYLE="text-align: center">12.45%</TD>
    <TD STYLE="text-align: center">12.45%</TD>
    <TD STYLE="text-align: center">16.67%</TD>
    <TD STYLE="text-align: center">16.67%</TD>
    <TD STYLE="text-align: center">16.67%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; width: 28%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">12.31.2023</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.06%</TD>
    <TD STYLE="text-align: center">0.30%</TD>
    <TD STYLE="text-align: center">2.19%</TD>
    <TD STYLE="text-align: center">3.83%</TD>
    <TD STYLE="text-align: center">5.06%</TD>
    <TD STYLE="text-align: center">10.14%</TD>
    <TD STYLE="text-align: center">10.14%</TD>
    <TD STYLE="text-align: center">10.21%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.32%</TD>
    <TD STYLE="text-align: center">1.26%</TD>
    <TD STYLE="text-align: center">8.33%</TD>
    <TD STYLE="text-align: center">16.63%</TD>
    <TD STYLE="text-align: center">20.72%</TD>
    <TD STYLE="text-align: center">23.46%</TD>
    <TD STYLE="text-align: center">27.00%</TD>
    <TD STYLE="text-align: center">28.96%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">28.96%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Holding, Transportation and others</TD>
    <TD STYLE="text-align: center">0.18%</TD>
    <TD STYLE="text-align: center">1.04%</TD>
    <TD STYLE="text-align: center">8.44%</TD>
    <TD STYLE="text-align: center">9.09%</TD>
    <TD STYLE="text-align: center">9.09%</TD>
    <TD STYLE="text-align: center">9.09%</TD>
    <TD STYLE="text-align: center">9.09%</TD>
    <TD STYLE="text-align: center">9.09%</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">12.31.2022</TD>
    <TD STYLE="font-weight: bold; text-align: center">Undue</TD>
    <TD STYLE="font-weight: bold; text-align: center">30 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">60 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">90 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">120 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">150 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">180 days</TD>
    <TD STYLE="font-weight: bold; text-align: center">+ 180 days</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Oil and Gas</TD>
    <TD STYLE="text-align: center">0.18%</TD>
    <TD STYLE="text-align: center">0.48%</TD>
    <TD STYLE="text-align: center">13.24%</TD>
    <TD STYLE="text-align: center">31.50%</TD>
    <TD STYLE="text-align: center">32.01%</TD>
    <TD STYLE="text-align: center">32.09%</TD>
    <TD STYLE="text-align: center">32.31%</TD>
    <TD STYLE="text-align: center">32.38%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Generation</TD>
    <TD STYLE="text-align: center">0.08%</TD>
    <TD STYLE="text-align: center">0.26%</TD>
    <TD STYLE="text-align: center">2.54%</TD>
    <TD STYLE="text-align: center">7.11%</TD>
    <TD STYLE="text-align: center">14.37%</TD>
    <TD STYLE="text-align: center">21.39%</TD>
    <TD STYLE="text-align: center">27.22%</TD>
    <TD STYLE="text-align: center">33.01%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Petrochemicals</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Holding, Transportation and others</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD>
    <TD STYLE="text-align: center">0.00%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, although cash, cash equivalents
and financial assets are also subject to the impairment requirements of IFRS 9, the identified impairment loss is immaterial.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Allowance of impairment of financial assets
and other credits evolution as of December 31, 2024, 2023 and 2022, is detailed in Note 12.3.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&#8217;s maximum exposure to
credit risk is based on the book value of each financial asset in the Consolidated Financial Statements. On the basis of the change in
an assumption, while holding all other assumptions constant, a 5% increase/(decrease) in the estimated trade receivables&#8217; uncollectibility
rate would result in US$ 0.05 million (decrease)/increase in fiscal year&#8217;s results, before income tax.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.75in; text-align: justify; text-indent: -0.75in"><I>6.2.1.3
Liquidity risk</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The liquidity risk is associated with
the Company&#8217;s capacity to finance its commitments and conduct its business plans with stable financial sources, as well as with
the indebtedness level and the financial debt maturities profile. The cash flow projection is made by the Financial Department.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company Management supervises updated
projections on liquidity requirements to guarantee the sufficiency of cash and liquid financial instruments to meet operating and financing
needs of the Company while keeping at all times a sufficient margin of unused credit facilities. In this way, the aim is that the Company
does not breach indebtedness levels or the Covenants, applicable, of any credit facility. Those projections take into consideration the
Company&#8217;s debt financing plans, the meeting of the covenants and, if applicable, the external regulatory or legal requirements such
as, for example, restrictions on the use of foreign currency. Additionally, the Financial Department regularly monitors the available
credit for the Company, both in the local and international capital market as well as in the banking sector.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Excess cash and balances above working
capital management requirements are managed by the Company&#8217;s Treasury Department, which invests them in marketable securities, term
deposits and mutual funds, selecting instruments having proper currencies and maturities, and an adequate credit quality and liquidity
to meet cash needs estimated in the previously indicated projections.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company keeps its sources of financing
diversified between banks and the capital market, and it is exposed to the refinancing risk at maturity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0pt; text-align: justify">The determination of the Company&#8217;s
liquidity index for fiscal years ended December 31, 2024 and 2023 is detailed below:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Current assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,380</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,336</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Current liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">1,302</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">521</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Liquidity ratio</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">1.83</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">2.56</TD></TR>
  </TABLE>



<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table includes an analysis
of the Company trade receivables, other receivables and financial liabilities, grouped according to their maturity dates and considering
the period remaining until their contractual maturity date from the date of the Consolidated Financial Statements. Derivative financial
instruments are included in the analysis if their contractual maturities are essential for the understanding of the cash flow calendar.
The amounts shown in the table are the contractual undiscounted cash flows.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 44%">As of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and other payables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">330</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">237</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">480</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">334</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">66</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">75</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">250</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">735</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">977</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Non set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">146</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">563</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">337</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,776</TD></TR>
  </TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 44%">As of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Trade and other payables <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Borrowings</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">261</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">223</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">63</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">13</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">15</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">236</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">10</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">31</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">277</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Two to five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">6</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">907</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>More than five years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">306</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Non set maturity term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">24</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">314</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">284</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,789</TD></TR>
  </TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Includes Lease Liabilities (see Note 19).</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">6.3
Capital risk management</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The aims of managing capital are to safeguard
its capacity to continue operating as an on-going business with the purpose of generating return for its shareholders and benefits to
other stakeholders, and keeping an optimal capital structure to reduce the cost of capital.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">To keep or adjust its capital structure,
the Company may adjust the amount of the dividends paid to its shareholders, reimburse capital to its shareholders, issue new shares,
conduct stock repurchase programs or sell assets to reduce its debt.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In line with industry practices, the Company
monitors its capital based on the leverage ratio. This ratio is calculated by dividing the net debt by the total capital. The net debt
equals the total indebtedness (current and non-current) minus cash and cash equivalents and current financial assets at fair value through
profit and loss. The total capital corresponds to the shareholders&#8217; equity as shown in the statement of financial position, plus
the net debt.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Financial leverage ratios as of December
31, 2024 and 2023 were as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 54%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 20%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Total borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,079</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,448</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less: cash and cash equivalents, and financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(1,588)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">(730)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Net debt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">491</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">718</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Total capital</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,777</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,122</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Leverage ratio</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12.99%</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23.00%</TD></TR>
  </TABLE>

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

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 7</U>: SEGMENT INFORMATION</P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Oil and Gas</B>, principally consisting
of the Company&#8217;s interests in oil and gas areas and through its direct and indirect interest in CISA (until the corporate reorganization
detailed in Note 5.1) and PECSA.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Generation</B>, principally consisting
of the Company&#8217;s direct and indirect interests in HINISA, HIDISA, Greenwind (until its divestment on August 16, 2023), VAR, CTB,
TMB, TJSM and through its own electricity generation activities through thermal plants CTG, CPB, Piquirenda, CTLL, CTGEBA, Ecoenerg&iacute;a,
CTPP, CTIW, the HPPL hydroelectric complex and PEPE II, PEPE III, PEPE IV and PEPE IV wind farms. It is worth highlighting that the results
of the segment&#8217;s operations reflect the effects of the consolidation with Greenwind from August 12, 2022 to August 16, 2023 and
with VAR as from December 16, 2022.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Holding, Transportation and Others</B>,
principally consisting of our stake in joint businesses CITELEC and CIESA and their respective subsidiaries holding the concession over
high-voltage electricity transmission and gas transportation, respectively, the direct interest in VMOS and the indirect interest in OCP,
holding activities, and other investment activities. It is worth highlighting that the results of the segment&#8217;s operations reflect
the effects of the consolidation with OCP as from August 30, 2024, and include the crude oil transportation activity until the termination
of the concession on November 29, 2024, see Note 5.2.1.</P>

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

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


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 7</U>:</B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 43%">Consolidated profit and loss information for the year ended December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - local market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">515</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">669</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">326</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">65</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,575</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Revenue - foreign market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">108</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">190</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">301</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Intersegment revenue</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(107)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Cost of sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(515)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(367)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(487)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,279)</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">Gross profit</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">215</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">305</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">48</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">597</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(58)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(74)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(52)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(98)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(239)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Exploration expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Other operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">87</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">175</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Other operating expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(28)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(88)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(56)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">167</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">146</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Profit from sale of companies&acute; interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">34</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">34</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">Operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">69</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">204</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">43</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">124</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">440</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Financial income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(96)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(185)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">183</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">211</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(105)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">138</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">58</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">Profit (Loss) before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(36)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">342</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">68</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">124</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">498</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(33)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">121</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: middle">Profit (Loss) of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">461</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">72</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">619</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">237</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">342</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/1pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;</P>

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


<!-- Field: Page; Sequence: 73 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">in million of US$</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; width: 43%">Consolidated profit and loss information for the year ended December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Owners of the company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">461</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">72</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">91</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">619</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Non-controlling interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">Consolidated financial position information as of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,918</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,155</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">173</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,116</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,345</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,583</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">857</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">109</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">518</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,050</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Net book values of property, plant and equipment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,183</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,357</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">39</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,607</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid">Additional consolidated information as of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">354</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">475</TD></TR>
  </TABLE>

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

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

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


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 7</U>:</B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 0.5pt solid">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left;  width: 40%">Consolidated profit and loss information for the year ended December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 11%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Revenue - local market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">402</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">648</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">359</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,423</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Revenue - foreign market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">161</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">148</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">309</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Intersegment revenue</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(103)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Cost of sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(412)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(354)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(444)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,107)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Gross profit</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">254</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">294</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">63</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">625</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(49)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(66)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(74)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(55)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(185)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Exploration expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Other operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">86</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">13</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">177</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Other operating expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(32)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(22)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(88)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">(Impairment) Recovery of impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(39)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Profit from sale of companies&acute; interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">140</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">272</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">45</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(33)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">424</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Financial income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(203)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(119)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(45)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(364)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">280</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">278</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">558</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(216)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">163</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">240</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">199</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(76)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">435</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">57</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">207</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">623</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Income tax</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(225)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(27)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(95)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(318)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Profit (Loss) of the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(47)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">210</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">112</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">305</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">166</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">267</TD></TR>
  </TABLE>

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

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


<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: left; ">Consolidated profit and loss information for the year ended December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 0.5pt solid; ">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle;  width: 40%">Total profit (loss) of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 11%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Owners of the company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Non-controlling interest</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(47)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">207</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">112</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">302</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; ">Consolidated financial position information as of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,396</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,684</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">157</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">631</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4,722</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,213</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">729</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">137</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">376</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,309</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; ">Net book values of property, plant and equipment</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right">1,138</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,345</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,544</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; ">Additional consolidated information as of December 31, 2023</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Increases in property, plant and equipment and right-of-use assets</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">556</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">259</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">827</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 0.5pt solid">in million of US$</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 39%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Petrochemical</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Holding, Transportation and others</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">370</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">663</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">425</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,478</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">159</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">192</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">351</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Intersegment revenue</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(117)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Cost of sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(350)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(370)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(536)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">117</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1,139)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold; text-align: left">Gross profit</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">296</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">293</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">81</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">690</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Selling expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(45)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(17)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(65)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Administrative expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(60)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(39)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(38)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(142)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Other operating income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">131</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Other operating expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(26)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(46)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(38)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Impairment of financial assets&acute;&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">65</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">105</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold; text-align: left">Operating income&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">194</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">336</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">52</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">49</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">631</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Financial income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Financial costs</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(107)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(82)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(36)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(221)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(28)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">72</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">116</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">166</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Financial results, net</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(133)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(9)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(50)</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold; text-align: left">Profit before income tax</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">61</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">327</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">55</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">138</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">581</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Income tax</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(16)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(73)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(20)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(124)</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: middle">Profit of the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">254</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">118</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; vertical-align: middle; text-align: right">457</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Depreciation and amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">125</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">82</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">212</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center; ">in million of US$</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left;  width: 39%">Consolidated profit and loss information for the year ended December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">Generation</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Petrochemical</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 10%">Holding, Transportation and others</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit of the year attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">45</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">253</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">40</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">118</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">456</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Non-controlling interest</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left; ">Consolidated financial position information as of December 31, 2022</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,234</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">2,464</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">177</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,028</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(161)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,742</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Liabilities</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,248</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">979</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">147</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">245</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(161)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,458</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom; text-align: left">Net book values of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">807</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,299</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">24</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">34</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,164</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; ">Additional consolidated information as of December 31, 2022</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases in property, plant and equipment, intangible assets and right-of-use assets <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">324</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">115</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">482</TD></TR>
  </TABLE>

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


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 8</U>: REVENUE</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify;  width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify;  width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Gas sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">485</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">432</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">383</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Oil sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">127</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">121</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">136</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">623</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">563</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">529</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Energy sales in Spot Market</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">206</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">196</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">210</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">356</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">363</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">346</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Fuel supply</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">102</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">87</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">672</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">648</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">663</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Products from catalytic reforming sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">277</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">217</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">270</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Styrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">71</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Synthetic rubber sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">106</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Polystyrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">83</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">131</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">141</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">516</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">507</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">617</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Technical assistance and administration services sales</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">40</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Holding, Transportation and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">65</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Total revenue <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">1,876</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,732</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,829</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Revenues from CAMMESA represent 33%, 33% and 31% of total revenues for the fiscal years ended December&nbsp;31,
2024, 2023 and 2022, respectively, and correspond mainly to the Oil &amp; Gas and Generation segments.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 9</U>: COST OF SALES</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center;  width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center;  width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; ">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; ">&nbsp;</TD>
    <TD STYLE="text-align: right">205</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">173</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">155</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; ">Plus: Charges of the year</TD>
    <TD STYLE="font-weight: bold; ">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">450</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">411</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">502</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">90</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">85</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Employees benefits</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Defined benefit plans</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; ">Works contracts, fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle; text-align: right">128</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">111</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">97</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Property, plant and equipment depreciation</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">328</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">254</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">202</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Intangible assets amortization</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Right-of-use assets amortization</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Energy transportation</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Transportation and freights</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Consumption of materials</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">27</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Penalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Maintenance</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">61</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">47</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Canons and royalties</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">97</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">92</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">89</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Environmental control</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Rental and insurance</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Surveillance and security</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Other</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">Total charges of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,297</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,139</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,157</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">Less: Inventories at the end of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(223)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(205)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(173)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,279</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1,107</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1,139</TD></TR>
  </TABLE>

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE
INCOME</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">10.1 Selling expenses</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Employees benefits</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Fees and compensation for services</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Taxes, rates and contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">15</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Transportation and freights</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">49</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Other</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; ">Total selling expenses</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">74</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">66</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">65</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">10.2
Administrative expenses</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Salaries and social security charges</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">64</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">58</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Employees benefits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Defined benefit plans</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">39</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">29</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">37</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Directors' and Sindycs' fees&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Property, plant and equipment depreciation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Maintenance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Transport and per diem</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Rental and insurance</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Surveillance and security</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Taxes, rates and contributions</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Communications</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; ">Total administrative expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">239</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">185</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">142</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">10.3
Exploration expenses</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center;  width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center;  width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Geological and geophysical expenses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; ">Derecognition of unproductive wells&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; ">Total exploration expenses</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">7</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">-</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">10.4
Other operating income and expenses</P>


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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Note</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2023</TD>
    <TD STYLE="text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline">Other operating income</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Insurance recovery</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Services provided to third parties</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for property, plant and equipment sale</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">11</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from intangible assets sale</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Recovery of provision for contingencies</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">30</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Expenses recovery</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Commercial interests</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">50</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">70</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">27</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual indemnity</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">GasAr Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">55</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Compensation for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">37</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Export Increase Program</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">19</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">24</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Fair value of consortiums' previous interest&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">175</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">177</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">131</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle">Other operating expenses</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for contingencies</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(36)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(8)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Provision for environmental remediation</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(4)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(2)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax on bank transactions&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(18)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(14)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PAIS import tax</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Donations and contributions</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(3)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Institutional promotion</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(4)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Costs of concessions agreements completion</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Contractual penalty</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Readjustment of investment plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(9)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Royalties GasAr Plan</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(8)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(8)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Ecuador's transactional agreement&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Impairment of other receivables</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other contractual expenses</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(6)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(8)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(6)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total other operating expenses</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(88)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(88)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(46)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

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

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


<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">10.5
Financial results</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" width: 48%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; ">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial interests&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Other interests</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">23</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Total financial income</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">32</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; ">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&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></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Financial interests <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(145)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(304)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(172)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Commercial interests</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Fiscal interests</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(28)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(47)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(38)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Other interests</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(6)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Bank and other financial expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Total financial costs</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; "><U></U></TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(185)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(364)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(221)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; ">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">123</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">239</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">444</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from repurchase and exchange of CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Total other financial results</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">211</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">558</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">166</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">Total financial results, net</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; ">58</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">199</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(50)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Net of US$ 8 million, US$ 21 million and US$ 11 million capitalized in property,
plant and equipment for the years ended December 31, 2024, 2023 and 2022, respectively. </FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">10.6
Income tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The breakdown of income tax charge is:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Current tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">280</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">99</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Deferred tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(405)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">272</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total income tax - (Profit) Loss&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(121)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">318</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">124</TD></TR>
  </TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: middle; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: middle;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">498</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">623</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">581</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Current income tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">35%</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">35%</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">35%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax at the statutory tax rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">174</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">218</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">203</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit from companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(52)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-taxable results</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(17)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Effects of exchange differences and other results associated with the valuation of the currency, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">136</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">752</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">275</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(737)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,146)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(575)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Difference between previous fiscal year income tax provision and deferred tax and the income tax statement</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Effect for tax inflation adjustment</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">346</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">501</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">253</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Non-deductible cost</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">(Recovery of impairment) Impairment of deferred assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total income tax - (Profit) Loss&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(121)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">318</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">124</TD></TR>
  </TABLE>

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

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.1
Property, plant and equipment</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 31%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 8%">Increases <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 9%">Increases for incorporation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 9%">Decreases</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 10%">Impairment</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: black 0.5pt solid; text-align: center;  width: 9%">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Lands</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Buildings</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">144</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">144</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Equipment and machinery</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">1,960</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">353</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(11)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(60)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2,245</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Wells</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">1,195</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">8</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">257</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(52)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(95)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,313</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Mining property</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">198</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">195</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Vehicles</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Furniture and fixtures and software equipment</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">62</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">4</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(29)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">40</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Communication equipments</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Materials, spare parts and tools</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">55</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(49)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">48</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Petrochemical industrial complex</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Civil works</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">38</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">62</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Work in progress</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">420</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">382</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(562)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">239</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Advances to suppliers</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">64</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">21</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(47)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">38</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2024</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,169</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">472</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(99)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(155)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,390</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2023</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">3,683</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">814</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(160)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(168)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4,169</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #222222">Includes US$ 8 million and U$S 21 million corresponding to
capitalized financial costs in the fiscal year ended December 31, 2024 and 2023.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt; color: #222222">See Note 5.2.1.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 31%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 8%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 8%">Decreases&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 9%">For the year <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 9%">At the end</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 10%">At 12.31.2024</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 9%">At 12.31.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Lands</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">14</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Buildings</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(83)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(9)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(92)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">52</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Equipment and machinery</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(748)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">9</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(146)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">43</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(842)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1,403</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">1,212</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Wells</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(578)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">17</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(161)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">78</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(644)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">669</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">617</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Mining property</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(124)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(8)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(129)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">66</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">74</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Vehicles</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(8)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Furniture and fixtures and software equipment</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(57)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">27</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(5)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(35)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">5</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Communication equipments</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Materials, spare parts and tools</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">45</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">41</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Petrochemical industrial complex</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(22)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(26)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">14</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">10</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Civil works</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">59</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">23</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Work in progress</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">239</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">420</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Advances to suppliers</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: left; ">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">38</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">64</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2024</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,625)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">57</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(336)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">121</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(1,783)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">2,607</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2023</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,519)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">25</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(261)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">130</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1,625)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">2,544</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">As of December 31, 2024, the composition of the segments is as follows: Oil and gas US$ 236&nbsp;million,
Generation US$ 95 million; and Petrochemicals US$ 5&nbsp;million.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

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


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.1.1 <U>Impairment of Property, plant and
equipment</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company regularly monitors the existence
of events or changes in circumstances which may indicate that the book value of property, plant and equipment may not be recoverable in
accordance with the policy described in Notes 4.8 and 6.1.1.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the six-month period ended December
31, 2024, the Company has identified impairment indicators in the Rinc&oacute;n del Mangrullo and el Tordillo / la Tapera CGUs in the
oil and gas segment in view of its strategy to focus its investments on the development and exploitation of its unconventional oil and
gas reserves, and particularly to comply with the drilling, construction and facility adequacy commitments in the Rinc&oacute;n de Aranda
block. In light of the aforementioned impairment indicators, the Company determined the recoverable value of those CGUs.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The methodology used in the estimation
of the recoverable amount consisted on calculating each CGU value in use on the present value of future net cash flows expected to be
generated by the CGU, discounted with a rate reflecting the weighted average costs of the invested capital.</P>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024 and 2023, the
recoverability assessment resulted in the recognition of impairment in the Rinc&oacute;n del Mangrullo and El Tordillo / La Tapera blocks
for US$ 34.1 million and US$ 37.7 million, respectively.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash flows were prepared based on estimates on
the future behavior of certain key assumptions for the determination of the value in use, including the following: (i) reference prices
for products; (ii) production projections; (iii) costs evolution; and (iii) a 10.8% and 12.2% after-tax WACC rate for 2024 and 2023, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, it is important to highlight
that as of December 31, 2024 and 2023, the book value of the oil and gas segment assets, including the goodwill assigned to the segment,
does not exceed its recoverable value.</P>

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

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.2
Intangible assets</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 0.5pt solid; text-align: center; ">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 39%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 11%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 11%">Increases</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Decreases</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 11%">Impairment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center;  width: 11%">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Concession agreements</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">35</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">71</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2024</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">111</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">145</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">(39)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">108</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">For the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; ">Impairment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; ">At the end</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Concession agreements</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(2)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(10)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(4)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(14)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2024</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(4)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(16)</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2023</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">(5)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; ">(12)</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 11%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 11%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 0.5pt solid; text-align: center; ">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 0.5pt solid; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 0.5pt solid; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="border-bottom: black 0.5pt solid; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2023</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Goodwill <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">61</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Digital assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 12.31.2024</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Recoverable price based on the market value of digital assets</FONT><FONT STYLE="font-size: 8pt">.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Assigned to oil and gas segment</FONT><FONT STYLE="font-size: 8pt">.</FONT></TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.3
Deferred tax assets and liabilities</P>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">The composition of the deferred tax assets and liabilities
is as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 51%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 15%">12.31.2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 15%">Profit (Loss)</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 15%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Tax loss carryforwards</TD>
    <TD STYLE="text-align: right">144</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(135)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Property, plant and equipment</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">210</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">210</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Provisions</TD>
    <TD STYLE="text-align: right">53</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Defined benefit plans</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">10</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Taxes payables</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Trade and other payables</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">203</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">80</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">283</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(222)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">192</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="text-align: right">(34)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(32)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Investments in companies</TD>
    <TD STYLE="text-align: right">(7)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Inventories</TD>
    <TD STYLE="text-align: right">(45)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(36)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right">(18)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right">(10)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right">(163)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">105</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(58)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax liability</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(500)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">325</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(175)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax (liability) asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(297)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">405</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">108</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt; line-height: 115%"></FONT></P>

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

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 43%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 12%">12.31.2022</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center;  width: 12%">Profit (Loss)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Increases&nbsp;&nbsp;for incorporation</TD>
    <TD STYLE="vertical-align: bottom;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 12%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Tax loss carryforwards</TD>
    <TD STYLE="text-align: right">19</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">125</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">144</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Property, plant and equipment</TD>
    <TD STYLE="text-align: right">151</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(151)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Provisions</TD>
    <TD STYLE="text-align: right">59</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">53</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Defined benefit plans</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">243</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(42)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">203</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(79)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(188)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">45</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(222)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="text-align: right">(35)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(34)</TD></TR>
  <TR STYLE="vertical-align: middle; ">
    <TD STYLE="text-align: left">Investments in companies</TD>
    <TD STYLE="text-align: right">(8)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Inventories</TD>
    <TD STYLE="text-align: right; ">(19)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(26)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(45)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="text-align: right; ">(15)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(18)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Trade and other receivables</TD>
    <TD STYLE="text-align: right; ">(23)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">12</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(10)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Taxes payables</TD>
    <TD STYLE="text-align: right; ">(2)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right; ">(138)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(28)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">3</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(163)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax liability</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">(319)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">(230)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">49</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right; ">(500)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax (liability) asset&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(76)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(272)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">51</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(297)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Deferred tax assets and liabilities are
offset in the following cases: a) when there is a legally enforceable right to offset tax assets and liabilities; and b) when deferred
income tax charges are associated with the same fiscal authority. The following table shows the figures disclosed on the Consolidated
Statement of Financial Position, which for its determination, were adequately compensated:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax asset</TD>
    <TD STYLE="text-align: right; ">157</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax liability</TD>
    <TD STYLE="text-align: right; ">(49)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(297)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax asset (liability)&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">108</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(297)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.4
Inventories</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle;  width: 56%"><U></U></TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">160</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">129</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">6</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">57</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">72</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">223</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">205</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #222222"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">It includes impairment loss as a result of the performed recoverability assessment
for US$ 0.04 million and US$ 3 million as of December 31, 2024 and 2023, according with the policy described in Note 4.13.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.5
Provisions</P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Contingencies</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">109</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">26</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total Non-Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">137</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Asset retirement obligation and wind turbines decommisioning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The evolution of the provisions is set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt;  width: 16%">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">109</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">29</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">41</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">8</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Decrease due to sale of equity interests in areas</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(50)</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(6)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">95</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">30</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Contingencies</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; ">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">(9)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reversal of unused amounts</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">109</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">29</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Contingencies</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; ">Asset retirement obligation and decommisioning&nbsp;&nbsp;of wind turbines</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>At the beginning of the year</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">106</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases for incorporation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Decreases</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Foreign currency exchange difference</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>

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

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

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

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

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


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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.5.1
<U>Provision for Environmental remediation</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is subject to extensive environmental
regulations in Argentina. The Company&#8217;s management believes that its current operations are in compliance with applicable environmental
requirements, as currently interpreted and enforced, including regulatory remediation commitments assumed. The Company undertakes environmental
impact studies for new projects and investments and, to date, environmental requirements and restrictions imposed on these new projects
have not had any material adverse impact on Pampa&#8217;s business.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In particular, the Province of La Pampa
has submitted a claim to the Company regarding the abandonment of certain wells and the execution of certain tasks associated with the
relinquishment of the Jag&uuml;el de los Machos and Medanito blocks, which took place in 2015 and 2016, respectively. The Company has
challenged the different administrative acts passed by the provincial authorities (including a governor&#8217;s executive order) and is
addressing claims for the Jag&uuml;el de los Machos block in the judicial jurisdiction. During the month of March 2021 the province answered
the complaint and the Company has started formal negotiations to resolve the dispute, agreeing on the suspension of procedural time limits.
As of December 31, 2024, the Company maintains recorded provisions, regarding these claims, for the estimate of remediation work costs
to be incurred in these blocks.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has performed a sensitivity
analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company&#8217;s
results of operations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.5.2
<U>Asset retirement obligations and wind turbines decommissioning</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to the regulations in force in
Argentina, where it develops its oil and gas exploration and production operations, the Company is under an obligation to incur costs
associated with the plugging and abandonment of wells. Furthermore, pursuant to the associated usufruct agreements, the Company is under
an obligation to decommission wind turbines in wind farms.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has performed a sensitivity
analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company&#8217;s
results of operations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">11.5.3
<U>Provision for legal proceedings</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company (directly or indirectly through
subsidiaries) is a party to several civil, commercial, contentious-administrative, tax, custom and labor proceedings and claims that arise
in the ordinary course of its business. In determining a proper level of provision, the Company has considered its best estimate mainly
with the assistance of legal and tax advisors.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company has
recorded provisions for US$ 73.8 million in relation to the following processes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">There are a significant number of files pending before the National Tax Court (&#8220;NTC&#8221;)
                                                            regarding gasoline exports, where the tax entity challenges the tariff heading assigned by Petrobras Argentina S.A. in 2008-2014.
                                                            The Treasury&#8217;s position involves a higher export duty rate. In five files, the NTC ruled in favor of the Company. Three of
                                                            which were accepted by the Fiscal authority
and, consequently, became final. In the remaining two files, the period for the Fiscal authority to appeal is underway.</TD></TR></TABLE>




<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify"></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Petrobras Operaciones S.A. (&#8220;POSA&#8221;) has filed an international arbitration claim against the
Company before the ICC on account of alleged breaches to the Assignment Agreement entered into between Petrobras Argentina S.A. (currently
Pampa) and POSA in 2016 for the transfer of a 33.6% interest in the &#8220;R&iacute;o Neuqu&eacute;n&#8221; Concession. The breaches alleged
by POSA in its arbitration claim consisted of the failure to transfer certain assets associated with the assigned interest, and differences
in the calculation of adjustments in the assignment price. The arbitration was conducted according to the ICC Rules of Arbitration, the
applicable law is the one of the Republic of Argentina, and the seat of arbitration is Buenos Aires, Argentina. On April 3, 2024, the
ICC Court notified the parties of the Final Award issued on April 2, 2024, resolving to: (i) disallow all but one of POSA&#8217;s claims,
ordering the Company to pay the corresponding 33.60% of (a) the revenues collected under the Leasing Agreement up to the Final Award&#8217;s
date for US$ 18.8 million, plus a 6% annual interest rate, and (b) the payments that the Company receives in the future under the before-mentioned
agreement; and (ii) sustain the Company&#8217;s counterclaim for US$ 2 million plus interest at an annual 6% rate. On April 10, 2024,
the Company filed an appeal for partial annulment against the Final Award.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Additionally, the Company has recorded
provisions for civil, commercial, environmental, administrative, labor, tax and customs complaints brought against the Company corresponding
to atomized claims with individual unsubstantial amounts, as well as charges for judicial costs and expenses which, as of December 31,
2024, amount to US$ 21.7 million.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.6
Income tax and minimum notional income tax liability</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">69</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">50</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Minimum notional income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">6</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">75</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">55</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">257</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">257</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 12pt 0 8pt">11.6.1 <U>Income tax liability</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company accrued the effect of the
tax inflation adjustment in the calculation of the current and deferred income tax provision for each of the fiscal years in which the
cumulative CPI variation provided by Law No. 27,430 was exceeded, except in those cases when, on being interim fiscal periods, the mentioned
legal parameter has not been exceeded for each of the annual periods.</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The tax inflation adjustment mechanism
set out in Title VI and different supplementary sections of the Income Tax Law is inconsistent in certain aspects generating a confiscatory
lien, including, but not limited to, the failure to update tax losses and the cost of acquisitions or investments made before January
1, 2018, which bears resemblance with the parameters in re &#8220;Candy S.A.&#8221; and &#8220;Telef&oacute;nica&#8221;, where the CSJN
ordered the application of the inflation adjustment mechanism.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the Company and
its subsidiaries hold a provision for the additional income tax liabilities that should have been assessed due to the stated reasons.
The amount provisioned for the periods not prescribed and/or those without a final and conclusive judgment in favor of the Company, including
compensatory interest, amounts to US$ 69 million.</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 12pt 0 8pt">11.6.2 <U>Minimum Notional Income Tax liability</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company and its subsidiaries have
filed a petition for declaratory relief under Sect. 322 of the Federal Code of Civil and Commercial Procedure to gain assurance as to
the application of the minimum notional income tax for the fiscal years 2011-2018 based on CSJN&#8217;s decision in re &#8220;Hermitage&#8221;
passed on June 15, 2010. In this established precedent, the CSJN declared the unconstitutionality of this tax on the grounds that it is
unreasonable and it breaches the taxpaying capacity principle when the absence of taxable income in the period evidences that the income
presumed by the legislator has not existed.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">However, on August 26, 2021, the CSJN
dismissed the tax refund claim lodged by the Company for the 2008 and 2009 periods alleging that, despite the evidenced tax losses, the
existence of accounting profits is a manifestation of the taxpaying capacity and, therefore, the precepts of the Hermitage precedent are
not met.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Considering the CSJN&#8217;s current position,
the Company and its subsidiaries have recorded, for non-prescribed periods presenting tax losses and accounting profits, liabilities on
the amount of the applicable interest on the Notional Income Tax, plus the determined tax provision for those cases in which Minimum Notional
Income Tax is not considered to be computable as an Income Tax advance payment. This liability is disclosed under &#8220;Non-Current Income
tax and minimum notional income tax provision&#8221;. The mentioned liability amounts to US$ 6 million.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.7
Tax liabilities</P>


<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Value added tax</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Personal assets tax provision&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">10</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Tax withholdings to be deposited</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Royalties</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">6</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">30</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">14</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.8
Defined benefits plans</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The main characteristics of benefit plans
granted to Company employees are detailed below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt">(i)</TD><TD STYLE="text-align: justify"><U>Pension and retirement benefits</U>: Benefit plan whereby Company employees, in some cases covered
by certain collective bargaining agreements, meeting certain conditions are eligible to receive upon retirement, and in some cases, disability
or death, a certain number of salaries according to the provisions of the plan or collective bargain agreement, if applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt">(ii)</TD><TD STYLE="text-align: justify"><U>Compensatory plan:</U> Benefit plan whereby some of the Company employees meeting certain conditions
are eligible to receive upon retirement a certain amount according to the provisions of the plan (based on the last computable salary
and the number of years working for the Company) after deducting the benefits from the pension system. The plan, until 2003, called for
a contribution to a fund exclusively by the Company and without any contribution by the employees. These contributions were derived to
a trust fund and were invested in U.S. dollar-denominated money market instruments in order to preserve the accumulated capital and obtain
a return in line with a moderate risk profile. Funds were mainly invested in U.S. government bonds, commercial papers rated A1 or P1,
AAAm- rated mutual funds and time deposits in banks rated A+ or higher in the United States of America, in accordance with the Trust Agreement
dated on March 27, 2002 entered with The Bank of New York Mellon, duly amended by the Permitted Investment Letter dated on September 14,
2006. The Bank of New York Mellon is the trustee and Willis Towers Watson is the managing agent. In case there is an excess, duly certified
by an independent actuary, of the funds to be used to settle the benefits granted by the plan, the Company will be entitled to choose
to use it, in which case it may have to notify the trustee thereof.</TD></TR></TABLE>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, 2023 and 2022,
the most relevant actuarial information corresponding to the described benefit plans is the following:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >At the beginning of the year</TD>
    <TD STYLE="text-align: right">23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Current services cost</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Interest cost</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Actuarial (gains) losses</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Benefit payments</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">(Gains) Losses on exchange difference</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">41</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">37</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" width: 50%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 16%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >At the beginning of the year</TD>
    <TD STYLE="text-align: right">38</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Current services cost</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Interest cost</TD>
    <TD STYLE="text-align: right">29</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Actuarial losses (gains)</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Benefit payments</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>(Gains) Losses on exchange difference</TD>
    <TD STYLE="text-align: right">(49)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(43)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; line-height: 115%"></FONT></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 8pt; line-height: 115%"></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of the obligation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">Present value of assets</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 16%">Net liability at the end of the year</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >At the beginning of the year</TD>
    <TD STYLE="text-align: right">33</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in profit or loss&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Current services cost</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Interest cost</TD>
    <TD STYLE="text-align: right">15</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(2)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Items classified in other comprehensive<BR>
&nbsp;income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 24px; text-align: left; ">Actuarial losses</TD>
    <TD STYLE="text-align: right">9</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Benefit payments</TD>
    <TD STYLE="text-align: right">(3)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>(Gains) Losses on exchange difference</TD>
    <TD STYLE="text-align: right">(17)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; ">At the end of the year</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">38</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">34</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, 2023 and 2022,
the breakdown of net liabilities per type of plan is as follows: a) US$ 20 million, US$ 10 million and US$ 17 million correspond to the
Pension and Retirement Benefits Plan and b) US$ 17 million, US$ 10 million and US$ 17 million correspond to the Compensatory Plan, respectively.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Estimated expected benefits payments for
the next ten years are shown below. The amounts in the table represent the undiscounted cash flows and therefore do not reconcile to the
obligations recorded at the end of the year.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 24px; font-weight: bold; text-align: left; width: 75%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 25%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Less than one year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Six to ten years</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">16</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Significant actuarial assumptions used were
as follows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 16%">12.31.2024</TD>
    <TD STYLE="vertical-align: top; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center;  width: 16%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center;  width: 16%">12.31.2022</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Real discount rate</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5%</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Real wage increase rate</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1%</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Inflation rate</TD>
    <TD STYLE="text-align: center">29%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">156%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">118%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="line-height: 116%"></FONT></P>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following sensitivity analysis shows the
effect of a variation in the discount rate and salaries increase on the obligation amount:</P>

<P STYLE="font: 10pt/116% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 75%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 25%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Discount rate: 4%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">45</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">10%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Discount rate: 6%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">38</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(8%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Real wage increase rate: 0%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4%)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Real wage increase rate: 2%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Obligation</TD>
    <TD STYLE="text-align: right">43</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>Variation</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">4%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The sensitivity analyses are based on a change
in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions
may be correlated. Therefore, the presented analysis may not be representative of the actual change in the defined benefit obligation.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">11.9
Salaries and social security payable</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Salaries and social security contributions</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">6</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Provision for vacations</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Provision for gratifications and annual bonus for efficiency</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">24</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">39</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">19</TD></TR>
  </TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 12</U>: FINANCIAL ASSETS AND LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.1
Financial assets at amortized cost</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left; ">Current</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: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">80</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">101</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">80</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">105</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">Due to the short-term nature of investments at amortized cost, it
is considered that their book value does not differ from their fair value.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.2
Financial assets at fair value through profit and loss</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">27</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">27</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">35</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">692</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">389</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">110</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">37</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">88</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">11</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">850</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">559</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.3
Trade and other receivables</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: left;  width: 55%"><U></U></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="text-align: center;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2024</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; ">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">43</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Receivables for sale of associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Receivables for sale of assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Contractual indemnity receivable</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; ">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">18</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 5%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right;  width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; width: 17%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; width: 17%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2024</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center">12.31.2023</TD></TR>
  <TR >
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">172</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">105</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">107</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">288</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">209</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; ">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">11</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Guarantee deposits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">130</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Expenses to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Insurance to be recovered</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Receivables for sale of associates</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Receivables for sale of assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">GasAr Plan</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Contractual indemnity receivable</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Receivable for maintenance contract</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Advances to employees</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">200</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">87</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; ">488</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">296</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Due to the short-term nature of investments
at amortized cost, it is considered that their book value does not differ from their fair value. For non-current investments at amortized
cost, fair values also do not differ significantly from book values.</P>


<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">The movements in the impairment of financial assets were as
follows:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left;  width: 49%"><U></U></TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: top; text-align: center;  width: 5%"></TD>
    <TD STYLE="vertical-align: top; text-align: center;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 12%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; "></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR >
    <TD STYLE="vertical-align: top; text-align: left">Impairment</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">55</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR >
    <TD STYLE="vertical-align: top; text-align: left">Write off for utilization</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(54)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; ">Reversal of unused amounts</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; ">At the end of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0"><FONT STYLE="line-height: 115%"></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.4
Cash and cash equivalents</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 7%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2024</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Cash</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Banks</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">73</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">46</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">618</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">738</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">171</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.5
Borrowings</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2024</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">12.31.2023</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">32</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,341</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,224</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">1,373</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,224</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Bank overdrafts</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Financial borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">122</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">67</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">584</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">126</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">706</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">224</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; ">2,079</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">1,448</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024 and 2023, the
fair values of the Company&#8217;s CB amount approximately to US$ 1,912 million and US$ 1,350 million, respectively. Such values were
calculated on the basis of the determined market price of the Company&#8217;s CB at the end of each year (fair value level 1).</P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the Company is in compliance with the covenants established in its indebtedness contracts.</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2024</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2023</TD>
    <TD STYLE="text-align: center; font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 14%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowings at the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,448</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,613</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,438</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,174</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">424</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">308</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment of borrowings</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(236)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(191)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(143)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">145</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">304</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">172</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Payment of interests</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(145)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(280)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(162)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Repurchase and redemption of CB</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(313)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(6)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(28)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase and exchange of CB</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">10</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(1)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increases for incorporation</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">89</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Foreign currency exchange difference</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(12)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(356)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(80)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease for sale of subsidiaries</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(80)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">8</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">21</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; ">Borrowings at the end of the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,079</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,448</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,613</TD></TR>
  </TABLE>

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

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

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


<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">12.5.2 <U>Details of borrowings:</U></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 26%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">Book value as of 12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left">Corporate bonds <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)(2)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 19 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17,131</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">Badlar - 1%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Feb-25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 18 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">68</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">5.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Sep-25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 16 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">4.99%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Nov-25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 20 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">6.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Mar-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">54</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 9 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">120</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">9.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Dec-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">123</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">353</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">7.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">363</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 13 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">98</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">0.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Dec-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 22 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">5.75%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Oct-28</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">85</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">293</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">9.13%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">294</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 21 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">410</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">7.95%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Sep -31</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">410</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 23 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">360</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">7.88%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Dec-34</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">358</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,925</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: middle; text-align: left">Financial loans <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">3.00%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Mar-25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">36</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">4.25%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Apr-25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">40</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">5.40%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Mar-26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">3.00%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May-26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">117</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-decoration: underline">Other financial loans <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">283</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Variable</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">SOFR + 0%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Aug-25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAMPA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">US$</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Between 9.50% and 10.25%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Between Feb-25 and Sep-25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">GASA</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">U$S</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14,937</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">Fixed</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">3.25%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">May-25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">37</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">2,079</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Net of repurchases for a face value of US$ 76.2 million for Class 9 CB and US$ 7.5 million for Class 3
CB.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">During the current year, on February 5, 2024 and June 27, 2024, the Company redeemed all its Class 17
and Class 15 CB for a total amount of $ 5,980 million and $ 18,264 million, respectively. Additionally, the Company paid at maturity the
first redemption of Class 9 CB for a US$ 59 million amount net of repurchases. As of the date of issuance of these Consolidated Financial
Statements, US$ 47 million FV of the Class 20 CB and $17,131 million at maturity of Class 19 CB, were canceled.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">During the fiscal year ended December 31, 2024, the Company repaid: (i) short-term bank debt with local
financial institutions, net of cancellations, for $ 25,968 million; (ii) the last two principal installments of the FINNVERA Credit Facility
for US$ 8 million; and (iii) net import financing for the equivalent of US$ 16 million. In addition, it borrowed US$ 130 million net from
local banks. Post-closing, the Company borrowed US$ 31 million net bank debt.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">During the fiscal year ended December 31, 2024, the Company received disbursements in the amount of US$
223 million under the credit facilities taken out with BNP Paribas S.A. in 2020.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt">&nbsp;</P>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 26%">Type of instrument</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Company</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Residual value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 8%">Interest</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Rate</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 11%">Expiration</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">Book value as of 12.31.2023</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left"><U>Corporate bonds</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 17 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5,980</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Badlar + 2%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">May-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 15 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,264</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Badlar + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">29</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 18 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">72</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">5.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Sep-25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">73</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 16 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4.99%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Nov-25</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 9 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">179</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-26</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">184</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 1 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">597</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">7.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jan-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">611</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 13 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">98</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">0.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Dec-27</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">96</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Class 3 CB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">293</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9.13%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Apr-29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">292</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,350</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><U>Financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SOFR 6M + 4.21%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Nov-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,000</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between 80% and 110%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between Apr-24 and Jun-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; "><U>Other financial loans</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP>(4)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SOFR + 0.35%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Jul-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Variable</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">SOFR + 0%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Aug-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">US$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between 13% and 16%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between Jan-24 and Jun-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">CNY</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between 12% and 12.50%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between Mar-24 and Nov-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">54</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left"><U>Bank overdrafts</U> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">PAMPA</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">$</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">23,140</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Fixed</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between79.00% and 81.00%</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Between Jan-24 and Apr-24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">31</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">1,448</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Net of repurchases for a face value of US$ 113.7 million for 2026 CB, US$ 153.0 million of 2027 CB, and
US$ 7.5 million for 2029 CB.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">During the fiscal year ended December 31, 2023, the Company took out short-term bank loans with local
financial institutions, net of cancellations, for $ 16,535 million and import financing for CNY 37 million. Additionally, it took out
import financing, net, for US$ 6.2 million.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Regarding the FINNVERA credit facility and due to the discontinuation of the Libor benchmark interest
rate as from July 2023, on September 5, 2023, Pampa and CACIB (Credit Agricole Corporate &amp; Investment Bank) entered into an amendment
to the credit facility replacing the Libor rate with the Term SOFR rate for debt services after November 2023. In this same line, the
interest rate hedge agreement associated with the credit facility was also amended.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 7.1pt"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">During the fiscal year ended December 31, 2023, the Company received disbursements in the amount of US$
2.0 million under the credit facilities taken out with BNP Paribas S.A. in 2020.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -10.9pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">12.5.3 <U>Global Program of CB and frequent
issuer prospectus</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 30, 2021, the Company&#8217;s General
Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to approve the creation of a global corporate bonds program for an amount
of up to US$&nbsp;2,000 million or its equivalent in other currencies or units of value, in the form of simple corporate bonds non-convertible
into shares and/or corporate bonds convertible into shares. The public offering was authorized by the CNV on December 9, 2021.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, at the Board of Directors&#8217;
meeting held on August 9, 2023, the amount of the program was reduced to US$ 1,400 million to allocate US$ 600 million to the Company&#8217;s
frequent issuer regime. Such reduction was approved by the CNV in its Provision No. DI-2023-60-APN-GE#CNV dated November 13, 2023.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is registered as a frequent
issuer under No. 14 pursuant to Resolution No. DI-2021-4-APN-GE#CNV dated February 26, 2021 of the CNV&#8217;s Issuers Management Office,
which was ratified by Resolution No. DI-2024-26-APNGE#CNV dated April 30, 2024 of the CNV&#8217;s Issuers Management Office.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">12.5.4 <U>Issuance of Class 19, 20 and
22 CB </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On February 29, 2024, the Company issued
Class 19 CB for $ 17,131 million, accruing interest at a variable Badlar rate plus an applicable 1% annual negative margin and maturing
on February 28, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Later, on March 26, 2024, the Company
issued Class 20 CB for US$&nbsp;55.2&nbsp;million accruing interest at a fixed 6% rate and maturing on March 26, 2026, and on May 14,
2024 it reopened for an additional US$ 52.5&nbsp;million at an issuance price of US$ 1.0079.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, on October 4, 2024, the Company
issued Class 22 CB with a US$ 83.98 million FV, which will accrue interest at a fixed 5.75% rate and maturing on October 4, 2028.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">12.5.5 <U>Tender Offer and Redemption
of Class 1 CB - International issuance of Class 21 and 23 CB </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On August 26, 2024, Pampa launched the
cash tender offer to purchase at par its Class 1 CB issued on January 24, 2017 and maturing in 2027 for US$ 750 million face value at
an annual 7.5% fixed interest rate. The repurchase offer ended on September 5, 2024, reaching approximately 53% of the total, equivalent
to US$ 397 million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The funds for the buyback payment, the
interest accrued until the offer settlement date and certain issuance costs came from the successful placement of the Class 21 CB, issued
on September 10, 2024 for a face value of US$ 410 million, with an annual 7.95% fixed interest rate, an 8.25% yield and maturing on September
10, 2031.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, on December 16, 2024 and
under the frequent issuer prospectus, Pampa issued Class 23 CB for a US$ 360 million FV and at a fixed annual interest rate and yield
of 7.875% maturing in 2034. Funds were primarily destined for the redemption of all the Class 1 CB for a remaining outstanding amount
of US$&nbsp;353&nbsp;million, as announced on December 5, 2024.</P>


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The redemption took place on January 24,
2025 at a redemption price equivalent to 100% of the outstanding capital amount, plus interest accrued and unpaid as of the redemption
date under the terms of Class 1 CB&#8217;s trust agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.6
Trade and other payables</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom;  width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="vertical-align: bottom;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center;  width: 17%">12.31.2024</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center;  width: 17%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: top; ">
    <TD STYLE="text-decoration: underline; text-align: left">Non-Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">71</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">28</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Finance leases liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Contractual penalty debt</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; ">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">84</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">46</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; ">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">84</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; ">46</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; "><U></U></TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; ">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">206</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">186</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">13</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">15</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; ">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">233</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">210</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; ">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">12</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Liability for acquisition of companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; ">Finance leases liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">4</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Contractual penalty debt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="text-align: left">Various creditors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; ">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">20</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">28</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; ">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">253</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; ">238</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the short-term nature of the trade payables
and other payables, their carrying amount is considered to be the same as their fair value. <FONT STYLE="color: #222222">For most other
non-current debts, fair values are also not significantly different from their book values.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.7
Financial instruments by category</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table presents financial
instruments by category:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 41%">As of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">496</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">496</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">67</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">563</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">80</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">80</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">80</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">692</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">692</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">692</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">110</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">64</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">64</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">64</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">11</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">120</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">618</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">738</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">738</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">696</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">1,496</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,192</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">67</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,259</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">323</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">323</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">14</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">337</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2,079</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2,079</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2,079</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,402</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,402</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">14</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2,416</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 41%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">As of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non financial assets/liabilities</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">279</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">286</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">314</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">101</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">101</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">101</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Notes receivable</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">Financial assets at fair value through profit and loss</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">389</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">389</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">389</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">123</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">123</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">123</TD></TR>
  <TR>
    <TD STYLE="padding-left: 12px; vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">140</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">171</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">171</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">415</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">741</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,156</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">28</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,184</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">275</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">275</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">284</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,448</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,448</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,448</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,723</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,723</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,732</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">The categories of financial instruments have been determined according
to IFRS 9.</P>


<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The income, expenses, gains and losses
derived from each of the financial instrument categories are indicated below:</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; width: 41%">As of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(34)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(180)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">250</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">239</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">239</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(165)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">220</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">55</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">58</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 41%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(307)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(307)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(49)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(356)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1,035)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(560)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1,595)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,718</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">123</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">444</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">444</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">444</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(9)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(10)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,345)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(116)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1,461)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,660</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">199</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">As of December 31, 2022</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at amortized cost</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Financial assets/liabilities at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Subtotal financial assets/liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Non Financial assets/ liabilities&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Interest income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Interest expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(175)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(175)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(41)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(216)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">16</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(85)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(69)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">149</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(13)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Other financial results</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(15)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(15)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(15)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(170)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">25</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(145)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">95</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(50)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">12.8
Fair value of financial Instruments</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company classifies the fair value
measurements of financial instruments using a fair value hierarchy, which reflects the relevance of the variables used to perform those
measurements. The fair value hierarchy has the following levels:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Level 1: quoted prices (not adjusted) for identical assets or liabilities in active markets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Level 2: data different from the quoted prices included in Level 1 observable for the asset or liability,
either directly (i.e. prices) or indirectly (i.e. derived from prices).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Level 3: Asset or liability data based on information that cannot be observed in the market (i.e., unobservable
data).</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table shows the Company&#8217;s
financial assets and liabilities measured at fair value as of December 31, 2024 and 2023:</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid;  width: 44%">As of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">692</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">692</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">64</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">618</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">618</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,468</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">27</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,496</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" width: 44%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right;  width: 13%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right;  width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right;  width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; ">As of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Level 1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Level 2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Level 3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Total</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through <BR>
profit and loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">389</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">389</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">79</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">88</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">35</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">123</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 36px; vertical-align: bottom; text-align: left">Guarantee deposits on derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">706</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">741</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The value of the financial instruments
negotiated in active markets is based on the market quoted prices as of the date of these Consolidated Financial Statements. A market
is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific institution or regulatory
body, and those prices reflect regular and current market transactions between parties that act in conditions of mutual independence.
The market quotation price used for the financial assets held by the Company is the current offer price. These instruments are included
in Level 1.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The fair value of financial instruments
that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market
observable information, when available, and rely as little as possible on specific estimates of the Company. If all significant variables
to establish the fair value of a financial instrument can be observed, the instrument is included in Level 2.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If one or more variables used to determine
the fair value cannot be observed in the market, the financial instrument is included in Level 3.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The techniques used for the measurement
of assets at fair value with changes in profit (loss), classified as Level 2 and 3, are detailed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Shares: it was determined using the income-based approach through the &#8220;Indirect Cash Flow&#8221;
method, that is, the net present value of expected future cash flows, mainly through the collection of dividends taking into consideration
the direct equity interest of 2.84% and 3.19%, and the additional equity interest of 2.18% and 2.46% through HIDISA and HINISA, in TJSM
and TMB, respectively, resulting from the Federal Government&#8217;s restructuring of assets in the energy sector. This restructuring
resulted in TMB&#8217;s and TJSM&#8217;s share transfer from the Federal Government to ENARSA, considering 18.1% and 16.6% discount rate
as of December 31, 2024 and 2023, respectively. The key assumptions were prepared based on estimates on the future behavior of certain
sensitive variables, including: (i) the dividend distribution policy; (ii) reference prices for energy sold in the spot market; (iii)
projections of the availability and dispatch of power plants; (iv) the evolution of structural costs and expenses; (v) macroeconomic variables
such as inflation and exchange rates, etc. The Company recognised earnings and losses as a result of changes in the fair value of financial
instruments classified as level 3, under the item &#8220;Other financial results&#8221; of the Consolidated Statement of Comprehensive
Income. Current values may substantially differ from projections, mainly on account of: i) the timeliness and magnitude of the distribution
of dividends, ii) the timeliness and magnitude of energy price updates, and/or iii) the evolution of costs. The Company estimates that
any sensitivity analysis that considers changes in any of the estimates taken individually may lead to distorting conclusions, generating
an adverse effect on the Company&#8217;s results.</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B><U>NOTE 13</U>: EQUITY COMPONENTS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">13.1
Share capital</P>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><B></B></P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024, the share capital
amounts to $ 1,364 million, including approximately $ 4 million treasury shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 35.45pt; text-align: justify; text-indent: -35.45pt">13.1.1
<U>Share repurchase programs </U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Taking into consideration the market volatility
and the persisting divergence between the Company&#8217;s share price and the economic reality its assets currently or potentially have,
which is detrimental to the interests of its shareholders, and considering the Company&#8217;s history of strong cash position and fund
availability, the Board of Directors has implemented several share repurchase programs, considering in each case that treasury shares
may not exceed the 10% capital stock capitalization.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During fiscal year 2022, the Company indirectly
acquired 0.9 million ADRs for a value of $ 18.2 million, which were fully canceled. In fiscal year 2023, the Company did not acquire any
own shares.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During fiscal `year 2024, the Company&#8217;s
Board of Directors approved a plan for the acquisition of the own shares, which effectiveness was conditional upon the ADR and share prices
being below US$ 50 and $ 2,664, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the 2024 Repurchase Program is no longer in effect and no treasury shares have been acquired under this plan.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">13.1.2 <U>Stock Compensation Plan</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December, 31 2024, 4 million remained
in treasury to be delivered to employees under such plan (see Note 4.15).</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">13.1.3 <U>Capital reductions</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 27, 2022, General Ordinary and
Extraordinary Shareholders&#8217; Meeting resolved to reduce the Company&#8217;s capital stock by canceling 2.8 million shares which took
place during October 2022. This reduction was registered with the Public Registry on September 14, 2022.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 26, 2023, the Company&#8217;s
General Ordinary and Extraordinary Shareholders&#8217; Meeting resolved to reduce the capital stock through the cancellation of 20.1 million
shares, the reduction taking effect in May 2023. This reduction was registered with the Public Registry on June 28, 2023.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">13.2
Earnings per share</P>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The calculation of diluted earnings per
share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per
share, or where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect is
recorded, being the diluted earnings per share equal to the basic. As of December 31, 2024, 2023 and 2022, the Company does not hold any
significant potential dilutive shares, therefore there are no differences with the basic earning per share.</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center;  width: 11%">12.31.2024</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2023</TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Earning attributable to equity holders of the Company</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">619</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle;  text-align: right">302</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle;  text-align: right">456</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Weighted average amount of outstanding shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,360</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,366</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">1,381</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Basic and diluted earnings per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">0.46</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.22</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.33</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">13.3
Profit distributions</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Dividends distributed to individuals,
undivided estates or beneficiaries residing abroad, derived from profits generated during fiscal years beginning on or January 1, 2018
are subject to a 7% withholding tax (see Note 2.6.1.2). The distribution of dividends is made based on the Company&#8217;s Stand-Alone
Financial Statements which are presented in pesos, the legal currency in Argentina, pursuant to regulatory requirements.</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY
INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">14.1
Adjustments to reconcile net profit to cash flows generated by operating activities</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle;  width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 13%">Note</TD>
    <TD STYLE="vertical-align: middle;  width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center;  width: 10%">12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 10%">12.31.2023</TD>
    <TD STYLE="text-align: center; vertical-align: bottom;  width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 10%">12.31.2022</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.6</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(121)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">318</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">124</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">106</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">283</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">185</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Depreciations and amortizations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9 and 10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">342</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">267</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">212</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit from associates and&nbsp;&nbsp;joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.3.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(146)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(105)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Profit from sale/adquisition of companies&acute; interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(34)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(9)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Results for property, plant and equipment sale and derecognition</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Result for intangible assets sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Impairment of property, plant and equipment, intangible assets and inventories</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">34</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">39</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">38</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">56</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Result from present value measurement</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">10</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">14</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Changes in the fair value of financial instruments</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(213)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(392)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(94)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Exchange differences, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(190)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(85)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase and exchange of CB</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Readjustment of investment plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Costs of concessions agreements completion</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Contractual indemnity</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Contractual penalty</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Compensation for arbitration award</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD></TR>
  <TR >
    <TD STYLE="vertical-align: bottom">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Provision for environmental remediation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Fair value of consortiums' previous interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(7)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Impairment of other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Ecuador's transactional agreement&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">5</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Expenses recovery</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.4</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(8)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Accrual of defined benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">9 and 10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">27</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">26</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Compensation agreements&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">61</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">37</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Derecognition of unproductive wells&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; ">10.3</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">20</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">7</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4)</TD></TR>
  <TR >
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">152</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">406</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">302</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">14.2
Changes in operating assets and liabilities</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2024</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2023</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(411)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(151)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(233)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in inventories</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(20)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(35)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">75</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">17</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">70</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in salaries and social security payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Defined benefit plans payments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in tax liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in provisions</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax payment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Payments for derivative financial instruments, net</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Changes in operating assets and liabilities</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(336)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(136)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(140)</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">14.3
Significant non-cash transactions</P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 60%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2024</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2023</TD>
    <TD STYLE="text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 11%">12.31.2022</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Acquisition of property, plant and equipment through an increase in trade payables</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(99)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(82)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(75)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Borrowing costs capitalized in property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(21)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Compensation trade receivables through an increase in financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; ">Credit for equity interests in areas sales</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Increase of property, plant and equipment through exchange of assets</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(25)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in right-of-use assets through an increase in other liabilities</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in asset retirement obligation and wind turbines decommision through property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Acquisition of subsidiary by delivering financial assets at fair value through profit and loss</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(35)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in associate's equity interest through increase in other receivables&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Receivables for acquisition of subsidiary</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  </TABLE>

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

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

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

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

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

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 15</U>: CONTINGENT LIABILITIES AND ASSETS</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We hereinafter detail the nature of significant
proceedings as of December 31, 2024, not considered as probable by the Company based on the opinion of the Company&#8217;s internal and
external counselors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.1
Labor Claim &ndash; Compensatory Plan</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company faces several legal proceedings
associated with the Defined Benefit Plan &#8220;Compensatory Plan&#8221; (see Note 11.8). We hereinafter describe the nature of currently
pending labor claims:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">Claims on considering that the index (CPI) used to update the plan benefits is ineffective to keep their
&#8220;constant value&#8221;. In two of the causes, the Company obtained a favorable judgment, which has been appealed by the plaintiff.
On the other hand, the Company received an adverse judgment in a claim, consequently, the Company has filed an appeal before the applicable
Chamber.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">Claims on an alleged underfunding of the plan upon the elimination of the Company&#8217;s contributions
based on earnings. The Company obtained a favorable first-instance judgment. The plaintiff filed an appeal, which was sustained by the
Commercial Chamber. Against said pronouncement, the Company filed a Federal Extraordinary Appeal before the CSJN, which was disallowed
by the Appeals Chamber. Consequently, the Company filed a petition in error before the CSJN and an appeal on the grounds of unconstitutionality
before the Supreme Court of Justice of the Autonomous City of Buenos Aires, this Court requested the Chamber to refer back the proceedings
and ordered the hearing of the unconstitutionality appeal the Chamber had dismissed. In view of the Chamber's dismissal, the file was
sent to the CSJN, which will settle the dispute over jurisdiction.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.2
Tax claim</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Tax on Liquid Fuels and Natural Gas:</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">The AFIP filed a claim in the amount
of $ 54 million against the Company for an alleged omission in the payment of Taxes on Liquid Fuels and Natural Gas during fiscal periods
January 2006 through August 2011, plus compensatory interest and a penalty of $ 38 million for such omission. The tax entity supports
its claim on the allegation that the tax benefit granted to sales to areas declared exempt by the tax law has been misappropriated. The
proceeding is currently being heard before the Federal Tax Court, and the evidentiary period has been completed.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.3
Environmental claims</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">The Association of Land Owners of Patagonia (ASSUPA) has brought a complaint for an indefinite amount
against the Company and other companies seeking the restoration of the environment to the state prior to the exploration, exploitation,
production, storage and transportation of hydrocarbon works conducted by the plaintiffs and the prevention of alleged future environmental
impacts on certain areas in the Austral Basin. The National Government and the Provinces of Santa Cruz and Tierra del Fuego have been
summoned as third parties. The proceeding is at the complaint answer stage.</TD></TR></TABLE>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 15</U>:</B> (Continuation)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">ASSUPA has instituted a complaint before the CSJN against 10 companies, including the Company. The National
Government and the Provinces of Buenos Aires, La Pampa, Mendoza, Neuqu&eacute;n and R&iacute;o Negro have been summoned as third parties.
The main claim seeks that the plaintiffs should be ordered to redress the alleged environmental damage caused by the hydrocarbon activity
developed in the Neuquina Basin and to set up the environmental restoration fund provided for by section 22 of the General Environmental
Law. Subsidiarily, and in case restoration is not possible, it seeks the redress of the allegedly sustained collective damages for an
amount estimated at US$ 547 million based on a United Nations Development Program report. The proceeding is in the complaint answer stage.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">Fundaci&oacute;n SurfRider Argentina has requested the performance of preliminary proceedings on account
of alleged indications of environmental damage in the City of Mar del Plata. The plaintiff seeks the recomposition of the alleged environmental
damage having collective impact, or the compensation for the alleged damages caused by all companies owning gas stations in the coastal
area of the City of Mar del Plata for an alleged fuel leakage from gas stations&#8217; underground storage tanks into the water, soil
and marine system. The Foundation estimates damages in the amount of $ 200 million. The parties agreed on a stay of the procedural time
limits to evaluate the possibility of reaching an agreement with some co-defendants. Subsequently, the partial agreement reached between
the plaintiff and some co-defendants was ratified. On its part, the Company has requested to be severed from the proceeding as it does
not currently own any service station. However, it should be noted that some service station owners (which have sued the Company), have
submitted agreements entered into with the plaintiff for their ratification under the proceeding. Some of them have already been ratified
&#8212;and the plaintiff was deemed to have partially waived the action and rights against the owners of these service stations and also
against the Company regarding them&#8212;, whereas others are in the ratification stage.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.4
Civil and Commercial Claims</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">The &#8220;Consumidores Financieros Asociaci&oacute;n Civil Para Su Defensa&#8221; claim the nominal amount
of US$ 3,650 million as compensation for damages, Pampa, Petrolera Pampa S.A. and certain Pampa directors in office during 2016 being
co-plaintiffs together with Petroleo Brasileiro S.A. A complaint has been brought against Petrobras Brasil for the depreciation of the
share quotation value as a result of the &#8220;lava jato operation&#8221; and the so-called &#8220;Petrolao&#8221;, and the plaintiffs
claim Pampa and the directors&#8217; joint and several liability alleging the acquisition of indirect control in Petrobras Argentina S.A.
may have thwarted the enforcement of a possible judgment favorable to the plaintiff (for up to the amount of the price paid by Pampa for
the acquisition of control over Petrobras Argentina S.A.). In view of the Arbitration Court&#8217;s decision declaring the dismissal of
the main claim upon the failure to pay the arbitration fee, the plaintiff filed an extraordinary appeal before the Commercial Court of
Appeals, which was finally rejected. The Association filed a petition in error against this decision, which is currently under analysis
by the CSJN.</TD></TR></TABLE>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 15</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We hereinafter detail the nature of significant
legal proceedings brought by the Company as of December 31, 2024 where the related inflows of economic benefits are estimated to be probable
by the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.5
Administrative claims</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">CTLL (currently Pampa) filed two administrative litigation complaints against the Federal Government for
breach of contract, the first one for the January 2016 - March 2016 period, and the second one for the April 2016 - October 2018 period.
In these complaints, CTLL claims that CAMMESA&#8217;s decision regarding the renewal and recognition of costs associated with natural
gas supply agreements should be reversed and that, subsidiarily, sustained damages should be redressed. Currently, both cases are pending
judgment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">Upon the determination of the expiration of the Veta Escondida block concession granted by the Province
of Neuqu&eacute;n, the Company filed a declaratory judgment action to achieve certainty under the original jurisdiction of the CSJN pursuant
to section 322 of the Federal Code of Civil and Commercial Procedure. Currently, after the opinion rendered by the National Attorney General,
the proceeding is pending judgment by the CSJN.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">On March 31, 2021, the Company submitted a Preliminary Administrative Claim (RAP) against the National
Ministry of Economy (MECON) to claim the owed amount, plus the applicable interest, assumed by the Federal Government during the term
of validity of PEN Executive Order No. 1,053/18 on account of the exchange difference between the price of the gas purchased by gas distributors
and that recognised in their final tariffs during the April 2018 - March 2019 period. Upon the expiration of the term for MECON to state
its position on the RAP, the Company brought a complaint against the Federal Government, which was timely answered. The case is currently
open for evidence.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">15.6 Civil and Commercial
Claims</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">EcuadorTLC (currently Pampa Bloque 18), in its capacity as assignee of the Ecuadorian company Petromanab&iacute;
S.A., filed an international arbitration proceeding against the Republic of Ecuador seeking the payment of 12% of the Settlement Value,
the latter pursuant to the terms of the Hydrocarbon Exploration and Crude Oil Exploitation Participation Agreement in Block 18 entered
into on December 19, 1995 and/or the Holl&iacute;n Common Field Unified Exploitation Operating Agreement executed on August 7, 2002 and
amendments. The arbitration is conducted according to the Arbitration Rules of the United Nations Commission on International Trade Law,
the applicable law is Ecuadorian law, and the seat of arbitration is the City of Santiago de Chile. In 2021, the first stages of the international
arbitration proceeding have already begun. As of the issuance of these Consolidated Financial Statements, the arbitration proceeding is
ongoing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Georgia, Times, Serif">-</FONT></TD><TD STYLE="text-align: justify">The Company has instituted an international arbitration proceeding against High Luck Group Limited - Argentina
(&#8220;HGL&#8221;) branch as a result of certain breaches to the Participation Assignment Agreement and the Joint Operation Agreement
for the Chirete Block entered into on April 1, 2015. On August 23, 2023, the Arbitration Court issued a Partial Award, court costs being
payable by the defendant, declaring that HGL had breached the above-mentioned Agreement, without this fact entitling the Company to exercise
the reversal option stipulated therein. On August 21, 2024, the ICC notified the parties of the Final Award issued by the Court on August
14, 2024, ruling that: (i) HLG incurred material and serious breach of the obligations taken on as operator; (ii) the lack of compliance
described in the preceding item entitled Pampa to remove HLG as operator; and (iii) HLG will pay Pampa 100% of the arbitration costs.</TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify">&nbsp;</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 16</U>: RELATED PARTIES&acute; TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">16.1
Balances with related parties</P>


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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2024</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non-current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 38%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: top">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">10</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">8</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">11</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: top">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">10</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">4</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">11</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">13</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left;  width: 38%">&nbsp;</TD>
    <TD STYLE=" width: 3%">&nbsp;</TD>
    <TD STYLE=" width: 13%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE=" width: 13%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of December 31, 2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Trade receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non-current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; ">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">4</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">11</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left">Other related parties</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; ">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; ">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 17.85pt; text-align: justify">&nbsp;</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 16</U>:</B> (Continuation)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">16.2
Operations with related parties</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: center; "><BR>
Operations for the year</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; ">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; ">Sales of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; ">Purchases of goods and services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; ">Fees and compensation for services <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(3)</SUP></FONT></TD>
    <TD >&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Other operating expenses and income <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(4)</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left;  width: 28%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom;  width: 5%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">CTB</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Refinor&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">51</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(76)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; ">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Fundaci&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(103)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(65)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(203)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Salaverri, Dellatorre, Burgio &amp; Wetzler&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">53</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">64</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">(179)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(118)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(267)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(2)</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Corresponds mainly to advisory services provided in the field of technical assistance and
sales of gas and refined products.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(2)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Correspond to natural gas transportation services, purchases of refined products and other
services imputed to cost of sales for US$ 76 million, US$ 53 million and US$ 191 million and infrastructure works contracted to SACDE
imputed in property, plant and equipment for US$ 103 million, US$ 65 million and US$ 76 million, of which US$ 21 million, US$ 15 million
and US$ 16 million correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry out these
for the years ended December 31, 2024, 2023 and 2022, respectively.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(3)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Disclosed within administrative expenses.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 9pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Corresponds mainly to donations and</FONT> i<FONT STYLE="font-size: 9pt">ncome
from operating leases.</FONT></TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 120 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 16</U>:</B> (Continuation)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; "><BR>
Operations for the year</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Finance income <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Dividends received&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">Dividends distribution</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2024</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2023</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; ">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; width: 28%">Associates and joint ventures</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD>
    <TD STYLE=" width: 1%">&nbsp;</TD>
    <TD STYLE=" width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">OCP</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-decoration: underline">Other related parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">EMESA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">9</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">10</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Corresponds mainly to financial leases and accrued interest on borrowings granted.</TD>
</TR></TABLE>

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

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

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">16.3
Key management personnel remuneration</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The total remuneration accrued in favor
of Directors and Executive Officers during the fiscal years ended December 31, 2024, 2023 and 2022 amounts to US$ 67 million (US$ 6 million
for directors&#8217; and syndics&#8217; fees and US$ 61 million for Stock Compensation Plans and Compensation Agreements), US$ 44 million
(US$ 7 million for directors&#8217; and syndics&#8217; fees and US$ 37 million for Stock Compensation Plans and Compensation Agreements),
and US$ 26 million (US$ 7 million for directors&#8217; and syndics&#8217; fees and US$ 19 million for Stock Compensation Plans and Compensation
Agreements), respectively.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 17</U>: INVESTMENT COMMITMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">17.1
Development and evacuation projects in Vaca Muerta</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Rinc&oacute;n de Aranda&#8217;s development</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company focuses its investments in
the development and exploitation of its unconventional oil and gas reserves in the Rinc&oacute;n de Aranda block in the Vaca Muerta formation.
The development plan began in August 2024, with an active well drilling campaign and the construction of facilities and treatment plants.
Investments are estimated to exceed US$ 1.5 billion over the next three years aiming to reach a production of 45&nbsp;kbbl/day by the
end of 2027.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Vaca Muerta Sur Project </I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On December 13, 2024, the Company entered
into a shareholders&#8217; agreement in VMOS with YPF S.A., Vista Energy Argentina S.A.U. and Pan American Sur S.A.. On December 18, 2024,
Pluspetrol S.A. celebrated its incorporation as a shareholder, consequently the Company's stake in VMOS amounts to 14.0845% as of December
31, 2024.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">VMOS will develop the Vaca Muerta Sur
project, consisting of the construction, development and operation of an approximate 437km long pipeline from Allen to Punta Colorada,
Province of R&iacute;o Negro, with a capacity of up to 550,000 barrels of crude oil per day (&#8220;bpd&#8221;), expandable up to 700,000
bpd, a loading and unloading terminal equipped with interconnected mooring buoys, a tank farm, and other associated accessory facilities
for transportation, storage, dispatch, shipment and export of crude oil and other liquid products.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">An estimated US$ 3,000 million investment
is anticipated, to be partially funded with external financing and, to a lesser extent, with capital contributions from shareholders,
with the first stage of commercial operation expected to begin during the first half of 2027.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under said project, VMOS has applied for
a transportation authorization and adherence to the RIGI as a &#8220;Long Term Strategic Export Project&#8221;, considering it essential
to evacuate the crude oil production from the Vaca Muerta formation, and allowing for an increase in said formation&#8217;s crude oil
production and export and opening new markets to Argentine oil, also contributing to the development of the country through foreign currency
inflows and employment generation.</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 17</U>:</B> (Continuation)</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Regarding the shareholding in VMOS, the
Company signed a firm transportation contract with a transportation, storage and dispatch capacity of 50,000 bpd for the Allen - Punta
Colorada pipeline section, which will allow to evacuate the incremental production of the Rinc&oacute;n de Aranda block.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The aforementioned evacuation capacity
is complemented by the firm transportation contract, entered into in 2022 with Oldelval, for a 6,302-bpd dispatch capacity for the Allen
- Puerto Rosales pipeline section until the termination of Oldelval&#8217;s transportation concession in 2037. Additionally, the Company
signed a contract with Oiltanking Ebytem to increase the dispatch capacity by 6,302 bpd and the storage capacity by 37,789 barrels exclusively
for oil exports.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Lastly, in 2024 the Company signed a firm
transportation contract with YPF for the Loma Campana - Allen pipeline section for a transportation capacity of 6,302 bpd in Phase 1 and
56,608 bpd in Phase 2.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On November 29, 2024, the Company resolved
to approve its initial 20% stake in Southern Energy S.A. (&#8220;SESA&#8221;) , with Pan American Energy S.A. (&#8220;PAE&#8221;), Wintershall
Dea Argentina (&#8220;Wintershall&#8221;), YPF y Golar FLNG Subholding Company Limited (&#8220;Golar&#8221;) as partners.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SESA will develop a gas liquefaction project
(the &#8220;FLNG Project&#8221;), which includes the installation of a liquefaction vessel in the Gulf of San Mat&iacute;as, province
of R&iacute;o Negro, and the construction of all ancillary and complementary facilities. The project is expected to start operations by
the end of 2027.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SESA applied to adhere to the RIGI as
a &#8220;Long Term Strategic Export Project&#8221;, considering that the project will position Argentina in the world LNG market, favoring
the generation of foreign exchange inflows, job creation and local supplier development.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Specifically, the project is strategic
to monetize the Company&#8217;s natural gas reserves, with the commitment to supply natural gas from fields in the Neuquina Basin, in
the Vaca Muerta formation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: left">17.2
Investment commitment for the exploration and exploitation of hydrocarbons</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the issuance of these Consolidated
Financial Statements, the Company has committed investments until 2027 for an estimated total amount of US$ 217 million, including commitments
associated with the participations detailed in Note 5.4.</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 18</U>: INCIDENTS AT HINISA</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 11, 2025, there was a strong storm
in San Rafael, Province of Mendoza, with rainfall exceeding historical records causing an extraordinary flooding of the Atuel River, inflicting
serious damage along the Atuel Canyon. The affected facilities included the Nihuil II and III plants, which, severely damaged, were forced
out of service.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The applicable claims were filed with the insurance
companies, initiating the claim settlement process and official communications to the authorities.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the issuance of these Consolidated Financial
Statements, HINISA is assessing the state of the affected equipment.</P>

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

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">19.1 Lessee</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company leases a key part for thermal
power plants operation for a 20-year term and has entered into certain oil services agreements (mainly gas compression services) which,
considering their characteristics, contain the lease of the assets for the rendering of the services with terms ranging between 2 and
6 years.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The terms of the lease agreements are
negotiated on an individual basis and comprise a broad range of terms and conditions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The evolution of right-of-use assets and
lease liabilities recognised as of December 31, 2024 and 2023 is disclosed below:</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 19</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">19.1.1 <U>Right of use assets</U></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center; ">Original values</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: center; width: 36%">Type of good</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 7%">At the beginning</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Increases</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Increases by incorporation</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Decreases</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Transfers</TD>
    <TD STYLE="vertical-align: bottom; border-top-color: Black; border-top-width: 0.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">At the end</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; ">Machinery and equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right; ">27</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; text-align: right">25</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">6</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Administrative offices</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">-</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; ">Total at 12.31.2024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">33</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD STYLE="text-align: right; ">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">(8)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; ">25</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; ">Total at 12.31.2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">13</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">33</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; ">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; ">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Amortization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; text-align: center">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the beginning</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">For the year</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">At the end</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR >
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; ">Machinery and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; ">(12)</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; ">Total at 12.31.2024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(12)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(2)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; ">Total at 12.31.2023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(11)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(1)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD >&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: right; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE=" width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center; ">Net book values</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; ">Type of good</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2024</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2023</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Machinery and equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; ">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left; ">Total at 12.31.2024</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">11</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt; ">Total at 12.31.2023</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">21</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif"></FONT></P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 19</U>: </B>(Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">19.1.2 <U>Lease liabilities</U></P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">12.31.2024</TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">12.31.2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the beginning of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">18</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">12</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increases</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">7</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Result from measurement at present value <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Transfers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(1)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">(4)</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">At the end of the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">15</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">18</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt/14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Included in Other financial results.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024 and 2023, this
liability is disclosed under Other current payables in the amounts of US$ 4 million and US$ 4 million and Other non-current payables for
US$ 11 million and US$ 14 million, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table includes an analysis
of the Company lease liabilities, grouped according to their maturity dates. The amounts shown in the table are the contractual undiscounted
cash flows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center;  width: 17%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; ">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">One to two years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Two to three years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Three to four years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Four to five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">More than five years</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; ">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; ">14</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">27</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">19.1.3 <U>Short-term or low value leases</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024 and 2023, the
Company has recognised administrative costs and expenses in the amounts of US$ 4 million, US$ 6 million and US$ 6 million respectively,
on account of lease payments associated with short-term leases.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 19</U>: </B>(Continuation)</P>

<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0 120.6pt; text-align: justify; text-indent: -120.6pt">19.2
Lessor</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0">19.2.1 <U>Financial leases</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Corresponding to the financing granted
to TGS for the sale of certain property, plant and equipment belonging to the Oil &amp; Gas business segment. This agreement was entered
into on August 11, 2016 and consists of the collection of 119 monthly consecutive installments of US$ 623 thousand, without considering
taxes, and a purchase option for a like amount payable at the end of the 120 months of the contract life.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of December 31, 2024 and 2023, this
receivable is disclosed under Other current receivables in the amounts of US$ 7 and US$ 6 million, respectively and under Other non-current
receivables for US$ 4 million and US$ 11 million, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table includes an analysis
of the Company receivable, grouped according to its maturity dates. The amounts shown in the table are the contractual undiscounted cash
flows:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center;  width: 17%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Less than three months</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">5</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>One to two years</TD>
    <TD>&nbsp;</TD>
    <TD >&nbsp;</TD>
    <TD STYLE="text-align: right; ">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">11</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">19.2.2 <U>Operating leases</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has executed lease agreements
to install commercial and administrative offices in Pampa Energ&iacute;a S.A.&#8217;s building, located in Maip&uacute; 1, Autonomous
City of Buenos Aires, for three to five years terms.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Future minimum collections from operating
leases as of December 31, 2024 are detailed below:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="padding-left: 24px; font-weight: bold; vertical-align: top; text-align: left;  width: 79%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >Three months to one year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD >One to two years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; ">2</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total income from operating leases for the fiscal
year ended December 31, 2024, 2023 and 2022 amounts to US$ 1 million, US$ 1 million and US$ 1 million, respectively.</P>

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


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>NOTE 20</U>: TERMINATION OF HYDROELECTRIC
CONCESSIONS</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As the hydroelectric concessions timely
granted by the Federal Government and, in some cases, by the Provinces approach expiration, on March 10, 2022, SE Resolution No. 130/22
was published, creating a Concessioned Hydroelectric Exploitations Team (&#8220;ETAHC&#8221;) to evaluate the status of the hydropower
concessions under national jurisdiction, including HIDISA, HINISA, and HPPL.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Through Executive Orders No. 1,021/24
and 1,085/24, the Province of Mendoza established a 12-month transition period for HINISA&#8217;s concession as from June 1, 2024, the
concession contract&#8217;s expiration date, allowing the exploitation of the water resource during such period. It was also determined
that the Undersecretary of Energy and Mining would exercise control activities during such period. Moreover, SE Resolution No. 98/24 reduced
the concession contract&#8217;s transition period to 6 months, extendable for a like period; through SE&nbsp;Resolution No. 383/24, it
was extended for a 6-month period. According to the information provided, the new transition period&#8217;s termination date will be June
1, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 19, 2024, HIDISA&#8217;s concessions
&#8212;one for the assets and the use of water resources, granted by the Province of Mendoza, and the other for the generation of electric
power, granted by the Federal Government&#8212; expired. On October 18, 2024, through Executive Order No. 2,096/24, the Province of Mendoza
set a 12-month transition period as from the expiration date and established that the Undersecretary of Energy and Mining of the Ministry
of Energy and Environment would act as overseer. At the national level, through SCEyM Resolution No. 01/24, the Secretariat of Energy
and Mining Coordination established a transition period until June 1, 2025, and appointed the Undersecretary of Electric Energy as overseer.</P>


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 9pt Georgia, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Azara 1245 &#8211; C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Don Pedro de Mendoza 2163 &#8211; C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">Amancio Alcorta 2482 - C.A.B.A.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt">-</TD><TD STYLE="text-align: justify">San Miguel de Tucum&aacute;n 601, Carlos Spegazzini, Municipality of Ezeiza, Province of Buenos Aires.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 22</U>: OIL AND GAS RESERVES (Information not
covered by the auditors&#8217; report)</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The table below presents the estimated
proved reserves of oil (including crude oil, condensate and LNG) and natural gas, by geographic area as of December 31, 2024.</P>

<P STYLE="font: 8.5pt/120% Trebuchet MS, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Proved Reserves</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 11%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Developed</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Proved Undeveloped</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Total Proved</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Oil and LNG <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">Natural Gas <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Argentina</TD>
    <TD STYLE="text-align: right">4,409</TD>
    <TD STYLE="text-align: right">21,001</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12,792</TD>
    <TD STYLE="text-align: right">15,363</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">17,201</TD>
    <TD STYLE="text-align: right">36,364</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">Total at 12.31.2024</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">4,409</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">21,001</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,792</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,363</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">17,201</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">36,364</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Trebuchet MS, Times, Serif; font-size: 8.5pt; line-height: 120%"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; line-height: 120%">In thousands of barrels.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(2)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt; line-height: 120%">In millions of cubic meters.</FONT></TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><IMG SRC="image_003.jpg" ALT=""></TD></TR></TABLE><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P><P STYLE="font: bold 11pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</P><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the years ended December 31, 2024, 2023 and 2022 <FONT STYLE="font-style: normal; font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &ndash; unless otherwise stated)</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 23</U>: SUBSEQUENT EVENTS</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>Modifications to the electricity regulatory
framework</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In line with the objective of ensuring
free contracting in the MAT established by Law No. 27,742, on January 28, 2025, SE Resolution No. 21/25 was published establishing different
modifications regulating dispatch and operation at the WEM&#8217;s MAT. The main modifications include:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- Generators, self-generators and co-generators
of conventional thermal, hydraulic and nuclear sources commissioned as from January 1, 2025 are exempted from the suspension of contracting
within the MAT;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- The presentation or renewal of Energy
Plus contracts is limited until October 31, 2025, after the expiration of such contracts the Energy Plus market will no longer be in effect;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- The dispatch scheme set by SE Resolution
No. 354/20 is abrogated, effective as from February 1, 2025, and no alternative dispatch scheme is established contemplating the obligations
under ENARSA&#8217;s supply contract with Bolivia and contracts within the GasAr Plan&#8217;s framework;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">-As from March 1, 2025, the recognition
of fuel costs is authorized according to reference prices and the values declared and accepted in the Production Cost Statement plus freight,
natural gas transportation and distribution costs, and taxes and fees.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- CAMMESA will continue centralizing fuel
supply for contracts entered into under specific schemes (SE Resolutions No. 220/07, No. 21/16 and No. 287/17);</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- Generators remunerated under the spot
regime may manage their own fuel supply, with CAMMESA remaining as the supplier of last resort; and</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">- New values for the cost of non-supplied
energy are established as from February 1, 2025, with the following tiers: (i) US$ 350 /MWh until 5%; (ii) US$ 750 /MWh until 10%; and
(iii) US$ 1,500 /MWh for more than 10%.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Additionally, the SE sent Note NO-2025-09628437-APN-SE#MEC
to CAMMESA, making several considerations on the WEM&#8217;s condition and instructing CAMMESA to publish a proposal of guidelines for
a progressive WEM adjustment contemplating several changes in its structure and generation remuneration schemes.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">CAMMESA published the proposal and will
receive comments from the WEM Agents&#8217; Associations over a 30-day period to prepare reports contemplating the measurement of the
modifications requested to the SE. Based on these reports, the SE will issue transitory rules for the WEM&#8217;s adjustment.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Financial Statements, the Company is evaluating changes based on the SE&#8217;s reports published by CAMMESA.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE>



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