<SEC-DOCUMENT>0001292814-25-003797.txt : 20251105
<SEC-HEADER>0001292814-25-003797.hdr.sgml : 20251105
<ACCEPTANCE-DATETIME>20251105161143
ACCESSION NUMBER:		0001292814-25-003797
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251105
DATE AS OF CHANGE:		20251105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pampa Energy Inc.
		CENTRAL INDEX KEY:			0001469395
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				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:		251454089

	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>pamfs3q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<HR SIZE="2" NOSHADE ALIGN="LEFT" STYLE="width: 100%; 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>UNITED STATES</B></P>

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&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%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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"> Unaudited consolidated condensed interim financial statements (US$)</A></P>


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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&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%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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



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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">Date:&nbsp;November 4, 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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 70.8pt; text-indent: -70.8pt"><IMG SRC="pamfs3q256k_001.jpg" ALT=""><B>&nbsp;</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0"><B>AS OF SEPTEMBER 30, 2025 </B></P>

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

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

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 4.5pt">(In millions of U.S. dollar (&#8220;US$&#8221;))</P>

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

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


<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">GLOSSARY OF TERMS</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 30%">Terms</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 64%">Definitions</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>ADR</TD>
    <TD>&nbsp;</TD>
    <TD>American Depositary Receipt</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>BCBA</TD>
    <TD>&nbsp;</TD>
    <TD>Buenos Aires Stock Exchange&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>BCRA</TD>
    <TD>&nbsp;</TD>
    <TD>Argentina&rsquo;s Central Bank</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>BBL</TD>
    <TD>&nbsp;</TD>
    <TD>Barrel</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CAMMESA</TD>
    <TD>&nbsp;</TD>
    <TD>Compa&ntilde;&iacute;a Administradora del Mercado El&eacute;ctrico Mayorista S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CB</TD>
    <TD>&nbsp;</TD>
    <TD>Corporate Bonds&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CIESA</TD>
    <TD>&nbsp;</TD>
    <TD>Compa&ntilde;&iacute;a de Inversiones de Energ&iacute;a S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CITELEC</TD>
    <TD>&nbsp;</TD>
    <TD>Compa&ntilde;&iacute;a Inversora en Transmisi&oacute;n El&eacute;ctrica Citelec S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CNG</TD>
    <TD>&nbsp;</TD>
    <TD>Compressed Natural Gas</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CNV</TD>
    <TD>&nbsp;</TD>
    <TD>National Securities Commission of Argentina&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CPB</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica Piedra Buena</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CPI</TD>
    <TD>&nbsp;</TD>
    <TD>Consumer's price index</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CSJN</TD>
    <TD>&nbsp;</TD>
    <TD>Argentina&rsquo; Supreme Court of Justice</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTB</TD>
    <TD>&nbsp;</TD>
    <TD>CT Barrag&aacute;n S.A</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTG</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica G&uuml;emes</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTGEBA</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica Genelba</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTIW</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica Ingeniero White</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTLL</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica Loma de la Lata</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>CTPP</TD>
    <TD>&nbsp;</TD>
    <TD>Central T&eacute;rmica Parque Pilar</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>EISA</TD>
    <TD>&nbsp;</TD>
    <TD>Energ&iacute;a Inversora S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>ENARGAS&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>National Regulatory Authority of Gas&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>ENARSA&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Energ&iacute;a Argentina S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>ENRE&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>National Regulatory Authority of Electricity&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>ENRGE</TD>
    <TD>&nbsp;</TD>
    <TD>National Regulatory Authority of Gas and Electricity</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>FLNG</TD>
    <TD>&nbsp;</TD>
    <TD>Floating Liquefied Natural Gas</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>FNEE</TD>
    <TD>&nbsp;</TD>
    <TD>National Electric Energy Fund&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>FTR</TD>
    <TD>&nbsp;</TD>
    <TD>Five-Year Tariff Review</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>GASA</TD>
    <TD>&nbsp;</TD>
    <TD>Generaci&oacute;n Argentina S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>GUDI</TD>
    <TD>&nbsp;</TD>
    <TD>Distributors&rsquo; large users</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>HIDISA</TD>
    <TD>&nbsp;</TD>
    <TD>Hidroel&eacute;ctrica Diamante S.A.</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><U>GLOSSARY OF TERMS:</U></B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 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="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 30%">Terms</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 64%">Definitions</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">HINISA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Hidroel&eacute;ctrica Los Nihuiles S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">HPPL</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Hidroel&eacute;ctrica Pichi Pic&uacute;n Leuf&uacute;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">IAS</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">International Accounting Standards</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">IASB</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">International Accounting Standards Board</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">ICSID</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">International Centre for Settlement of Investment Dispute</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">IFRS</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">International Financial Reporting Standards</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">IPIM</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Wholesale Domestic Price Index</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">LNG</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Liquefied Natural Gas</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">M<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="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Cubic meters</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MAT&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">WEM&rsquo;s Forward Market</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MATER</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Renewable Energy Forward Market</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MECON&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Ministry of Economy of Argentina</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MLC&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Foreign Exchange Market</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MW</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Megawatt</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">MWh</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Megawatt/hour</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">NYSE</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">New York Stock Exchange</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">OCP</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Oleoductos de Crudos Pesados Ltd</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">OCPSA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Oleoductos de Crudos Pesados S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PAIS tax</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Tax for an Inclusive and Supportive Argentina</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PB18</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Bloque 18 S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEB</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a Bolivia S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PECSA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a Chile S.p.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEN</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Federal Executive Branch&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEPE II</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a II Wind Farm</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEPE III</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a III Wind Farm</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEPE IV</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a IV Wind Farm</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PEPE VI</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a VI Wind Farm</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">PESOSA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Pampa Energ&iacute;a Soluciones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>PISA</TD>
    <TD>&nbsp;</TD>
    <TD>Pampa Inversiones S.A.</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>PIST</TD>
    <TD>&nbsp;</TD>
    <TD>Point of Entry to the Transport System</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">POSA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Petrobras Operaciones S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">RDA</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Rinc&oacute;n de Aranda</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">RIGI</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Incentive Regime for Large Investments</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><U>GLOSSARY OF TERMS:</U></B> (Continuation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 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="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 30%">Terms</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; width: 64%">Definitions</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">SACDE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Sociedad Argentina de Construcci&oacute;n y Desarrollo Estrat&eacute;gico S.A.&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">SE</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Secretary of Energy</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">SESA</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Southern Energy S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">TGS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Transportadora de Gas del Sur S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">TJSM</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Termoel&eacute;ctrica Jos&eacute; de San Mart&iacute;n S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">TMB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Termoel&eacute;ctrica Manuel Belgrano S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">The Company / Pampa</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">The Group</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Pampa Energ&iacute;a S.A. and its subsidiaries</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Transba</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Empresa de Transporte de Energ&iacute;a El&eacute;ctrica por Distribuci&oacute;n Troncal de la Provincia de Buenos Aires Transba S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Transener</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Compa&ntilde;&iacute;a de Transporte de Energ&iacute;a El&eacute;ctrica en Alta Tensi&oacute;n Transener S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">US$</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">U.S. dollar</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">VAR</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Vientos de Arauco Renovables S.A.U.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">VMOS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">VMOS S.A.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">WACC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Weighted Average Cost of Capital</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">WEM</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Wholesale Electricity Market</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">$</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Argentine Pesos</TD></TR>
  </TABLE>

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

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">UNAUDITED CONSOLIDATED CONDENSED INTERIM
STATEMENT OF<BR>
COMPREHENSIVE INCOME</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month
periods ended September 30, 2025, presented on comparative basis.</B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of US$ &#8211;
unless otherwise stated)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Nine-month period at</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Three-month period at</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 48%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 10%">09.30.2025</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: 10%">09.30.2024</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: 10%">09.30.2025</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: 10%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">8</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,491</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,441</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">591</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">540</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1,000)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(930)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(375)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(365)</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">491</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">511</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">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">175</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.1</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(69)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(57)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(26)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(21)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.2</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(131)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(139)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(47)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(56)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">85</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">116</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">33</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other operating expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.3</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(62)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(72)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(22)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(20)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Impairment of property, plant and equipment, and inventories</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">(8)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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">(7)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</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">(5)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(56)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(3)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Share of profit from associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">5.1.2</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">101</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">101</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">25</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">62</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Profit from sale of companies&acute; interest</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">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">402</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">392</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">168</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">154</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(151)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(137)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(52)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(43)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">10.4</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">137</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">114</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">15</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">40</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">28</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">(19)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(30)</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)</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">430</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">373</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">138</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">153</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Income tax</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">(214)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">140</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(115)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(7)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Profit of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">216</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">513</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">23</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 1pt solid; text-align: right">146</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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">(34)</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(29)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15</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: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Gain (loss) on cash flow hedges</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">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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</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">(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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</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: middle; 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-bottom: Black 0.5pt solid; text-align: right">149</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">(30)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Other comprehensive income of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">(53)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">268</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">(60)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: right">33</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total comprehensive income of the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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">163</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">781</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(37)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">179</TD></TR>
  </TABLE>

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

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


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine and three-month
periods ended September 30, 2025, presented on comparative basis. </B></P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">(In millions of US$ &#8211;
unless otherwise stated)</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; text-align: center">Nine-month period at</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: bottom; text-align: center">Three-month period at</TD></TR>
  <TR>
    <TD STYLE="text-align: center; vertical-align: middle; width: 48%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 10%">09.30.2025</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: 10%">09.30.2024</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: bottom; text-align: center; width: 10%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 10%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total profit of the period attributable to:</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Owners of the company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&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">216</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">513</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">23</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">146</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">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 2pt double; text-align: right">513</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">23</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">146</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total comprehensive income of the period attributable to:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Owners of the Company</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">163</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">781</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(37)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">179</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">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 2pt double; text-align: right">781</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(37)</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">179</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Earnings per share attributable to equity holders of the Company</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Total basic and diluted earning per share&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">13.2</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.16</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.38</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.02</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.11</TD></TR>
  </TABLE>

<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"><B></B></P>

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

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

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">&nbsp;UNAUDITED CONSOLIDATED CONDENSED
INTERIM STATEMENT<BR>
<B>OF FINANCIAL POSITION</B></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of September 30, 2025, presented on comparative
basis.</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">&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-weight: bold; text-align: center; width: 62%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2025</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></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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,053</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,607</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">89</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">21</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">157</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Investments in associates and joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.2</TD>
    <TD STYLE="color: white; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,000</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">993</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">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">4,286</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">3,965</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; background-color: white">&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; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">256</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">223</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; background-color: white">12.1</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">470</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">850</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Derivative financial instruments</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; text-align: right">30</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">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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">784</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">488</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">411</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">738</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">1,951</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">2,380</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">6,237</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">6,345</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 14.2pt"><FONT STYLE="font-size: 9pt"></FONT></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As of September 30, 2025, presented on comparative
basis.</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">&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: 62%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 8%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">09.30.2025</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%">12.31.2024</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: 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></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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">191</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">516</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(23)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">44</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">44</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,399</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,657</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(13)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other comprehensive income</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">100</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">119</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">182</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">742</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">3,433</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; background-color: white">3,286</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">9</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">3,442</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; background-color: white">3,295</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; background-color: white">&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; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">107</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">137</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">317</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">75</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">67</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</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">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">29</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,473</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,373</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">75</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">84</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2,068</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; background-color: white">1,748</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; background-color: white">&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; background-color: white">&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; background-color: white">11.5</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">7</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">257</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">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</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">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">31</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">39</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">282</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">706</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">351</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">253</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">727</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; background-color: white">1,302</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">2,795</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; background-color: white">3,050</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">6,237</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">6,345</TD></TR>
  </TABLE>

<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"></P>

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

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


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the nine-month period ended September 30,
2025, presented on comparative basis.</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: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; vertical-align: middle; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Equity holders of the company</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; vertical-align: middle; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Retained earnings</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Share
    capital</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Share
    capital adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Share
    premium</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Treasury
    shares adjustment</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Treasury
    shares cost</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Legal
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Voluntary
    reserve</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Other
    reserves</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Other
    comprehensive income (loss)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Unappropiated
    retained earnings&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Equity
    attributable to owners</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Non-controlling
    interest</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Total
    equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Balance as of December 31,
    2023</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">36</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">516</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">45</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1,433</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(19)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">223</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2,404</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2,413</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Voluntary reserve constitution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">224</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(223)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Profit for the nine-month
    period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">513</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">513</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">513</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Other comprehensive income for the nine-month period</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">149</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">119</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">268</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">268</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Balance as of September 30,
    2024</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">36</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">516</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">44</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1,657</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(15)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">130</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">632</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,185</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,194</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Stock compensation plans</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Profit for the complementary
    three-month period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">106</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">106</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">106</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Other comprehensive income
    for the complementary three-month period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Balance as of December 31,
    2024</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">36</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">191</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">516</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(7)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">44</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1,657</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">119</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">742</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,286</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,295</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Voluntary reserve constitution</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">742</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(742)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Treasury shares acquisition</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(16)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(16)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Profit for the nine-month
    period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">216</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">216</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">216</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Other comprehensive income
    for the nine-month period</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(19)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(34)</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(53)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(53)</FONT></TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">Balance
    as of September 30, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">36</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">191</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">516</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">1</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(23)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">44</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">2,399</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">100</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">182</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,433</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">9</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">3,442</FONT></TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">,</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period
ended September 30, 2025, presented on comparative basis.</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">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 13%">09.30.2025</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: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Cash flows from operating activities:</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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 period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">216</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">513</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">14.1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">407</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Changes in operating assets and liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">14.2</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(133)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(367)</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">490</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; text-align: right">286</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from investing activities:</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="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">(751)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(350)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Collection for sales (Payment for purchases) of public securities and shares, 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">376</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">Recovery (Suscription) 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">11</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">Capital integration in companies</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">(41)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</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">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(48)</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">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</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">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</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">9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</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">25</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</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">2</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">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">71</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; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(368)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(291)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from financing activities:</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">554</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">710</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Payment of&nbsp;&nbsp;borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(128)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(94)</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(122)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(118)</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">(16)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">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">(726)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(329)</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">(11)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Net cash (used in) generated by financing activities</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">(449)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; text-align: right">166</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">(327)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2pt double; text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">738</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">171</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">(Decrease) Increase in cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(327)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">161</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; text-align: center">12.4</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">411</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">332</TD></TR>
  </TABLE>

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

<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">The accompanying notes are an integral part of these Unaudited Consolidated
Condensed Interim Financial Statements.</P>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; text-align: center; margin-top: 5pt; margin-bottom: 5pt">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period
ended September 30, 2025, presented on comparative basis.</B></P>

<P STYLE="font: 12pt Arial Unicode MS; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(In millions of US$ &#8211; unless
otherwise stated) </FONT></P>

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 1</U>: GENERAL INFORMATION</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">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 in the nine-month period ended September
30, 2025 of 12.9 million m<SUP>3</SUP>/day of natural gas and 9.5 thousand bbl/day of oil in 11 productive areas and 2 exploratory areas
in Argentina. 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 September 30, 2025, which represents
approximately 12% 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 86% and
98%, 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 22,349 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>

<P STYLE="font: bold 12pt/14pt Arial Unicode MS; margin: 12pt 0 5pt">1.2 Economic context in which the Company operates</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-bottom: 0; margin-left: 0">The Company
operates in a complex economic context which main variables are experiencing volatility as a result of political and economic events both
domestically and internationally.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As part of its economic stabilization
plan, on April 11, 2025, the Government announced a series of measures aimed at easing foreign exchange controls and strengthening the
monetary system seeking to reduce inflation, boost economic activity, enhance monetary predictability and increase freely available reserves
supporting its economic program. The program is financially backed by a new US$ 20 billion facility agreed with the International Monetary
Fund, which, together with other agreements, could contribute to a US$ 23.1 billion increase in BCRA&#8217;s net reserves during 2025.
As a result, a slowdown in inflation was observed, with monthly rates around 2% as from May 2025, while the local primary fiscal surplus
was maintained.</P>


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">However, during the third quarter of 2025,
there has been increased foreign-exchange and financial volatility due to the uncertainty surrounding the legislative elections, which
will determine the Government&#8217;s ability to move forward with structural labor, tax and social security reforms. This situation has
led to a slowdown in economic activity and posed additional challenges to maintaining the fiscal surplus.</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 Condensed Interim Financial Statements, and it is not possible to predict the
macroeconomic and financial situation&#8217;s evolution in Argentina or internationally, or any new measures to 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 Consolidated Condensed
Interim Financial Statements should be read in light of these&nbsp;circumstances.</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 0"><U>NOTE 2</U>: REGULATORY FRAMEWORK</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.1</B></TD><TD><B>Oil and Gas</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.1 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. 602/24, No. 25/25,
No. 111/25, No. 139/25, No. 176/25, No. 228/25, No. 288/25, No. 335/25, No. 357/25, and No. 382/25 established the PIST price to be passed
on to end users pursuant to the agreements entered into under GasAr Plan for gas consumptions as from the months of January through October
2025, respectively, and on the tariff schemes published by ENARGAS&#8217; effective date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>2.1.1.2 Compensation for subsidized
natural gas consumption </I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">ENARGAS Resolution No. 125/25 restructures
the compensation system for natural gas consumption subsidies to natural gas distribution companies, modifying the entity receiving such
compensation. The new mechanism, effective as from February 1, 2025, establishes that compensation will be collected directly by natural
gas producers and deducted from the invoices issued by producers to distributors.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of the date of issuance of these Consolidated
Condensed Interim Financial Statements, the enactment of clarifying regulations is still pending.</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 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"><I>2.1.1.3 LNG exports</I></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">SE Resolution No. 145/25 approved the
LNG export procedure, establishing that, under Law No.&nbsp;27,742, a firm LNG export authorization will be granted to allow holders the
right to export the authorized volumes without interruptions, restrictions or redirections over the term of the authorization.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.2</B></TD><TD><B>Generation</B></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: 28.35pt">2.2.1</TD><TD STYLE="text-align: justify"><U>Modifications to the electricity regulatory framework </U></TD></TR></TABLE>

<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>

<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">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;</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">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;</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">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;</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">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.</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">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);</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">generators remunerated under the spot scheme will be able to manage their own fuel, with CAMMESA remaining
as the supplier of last resort; 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">-</TD><TD STYLE="text-align: justify">new values are established for the cost of non-supplied energy, effective as from February 1, 2025, under
the following tiers: (i) US$ 350 /MWh up to&nbsp;5%; (ii) US$ 750 /MWh up to 10%, and (iii) US$ 1,500 /MWh for more than 10%.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On its part, SE Note NO-2025-35216647-APN-SE#MEC
dated April 4, 2025 establishes guidelines for the gas dispatch priority scheme for thermal generation in the WEM. Tenders by generators
opting into managing their own fuel supply will be considered firm and, in case of non-compliance, will be subject to a Deliver or Pay
penalty equivalent to 70% of the unavailable volume&#8217;s reference price.</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The new reference price equals 90% of
the weighted average price per natural gas basin in the PIST using Round&nbsp;4.2 prices for the Neuquina Basin and the Norte Basin and
Round 4.1 prices for the Austral Basin.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Reference prices for liquid fuels are
set for each generator based on international indicators, including a premium covering associated financial and logistical costs, and
prices for liquid fuels and natural gas from neighboring countries are recognized at the exchange rate effective on the last business
day before the transaction due date, associated with the consumption recognized in the respective economic transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Based on the above-mentioned modifications,
CAMMESA made several calls to generating agents for natural gas supply tenders for generation at higher prices.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On May 30, 2025, through Executive Order
No. 370/25, the National Government extended the national emergency for the electricity generation, transmission, and distribution segments,
and for the natural gas transportation and distribution segments, until July 9, 2026.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 7, 2025, through Executive Orders
No. 450/25 and No. 452/25, Laws No. 15,336 and No. 24,065 were amended, and the ENRGE was established to replace and unify the ENARGAS
and the ENRE, respectively, under the guidelines established in the Bases Law (Law No. 27,742). On October 13, 2025, through SE&nbsp;Resolution
No. 388/25, the call for the appointment of its authorities was launched.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Executive Order No. 450/25 establishes
a 24-month transition period during which the SE must issue regulations aiming to, among other things:</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">decentralize and develop a competitive hydrocarbons market through the free contracting of fuel by generators;</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">ensure the regularization and collectability of contracts with electricity distributors, and establish
thermal generation remuneration criteria allowing for greater efficiency in fuel procurement;</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">establish mechanisms for transferring the power purchase agreements executed with CAMMESA to the demand
of distributors and large users within the WEM; 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">-</TD><TD STYLE="text-align: justify">establish mechanisms for transferring the fuel purchase agreements executed by CAMMESA to the WEM&acute;s
supply.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following amendments to Laws No. 15,336
and No. 24,065 are noteworthy:</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">hydroelectric concessions must have a term (maximum 60 years) and must be re-tendered upon expiration;</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: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">free contracting principles between generators and large users and free users in the WEM must be maintained.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, the SE is empowered to authorize
the execution of expansions to the transmission system within an existing concession, after consulting with CAMMESA, and may finance it
with FNEE resources. Alternatively, the grid may be expanded on the initiative and at the risk of the party carrying out the expansion,
which will be granted priority for the use of the transmission capacity, assignable to third parties.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Based on the above-described modifications,
on October&nbsp;21, 2025, SE&nbsp;Resolution No. 400/25 established the &#8220;Rules for Normalization and Progressive Adaptation of the
WEM&#8221; amending the current regulatory framework effective as from November 1, 2025. It is worth highlighting that the implementation
of some of the modifications requires additional regulation.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Regarding distributor demand, a new category
of users subject to the application of seasonal prices is established: the seasonalized demand (not including large distribution company
users or &#8220;GUDI&#8221;). For this category, the distributor must maintain a minimum coverage of 75% of such demand. Seasonalized
demand will be supplied through the allocated generation, giving first priority to the residential sector.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The management of fuels for power generation
and their cost recognition are modified, encouraging generators to fuel self-supply, with CAMMESA remaining as the supplier of last resort.
Starting in 2029, fuel management will become the sole responsibility of generators.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The remuneration scheme for generation
in the spot market is modified, making a distinction by energy source:</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"><I>Thermal generation</I>: energy is remunerated based on the variable production cost (&#8220;CVP&#8221;)
and the adjusted marginal income (&#8220;RMA&#8221;), which considers the hourly marginal cost plus, in the case of generators with fuel
management, an adjusted income factor (&#8220;FRA&#8221;) of 0.15 in 2025 and 2026, 0.25 in 2027, and 0.35 from 2028 onwards. For generation
installed after January 1, 2025, the FRA will be equal to&nbsp;1. In addition, a minimum income scheme is established for existing generation
based on the CVP value (less than, greater than or equal to US$60/MWh).</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify"></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"><I>Renewable generation: </I>a scheme similar to that of thermal generation applies, considering a CVP
equal to zero. Additionally, a minimum remuneration of US$32/MWh is provided for. For generation installed as from January 1, 2025, the
FRA will be equal to 1 and the RMA will have no minimum or maximum limits. For biomass, biogas, or landfill gas (&#8220;LFG&#8221;) generation,
if requested by the generator, the scheme will be similar to that of conventional thermal generation<I>.</I></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 21.3pt; text-align: justify"></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"><I>Hydroelectric generation: </I>a scheme similar to that of thermal generation applies, considering a
CVP equal to zero. A minimum remuneration of US$22/MWh is provided for. A special regime has been established for pumping hydropower plants.
For generation commissioned as from January 1, 2025, the FRA will be equal to 1 and the RMA will have no minimum or maximum limits.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify"><I>Power capacity</I>: for thermal and hydroelectric generation, the power capacity made available during
the hours defined as &#8220;power capacity remuneration hours&#8221; is remunerated at a value of US$12/MW, adjusted by a seasonal correction
factor and, in the case of thermal generation, according to the fuel used. Thermal generation without fuel management will be subject
to a decreasing remuneration scheme when not dispatched. No power capacity remuneration is recognized for renewable generation sources
other than hydroelectric<I>.</I></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In line with these changes, the pricing
regime for spot demand and the seasonal pricing for distributor demand are modified. GUDI are allocated the seasonal spot energy costs
and may opt to become WEM large users subject to a minimum one-year term of permanence or contract energy and power capacity with one
or more generators through distributors.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Furthermore, the MAT is modified to promote
free contracting between agents. Two markets are established: MAT Power Capacity and MAT Energy. Thermal and hydroelectric generation
installed prior to January 1, 2025 may enter into contracts for up to 100% of their generated energy with distributors to cover the unmet
seasonalized demand, or up to 20% of their energy with WEM large users or distributors for GUDI. As from 2030, such generators may freely
enter into contracts with any demand segment. Thermal generation installed after January 1, 2025, with fuel management or additional firm
gas transportation may freely contract with any demand segment without restrictions. Renewable-source generation maintains the MATER conditions.
Storage projects may enter into contracts without restrictions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Regarding services provided by generators
in the WEM, new base and additional reliability reserve services are contemplated.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Besides, a mechanism is envisaged to transfer
the costs of forced generation to the relevant jurisdiction until the additional costs incurred are properly allocated.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Finally, it is provided that any new WEM
demand outside the scope of a distributor&#8217;s concession connected to the transmission system and representing a relative increase
exceeding at least 0.5% of the WEM&#8217;s average demand must submit, together with its request for access to the WEM and the transmission
capacity, a supply plan ensuring: i) at least 80% of new energy production; and ii) sufficient physical capacity backup to cover 80% of
its consumption.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.2 <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">SE&nbsp;Resolutions No. 603/24, No. 27/25,
No. 113/25, No. 143/25, No. 177/25, No. 227/25, No. 280/25, No. 331/25, No 356/25 and No 381/25 updated the remuneration values for spot
generation, providing for 4%, 4%, 1.5%, 1.5%, 2%, 1.5%, 1%, 0.4%, 0.5% and 0.5% increases for the January-October 2025&#8217;s economic
transactions, respectively. Likewise, the maximum spot price in the WEM was updated to $&nbsp;13,622/MWh as from October 2025.</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 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">2.2.3 <U>Privatization of the Comahue
Hydroelectric Plants</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under PEN Executive Orders No. 286/25
and No. 590/25, MECON Resolution No. 1,200/25 dated August 19, 2025 called for a national and international call for tenders for the transfer
of the share capital of each of the following companies: Alicur&aacute; Hidroel&eacute;ctrica Argentina S.A., El Choc&oacute;n Hidroel&eacute;ctrica
Argentina S.A., Cerros Colorados Hidroel&eacute;ctrica Argentina S.A. and Piedra del &Aacute;guila Hidroel&eacute;ctrica Argentina S.A.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The above-mentioned resolution approved
the terms and conditions of the call and set October 23, 2025, as the tender submission deadline. Later, this deadline was extended to
November 7, 2025 (MECON Resolution No. 1,649/25).</P>


<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">2.2.4 <U>Energy Demand Management Program</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On September 26, 2025, SE&nbsp;Resolution
No. 379/25 approved the &#8220;Energy Demand Management Program&#8221; as a measure to mitigate reserve deficits in the WEM or the distribution
network by managing users&#8217; demand.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The program will be voluntary for major
large users (&#8220;GUMA&#8221;), minor large users (&#8220;GUME&#8221;), and GUDI of the WEM opting into the program.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">CAMMESA will determine the maximum power
capacity to be called for demand management in line with seasonal scheduling. Based on that amount, it will launch a competitive tender
process in which adhering large users may participate. Awarded tenders will be remunerated with a fixed charge of US$1,000/MW-month and
a variable charge. In addition, a charge is included to incentivize compliance with the agreed commitment. In turn, a penalty equivalent
to three times the fixed charge will apply in case of non-compliance with CAMMESA&#8217;s requirement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.3</B></TD><TD><B>Gas Transportation</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0"><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">TGS received monthly tariff updates for
the January-March 2025 period; to this effect, ENARGAS published transitional tariff charts with 2.5%, 1.5% and 1.7% increases, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 30, 2025, through ENARGAS Resolution
No. 256/25, the conditions of the FTR for the 2025-2030 period were established. Its main aspects include: (i) the capital base as of
December 31, 2024; (ii) a real after-tax WACC discount rate of 7.18%; (iii) a weighted average tariff increase of 3.67%, to be implemented
in 31&nbsp;equal and consecutive monthly installments starting in May 2025; (iv) an investment plan totaling $ 279,108&nbsp;million (at
June 2024 currency values), subject to ENARGAS oversight; and (v) regulated operating&nbsp;expenses.</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Subsequently, under Executive Order No.
371/25, the SE was designated as the enforcement authority for introducing contractual or tariff modifications. In this line, SE Resolution
No. 241/25, dated June 4, 2025, provided for a monthly periodic update of transportation tariffs in lieu of the previous semiannual scheme.
TGS&nbsp;expressed its conformity with this resolution on June 5, 2025, and ENARGAS Resolutions No. 350/25, No.&nbsp;421/25, No. 539/25,
No. 622/25 and No. 732/25 approved the tariff charts incorporating monthly updates of 2.81%, 0.62%, 1.63%, 2.38% and 2.49% in addition
to the FTR&nbsp;increases.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 24, 2025, Executive Order No.
495/25 was published, whereby the PEN extended the license granted to TGS for an additional 20-year period as from December 28, 2027,
ratifying the &#8220;License Extension Memorandum of Understanding&#8221; entered into on July 11, 2025 between the MECON and TGS.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.4</B></TD><TD><B>Transmission</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0"><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">The ENRE determined the hourly remuneration
values, establishing 4%, 4%, 2%, and 4% increases against effective values for the January-April 2025 period 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">On April 3, 2025, ENRE Resolution No.
236/25 amended the high-voltage and main electricity distribution utility concessionaires&#8217; return rate defined by ENRE Resolution
No. 28/25 dated January 10, 2025 from 6.10% to 6.48% after taxes.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 30, 2025, the tariff scheme resulting
from the Five-Year Tariff Review process was approved and the ENRE established 42.89% and 10.30% increases against April 2025&#8217;s
effective tariffs for Transener S.A. and Transba S.A., respectively. Similarly, the ENRE determined the remuneration for independent transmission
companies, including Transener S.A., for the operation of the Choele Choel &#8211; Pto. Madryn Interconnection and the Fourth&nbsp;Line,
and Transba S.A., for the operation of Transportista Independiente de Buenos Aires (TIBA)&#8217;s facilities, establishing a tariff equivalent
to 77.92%, 100% and 99.73%, respectively, of Transener S.A.&#8217;s tariff.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In all cases, the increases apply as follows:
20% as from May 1, 2025, and the remaining 80% on a monthly basis over the June-December 2025 period. Likewise, a monthly tariff update
mechanism based on the CPI and IPIM price indexes is provided for.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">Consequently,
the ENRE established the following increases:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border-bottom: Black 1.5pt solid; border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Jun-25</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Jul-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Aug-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Sep-25</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Oct-25</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Transener S.A. and Fourth Line</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">7.25%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.64%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">6.02%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">6.95%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">7.12%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Transba&nbsp;S.A.</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.06%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">1.53%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">2.87%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">3.78%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">3.94%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Choele Choel &#8211; Pto. Madryn Interconnection</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.35%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">1.80%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">3.14%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.05%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.22%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1.5pt solid; padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">Transportista Independiente de Buenos Aires (TIBA)</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">7.22%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">4.61%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">5.99%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">8.10%</TD>
    <TD STYLE="padding-right: -28.4pt; padding-left: 5.4pt; text-align: justify">8.27%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On June 17, 2025, Transener and Transba
filed with ENRE motions of reconsideration against the resolutions issued on April 30, 2025 for Transener S.A., Transba S.A. and TIBA,
requesting the ENRE to suspend the requirement to submit the investment plans for the May 2025-April 2030 period until the ENRE issues
a ruling on said motions. On August 18, 2025, the ENRE upheld the filed motions for reconsideration and, consequently, modified the cost
and investment structure for Transener S.A., Transba S.A., the Choele Choel &#8211; Puerto Madryn Interconnection and TIBA. In the case
of the independent transmission companies, including TIBA, the ENRE additionally recognized an increase in revenues from the payment to
Transener S.A. for operation and maintenance supervision, applicable as from September 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As a result of the introduced changes,
on September 5, 2025, the investment plans to be carried out by Transener S.A., Transba S.A., TIBA, and the Choele Choel - Puerto Madryn
Interconnection over the May 2025-April 2030 period were duly and timely submitted for approval by the ENRE. As of the date of issuance
of these consolidated condensed interim financial statements, the ENRE&#8217;s approval has not been received.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.5</B></TD><TD><B>Regulations on access to the MLC</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 11, 2025, the BCRA issued Communication
&#8220;A&#8221; 8,226 easing several restrictions to access the MLC, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for foreign currency transfers abroad for profits and dividends to non-resident shareholders,
in the case of legal entities with profits from fiscal years beginning on or after January&nbsp;1,&nbsp;2025,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for the payment of imports of capital goods,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">elimination of the requirement to submit an affidavit in the case of individuals; for legal entities,
the requirement to submit an affidavit stating a commitment not to engage in certain sales, exchanges or transfers of securities for 90&nbsp;calendar
days following the MLC access request remains in place, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">removal of restrictions on resident individuals to access the MLC to purchase foreign currency for saving
or deposit purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">On September 18, 2025, the BCRA established
a series of measures aimed at promoting the repatriation of direct investments by non-residents, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for non-residents acquiring an equity interest in resident companies (other than financial
institutions or their controlling entities),</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for residents in case of acquisition of 100% of the share capital of non-resident companies
whose sole asset is an interest in local companies,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">-</FONT></TD><TD STYLE="text-align: justify">access to the MLC for residents in the event of acquisition of holdings by non-residents in concessions
for the exploitation of natural resources granted in the country, concurrently with the settlement of funds from foreign financial borrowings
or local foreign-currency loans from a foreign credit line.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, on September 26, 2025, the BCRA published
Communication &#8220;A&#8221; 8,336, reinstating the requirement for individuals to submit an affidavit stating their commitment not to
engage, directly or indirectly or on behalf of third parties, in purchases of securities settled in foreign currency for the 90 calendar
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">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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>2.6</B></TD><TD><B>Tax regulations</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 14, 2025, PEN Executive Order
No. 269/25 repealed PEN Executive Order No. 28/23, reestablishing, as of that date, the payment and settlement in the MLC of 100% of export
values.</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><U>NOTE 3</U>: BASIS OF PREPARATION</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine and three-month periods ended September 30, 2025 have been prepared pursuant to the provisions of IAS 34, &#8220;Interim
Financial Information&#8221; as issued by the IASB, are expressed in millions of US dollars and were approved for their issuance by the
Company&#8217;s Board of Directors on November 4, 2025.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">This consolidated condensed interim financial
information had been prepared under the historical cost convention, modified by the measurement of financial assets at fair value through
profit or loss and they should be read together with the Consolidated Financial Statements as of December 31, 2024, which have been prepared
under IFRS Accounting Standards as issued by the IASB.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">These Consolidated Condensed Interim Financial
Statements for the nine and three-month periods ended September 30, 2025 have not been audited. The Company&#8217;s management estimates
they include all the necessary adjustments to state fairly the results of operations for the period. The results for the nine-month period
ended September 30, 2025, does not necessarily reflect in proportion the Company&#8217;s results for the complete year.</P>

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


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 3</U>: </B>(Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The information as of December 31, 2024
and for the nine and three-month periods ended September 30, 2024, disclosed for comparative purposes, arises from the Consolidated Financial
Statements as of those dates.</P>

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><U>NOTE 4</U>: ACCOUNTING POLICIES</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The accounting policies applied in these
Consolidated Condensed Interim Financial Statements are consistent with those used in the Consolidated Financial Statements for the last
fiscal year, which ended on December 31, 2024.</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 0; text-indent: 0in">4.1 New accounting standards, amendments and interpretations
issued by the IASB effective as of December 31, 2025 and adopted by the Company</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has applied the following
standards and / or amendments for the first time as of January 1, 2025:</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">IAS&nbsp;21 - &#8220;Effects of Changes in Foreign Exchange Rates&#8221; (amended in August 2023).</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt/12pt Arial Unicode MS; margin: 12pt 0 0; text-indent: 0in">4.2 New accounting standards, amendments and interpretations
issued by the IASB not yet effective and not early adopted by the Company</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, early application of IFRS accounting standards and/or amendments thereto is not permitted unless specifically permitted 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 September 30, 2025, the Company
has not early applied the following standards and/or amendments:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">-</TD><TD STYLE="text-align: justify">IFRS 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 applies retroactively to fiscal years and interim periods beginning
on or after January 1, 2027, allowing for early adoption. The Company is currently analyzing the impact of the application of the standard
on its financial statements&#8217; disclosures.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>NOTE 4</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">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. Subsequently, in August 2025, amendments were
introduced, reducing disclosure requirements related to supplier financing arrangements, lack of exchangeability and international tax
reform, and replacing the disclosure requirements regarding management-defined performance measures with a cross-reference to IFRS 18
for entities using such measures. The&nbsp;standard and its amendments are applicable for periods beginning on or after January 1, 2027,
allowing for early adoption. The&nbsp;application of the standard will not have an impact on the Company&#8217;s results of operations
or financial&nbsp;position.</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">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 are applicable
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.</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">IMPROVEMENTS TO IFRS - Volume 11: in July 2024, minor amendments are incorporated into IFRS&nbsp;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.</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">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 regarding nature-dependent electricity contracts. In&nbsp;particular, it allows
exemption from fair value accounting for entities that are net purchasers of electricity during the term of the contracts, and eases the
designation as a hedging instrument for contracts not meeting the requirements for the above-mentioned exemption. The amendments are applicable
to fiscal years 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.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><U>NOTE 5</U>: GROUP STRUCTURE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt"><B>5.1</B></TD><TD><B>Interest in subsidiaries, associates and joint ventures</B></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: 28.35pt">5.1.1</TD><TD STYLE="text-align: justify"><U>Subsidiaries information</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unless otherwise indicated, the country
is also the principal place where the subsidiary carries out 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; background-color: white; width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 10%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; background-color: white; width: 26%">&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; background-color: white; width: 11%">09.30.2025</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; background-color: white; width: 12%">12.31.2024</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; background-color: white">Company</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Country</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">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; background-color: white">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; background-color: white">Direct and indirect participation %</TD></TR>
  <TR STYLE="background-color: white">
    <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; background-color: white">Ecuador Pipeline Holdings Limited</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">EISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Enecor S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Electricity transportation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">70.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">70.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fideicomiso CIESA&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">GASA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HIDISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">61.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">61.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">HINISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">52.04%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">52.04%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">OCP&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Pampa Ecuador Inc&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Nevis Island&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PEB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Bolivia</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PE Energ&iacute;a Ecuador LTD</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Gran Cayman</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PECSA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Chile</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Trader</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PESOSA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Argentina</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Trader</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Petrolera San Carlos S.A.</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Venezuela</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PB18</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Ecuador</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Oil</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">PISA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">Uruguay</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">100.00%</TD></TR>
  <TR STYLE="background-color: white">
    <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 STYLE="background-color: white">
    <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 10pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The following table presents the main
activity and the financial information used for valuation and percentages of participation in associates and joint ventures; unless otherwise
indicated, the share capital consists of millions of common shares with one vote per share:</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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 period</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; background-color: white; 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; background-color: white; width: 12%">Direct and indirect participation %</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Associates</TD>
    <TD STYLE="vertical-align: bottom">&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="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="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: bottom">SESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Gas treatment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;09.30.2025&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;330</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">20.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">VMOS <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; 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: left; background-color: white">Hydrocarbon transportation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;09.30.2025&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">158,903</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;315</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">10.20%</TD></TR>
  <TR>
    <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; text-align: right">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; background-color: white">Joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CIESA <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;639</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;159</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;1,088</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">50.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Citelec <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; font-style: normal; font-weight: 400"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Investment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;556</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: middle; text-align: right">&nbsp;286</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">50.00%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Generation</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;8,558</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: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;469</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white">50.00%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD>On April 24, 2025, SE Resolution No. 165/25 granted SESA the LNG Free Export Authorization
certificate for 11.72 million m<SUP>3</SUP>/d of gas over a 30-year period between July 1, 2027 and June 30, 2057. Additionally, on May
5, 2025, MECON Resolution No. 559/25 approved SESA&#8217;s application to opt into the RIGI.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>(2)</SUP></TD><TD STYLE="width: 5pt"></TD><TD>On March 21, 2025, MECON Resolution No. 302/25 approved VMOS&#8217;s application to opt into
the RIGI.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>(3)</SUP></TD><TD STYLE="width: 5pt"></TD><TD>The Company holds a 50% interest in CIESA, a company that holds a 53.83% interest in TGS&#8217;s
capital stock; therefore, the Company has a 26.91% interest in TGS.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"></TD><TD STYLE="width: 5pt"></TD><TD>As of September 30, 2025, TGS&#8217;s common shares and ADR traded on the BCBA and NYSE were listed at $&nbsp;6,470.00 and
                                                                              US$&nbsp;21.03, respectively, conferring Pampa&#8217;s holding an approximate market value of US$ 852 million ($&nbsp;1,310,798
                                                                              million).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>(4)</SUP></TD><TD STYLE="width: 5pt"></TD><TD>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 September 30, 2025, Transener&#8217;s common
share price listed at the BCBA was $ 1,799.00, conferring Pampa&#8217;s indirect holding an approximate market value of US$ 152.60 million
($&nbsp;210,592 million).</TD>
</TR></TABLE>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<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; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Disclosed in non-current assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">VMOS</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">SESA</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">40</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CIESA</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">582</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">605</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Citelec</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">143</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">158</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">CTB</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">235</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">230</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; background-color: white">960</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">993</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; background-color: white">1,000</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></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/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 following table shows the breakdown of the result from investments
in associates and joint ventures:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">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></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">SESA</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: bottom; text-align: right">-</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">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">VMOS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(4)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total associates</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(2)</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; background-color: white">1</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; background-color: white">&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; background-color: white">Joint ventures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&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">73</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">57</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">25</TD>
    <TD STYLE="color: white; 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">CTB</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(28)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">OCP</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="text-align: right">59</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; background-color: white">103</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; background-color: white">100</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; background-color: white">101</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">101</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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 17%">09.30.2024</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: middle; text-align: right">993</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">672</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Dividends</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(70)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; 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: middle; text-align: right">41</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">39</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: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(37)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Sale of equity interests</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: middle; text-align: right">(18)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease due to obtained control</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">(77)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Profit from sale of companies&acute; interest</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: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Share of profit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">101</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">101</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Exchange differences on translation</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(65)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">268</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">At the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,000</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">947</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: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1.3</TD><TD STYLE="text-align: justify"><U>OCP</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pursuant to the terms and conditions of
the concession authorization agreement, OCP caused OCPSA to establish two guarantees, one operational and one environmental, each in the
amount of US$&nbsp;50 million (including surety bonds provided by the Group as a shareholder in the amount of US$&nbsp;84 million, disclosed
under the line item guarantee deposits), which would remain in effect for the term of the agreement and until 90 days after its termination
on November 30, 2024. Therefore, the guarantees were scheduled to expire on March 1, 2025, since as of that date, no claim had been initiated
that could be considered covered within their scope. However, Citibank Ecuador informed OCP that, in its understanding, the guarantees
had not expired because OCPSA had not complied with certain required formalities.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">For its part, OCP formally notified Citibank
Ecuador that its position was incorrect, explaining the reasons for that interpretation, and requested the Ecuadorian Government to notify
Citibank Ecuador that the guarantees had&nbsp;expired.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On April 11, 2025, OCP filed an arbitration
proceeding before the ICSID seeking the effective release of the guarantees and compensation for the sustained damages and, subsidiarily,
to receive from Ecuador the amount of the guarantees plus interest and damages resulting from Ecuador&#8217;s actions.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 28, 2025, the Ecuadorian Government
instructed Citibank Ecuador to proceed with the guarantees release, which became no longer valid as of that day under the terms of the
contract. On November 3, 2025, Citibank NY proceeded with the release of the guarantee deposits funds.</P>

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


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</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: 0"></TD><TD STYLE="width: 0.5in">5.1.4</TD><TD STYLE="text-align: justify"><U>CIESA - TGS</U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 7, 2025, an exceptional weather
phenomenon occurred in the city of Bah&iacute;a Blanca and its surroundings, characterized by intense rainfall, unprecedented in the last
100&nbsp;years. This situation led to flooding in urban and peripheral areas, severely affecting local infrastructure.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The event caused the Saladillo Garc&iacute;a
stream to overflow, resulting in the flooding of the Cerri Complex. As a consequence, liquids production was completely halted and the
natural gas transportation service was partially affected. In addition, both the external electricity distribution system and the power
generation and distribution facilities were damaged by the phenomenon.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The natural gas transportation service
was gradually restored and is fully operational, with no significant impact on TGS&#8217;s revenues.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Conversely, liquids production at the
Cerri Complex was completely interrupted from March 7, 2025, until the end of April 2025. From then on, operations gradually resumed,
reaching normal production levels by early May.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During the nine-month period ended September
30, 2025, TGS recorded a $ 45,741 million loss for event-related expenses and impairment of materials and other property, plant, and equipment,
the latter amounting to $ 3,857&nbsp;million. The final cost of the event is still pending determination by TGS.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Although TGS has initiated negotiations
with insurance companies, it has not yet determined the amount or the effective date for the total collection of related recoveries. As
of September 30, 2025, TGS has received $ 1,326 million from insurance companies as an advance payment on account of the total settlement
of the claim.</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"><I>Tender for Perito Moreno Gas Pipeline
(GPM) Expansion</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On May 22, 2025, ENARSA launched a tender
to expand the GPM, aiming to increase natural gas transportation capacity from Vaca Muerta by 14 million cubic meters per day. Tenders
were submitted on July 28, 2025, and on October 17, 2025, TGS was awarded the project to carry out the expansion work within an 18-month
term starting November 1, 2025.</P>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 5</U>:</B> (Continuation)</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: 0"></TD><TD STYLE="width: 0.5in">5.1.5</TD><TD STYLE="text-align: justify"><U>VMOS </U></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On July 8, 2025, VMOS entered into a syndicated
international loan agreement for a total amount of US$ 2 billion with a 5-year term and an interest rate equivalent to SOFR Term plus
a 5.50% margin, intended to finance the construction of the Vaca Muerta Oil Sur pipeline. The project requires a total estimated investment
of US$ 3 billion and includes a loading and unloading terminal equipped with interconnected mooring buoys, a tank farm, and other associated
accessory facilities for exporting oil and liquids through carriers. Likewise, VMOS amended the transportation agreements entered into
with its shareholders to align its terms with the financing structure.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As security for the obligations assumed
in the loan: (i) VMOS has assigned in guarantee to the banks its collection rights under the transportation contracts entered into with
the initial shippers (YPF, Vista, Pampa, PAE, Pluspetrol, Chevron, Shell, Tecpetrol and GyP); (ii) each initial shipper entered into a
direct agreement with the banks; and (iii) VMOS&#8217;s Class A shareholders (including Pampa) have granted a fiduciary assignment of
their shares as collateral for the financing, which shall remain in effect until the completion of the project.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Disbursements may be requested by VMOS
on a monthly basis until the earlier of the project completion date or July 31, 2027.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Under the terms of the syndicated loan
agreement, VMOS has undertaken certain customary affirmative and negative covenants for this type of transaction.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In addition, the revenues generated from
VMOS&#8217; export operations will be credited to an offshore bank account structure, which is managed by a bank acting as collateral
agent. Furthermore, a local tariff guarantee trust has been established, under which a branch of Citibank, N.A. acting as trustee, will
manage both the local revenues received by VMOS and any funds transferred from abroad.</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>5.2</B></TD><TD><FONT STYLE="line-height: 107%"><B>Oil and gas participations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Assets and liabilities as of September
30, 2025 and December 31, 2024 and the production cost of the Joint Operations and Consortiums in which the Company participates corresponding
to the nine-month periods ended September 30, 2025 and 2024 are 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: 9pt Trebuchet MS, Times, Serif; vertical-align: middle; text-align: right; width: 58%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 18%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold;  text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="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;155</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;151</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Current assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">13</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;166</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;164</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></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">80</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Current Liabilities</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">26</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;106</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">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></TR>
  <TR>
    <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="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&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">75</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right">73</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Extension of the evaluation period
for the Parva Negra Este area </I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Through Provincial Executive Order No.
550/25, issued on May 17, 2025, the Province of Neuquen approved a 2-year extension of the evaluation period for the Parva Negra Este
area from April 3, 2025 to April 2, 2027.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Assignment of interests in the El Tordillo,
La Tapera and Puesto Quiroga areas</I></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 1, 2025, in connection with
the El Tordillo, La&nbsp;Tapera and Puesto Quiroga areas, the Company transferred to Crown Point Energ&iacute;a S.A., on a joint basis:
(i) a 35.6706% interest in the hydrocarbon exploitation concessions and hydrocarbon transportation concessions, and (ii) the Joint Operation
Agreements for hydrocarbon exploration, development and production. The transaction was completed with the collection of US$&nbsp;2 million
by the Company.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In line with the foregoing, the Company
recognized an impairment loss on property, plant and equipment for a total amount of US$ 6.8 million as of September 30, 2025.</P>

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


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><U>NOTE 6</U>: RISKS</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0pt 5pt">6.1 Critical accounting estimates and judgments</P>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">In the preparation of these Consolidated
Condensed Interim Financial Statements, management judgements on applying the Company&#8217;s accounting policies and sources of information
used for the respective estimates are the same as those applied in the Consolidated Financial Statements for the fiscal year ended December
31, 2024.</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0pt 5pt">6.2 Financial risk management</P>

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

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


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><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 associates, and based on the business nature, customer portfolio and risks involved, the following
business segments have been identified:</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B>Oil and Gas</B>, principally consisting
of the Company&#8217;s interests in oil and gas areas, the activities of Pampa Energ&iacute;a S.A. - Sucursal Dedicada Midstream RDA and
direct and indirect interest in SESA 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, 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 VI wind farms.</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, CIESA and their respective subsidiaries holding the concession over high-voltage
electricity transmission and gas transportation, respectively, the direct and indirect interests in VMOS and OCP, holding activities,
and other investment activities.</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>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt 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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: center; background-color: white">in million of US$&nbsp;</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 nine-month period ended September 30, 2025</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Consolidated</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenue - local market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">416</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">583</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">190</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,207</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Revenue - foreign market</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">143</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">139</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">284</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Intersegment revenue</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">99</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">(99)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Cost of sales</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(461)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(319)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(319)</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">99</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(1,000)</TD></TR>
  <TR STYLE="background-color: white">
    <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">197</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">266</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">10</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>
    <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">491</TD></TR>
  <TR STYLE="background-color: white">
    <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 STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Selling expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(56)</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">(9)</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>&nbsp;</TD>
    <TD STYLE="text-align: right">(69)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">(31)</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">(35)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(131)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other operating income</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">41</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">19</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">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">85</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other operating expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(16)</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">(8)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(29)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(62)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of property, plant and equipment and inventories</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8)</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Impairment of financial assets</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(5)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">94</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">101</TD></TR>
  <TR STYLE="background-color: white">
    <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">95</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">245</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">7</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">55</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">402</TD></TR>
  <TR STYLE="background-color: white">
    <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 STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Financial income</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">15</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">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Financial costs</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(77)</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">-</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>&nbsp;</TD>
    <TD STYLE="text-align: right">(151)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Other financial results</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">81</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">77</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">137</TD></TR>
  <TR STYLE="background-color: white">
    <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">(102)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">60</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">31</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">39</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">28</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; background-color: white">&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; background-color: white">(7)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">305</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">38</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">94</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">430</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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: bottom">
    <TD STYLE="text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(31)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(180)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(11)</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">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(214)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Profit (Loss) of the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(38)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">125</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">27</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">102</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">216</TD></TR>
  <TR STYLE="background-color: white">
    <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 STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left">Depreciation and amortization</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">214</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">87</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>
    <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">305</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: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="background-color: white">
    <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 nine-month period ended September 30, 2025</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Oil and gas</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Petrochemicals</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Eliminations</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 8%">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Total profit (loss) of the period attributable to:</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Owners of the company</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">(38)</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">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">102</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">216</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></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 September 30, 2025</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Assets</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,379</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,768</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">190</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">951</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(51)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">6,237</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Liabilities</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,617</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">623</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">539</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(51)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2,795</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Net book values of property, plant and equipment&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,655</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,323</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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">38</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3,053</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid">Additional consolidated information as of September 30, 2025</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">720</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">14</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; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">789</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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left; width: 9%">in million of US$</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD></TR>
  <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 nine-month period ended September 30, 2024</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">Oil and gas</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Eliminations</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Consolidated</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Revenue - local market</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">429</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">502</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">247</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,207</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Revenue - foreign market</TD>
    <TD STYLE="vertical-align: bottom">&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">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">147</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">234</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Intersegment revenue</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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">-</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">(83)</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; background-color: white">Cost of sales</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(387)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(260)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(361)</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">83</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(930)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Gross profit</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">209</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">245</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">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">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</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">511</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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; background-color: white">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">(2)</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; 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">(57)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(57)</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">(5)</TD>
    <TD STYLE="vertical-align: middle; 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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(139)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</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">11</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">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">116</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other operating expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">(11)</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">(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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(72)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Impairment of property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <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">(19)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(56)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Share of profit from associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: 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">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">129</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">101</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: 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">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Operating income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">122</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">153</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">92</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">392</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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; background-color: white">Financial income</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">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">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">(39)</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">(24)</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">(137)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">102</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">25</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">114</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(87)</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">66</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</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</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">(19)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Profit before income tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">35</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">219</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">26</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">93</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">373</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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; background-color: white">Income tax</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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">109</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">(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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Profit of the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">71</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">328</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">33</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">81</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">513</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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 STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation and amortization</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">71</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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">257</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 9%">in million of US$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; width: 9%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid">Consolidated profit and loss information for the nine-month period ended September 30, 2024</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">Oil and gas</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Generation</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Petrochemicals</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Holding, Transportation and others</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Eliminations</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">Consolidated</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total profit of the period 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; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Owners of the company</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&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">328</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">81</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">513</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&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; background-color: white">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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6,345</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3,050</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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; background-color: white">Net book values of property, plant and equipment</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1,183</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">1,357</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">39</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,607</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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 September 30, 2024</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 intangibles assets</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">243</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</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">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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">321</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 8</U>: REVENUE</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">09.30.2025</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Gas sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">379</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">411</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Oil sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">172</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">94</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</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="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Oil and gas sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">559</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">513</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales in Spot Market</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">185</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">160</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Energy sales by supply contracts</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">290</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">260</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">103</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">78</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">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="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Generation sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">585</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">505</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">183</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">215</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Styrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">45</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">53</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Synthetic rubber sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">53</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">61</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Polystyrene sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">47</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">63</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Other sales</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Petrochemicals sales subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">329</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">394</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; 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; background-color: white">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; background-color: white">18</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Other sales</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">14</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Holding, Transportation and others subtotal</TD>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">18</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></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Total revenue <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; vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">1,491</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">1,441</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR>
<TD STYLE="text-align: left; width: 10.9pt; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP>&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Revenues from CAMMESA
                                            represent 33% and 30% of total revenues from sales for the nine-month periods ended September
                                            30, 2025 and 2024, respectively, and correspond mainly to the Oil and gas and Generation
                                            segments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR>
<TD STYLE="text-align: left; width: 10.9pt; vertical-align: top"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP>&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">Including US$ 11.4
                                            million and US$ 6.7 million in the Oil and gas segment and US$ 8 million and US$ 8 million
                                            in the Petrochemical segment corresponding to export duties for the nine-month periods ended
                                            September 30, 2025 and 2024, respectively.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 9</U>: COST OF SALES</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; background-color: white; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">09.30.2025</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: 18%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Inventories at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">223</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">205</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Plus: Charges of the period</TD>
    <TD STYLE="font-weight: bold; background-color: white">&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="background-color: white">Purchases of inventories, energy and gas&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">312</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">329</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Salaries and social security charges</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">66</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">64</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Employees benefits</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Defined benefit plans</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="background-color: white">Works contracts, fees and compensation for services</TD>
    <TD STYLE="text-align: right">110</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">93</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Property, plant and equipment depreciation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">284</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">246</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Intangible assets amortization</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>Right-of-use assets amortization</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Energy transportation</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Transportation and freights</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">34</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Consumption of materials</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Penalties</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Maintenance</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">46</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Canons and royalties</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">86</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">80</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Environmental control</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Rental and insurance</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Surveillance and security</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">Other</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total charges of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,033</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">963</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Less: Inventories at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(256)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(238)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total cost of sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,000</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; background-color: white">930</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></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"><B></B></P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 10</U>: OTHER ITEMS OF THE STATEMENT OF COMPREHENSIVE INCOME</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0pt 5pt">10.1 Selling expenses</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="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: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 17%">09.30.2025</TD>
    <TD STYLE="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: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: 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="vertical-align: bottom; text-align: left">Fees and compensation for services</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</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; background-color: white">Taxes, rates and contributions</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Transportation and freights</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">48</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; text-align: left; background-color: white">Other</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total selling expenses</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">69</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">57</TD></TR>
  </TABLE>
<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>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">10.2 Administrative expenses</P>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Salaries and social security charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Employees benefits</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: middle; text-align: right">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Defined benefit plans</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: middle; text-align: right">15</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: middle; text-align: right">40</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">Compensation agreements</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&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">20</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: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Property, plant and equipment depreciation</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</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">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">1</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">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">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">9</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></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">3</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; background-color: white">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; background-color: white">131</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">139</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">10.3 Other operating income and expenses</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: 55%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2024</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; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for intangibles assets sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Results for other assets sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</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">17</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46</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">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</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: bottom; text-align: right">2</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Other</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Total other operating income</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">85</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">116</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&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; background-color: white">&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: bottom; text-align: right">(18)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(31)</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: bottom; text-align: right">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</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: bottom; text-align: right">(19)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(2)</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">(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: 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: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(1)</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: bottom; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5)</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: bottom; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Incident costs</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(4)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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: bottom; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(8)</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; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(62)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(72)</TD></TR>
  </TABLE>

<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>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">10.4 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="background-color: white; width: 56%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Financial income</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial interests</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">41</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">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">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial income</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">42</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">4</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white">Financial costs</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">&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">(103)</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">-</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; background-color: white">Fiscal interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(39)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(23)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other interests</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</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; background-color: white">Bank and other financial expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE=" vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(151)</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">(137)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&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: bottom; background-color: white">Other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Foreign currency exchange difference, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">30</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(11)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Changes in the fair value of financial instruments</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">140</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Result from present value measurement</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from repurchase 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">2</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; background-color: white">Total other financial results</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">137</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">114</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial results, net</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">28</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">(19)</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: 9pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify"><SUP>&nbsp;</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt/14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Net of US$ 3 million and US$ 8 million borrowing costs capitalized in property, plant and
equipment corresponding to the nine-month periods ended September 30,2025 and 2024, respectively.</TD>
</TR></TABLE>

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


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">10.5 Income tax</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 58%">&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: 17%">09.30.2025</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: 17%">09.30.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">67</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">211</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">146</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">(352)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Difference between previous fiscal year income tax provision and the income tax statement</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; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Total income tax - Loss (Profit)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">214</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(140)</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt 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: 58%">&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: 17%">09.30.2025</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: 17%">09.30.2024</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">430</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">373</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></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">151</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">131</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">(35)</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">(1)</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">231</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">102</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Effects of valuation of property, plant and equipment, intangible assets and financial assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(228)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(651)</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&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: middle; text-align: right">1</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">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">86</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">299</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; background-color: white">8</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; text-align: left">Other</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle">&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">Total income tax - Loss (Profit)</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">214</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(140)</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: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 11</U>: NON-FINANCIAL ASSETS AND LIABILITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.1</B></TD><TD STYLE="padding-left: 10pt"><B>Property, plant and equipment</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Increases <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: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">Increases for incorporation</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; background-color: white; width: 8%">Transfers</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Decreases</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Assets classified as held for sale</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At the end&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Lands</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Buildings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">204</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">205</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Vehicles</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">11</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Furniture and fixtures, tools and software and communication equipment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">44</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">56</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Thermal generation plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,091</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">46</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1,137</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Renewable generation plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">686</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">24</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">710</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Petrochemical plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">42</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">52</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Mining property, wells and drilling equipment</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1,962</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">406</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2,363</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Drilling and work in progress</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">335</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">735</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(492)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">574</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Other goods</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">1</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 09.30.2025</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">&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">4,390</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">744</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">5,124</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2024</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">4,169</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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; background-color: white">317</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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; background-color: white">3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(32)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(33)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(83)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">4,341</TD></TR>
  </TABLE>

<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: 8pt Times New Roman, Times, Serif; margin: 0"><SUP>(1)</SUP> Includes US$ 3 million and US$ 8 million of borrowing costs
capitalized for the nine-month periods ended September 30, 2025 and 2024, respectively.</P>

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


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Depreciation</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 0.5pt solid; text-align: center">Net book values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 30%">Type of good</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">At the beginning&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 7%">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; background-color: white; width: 7%">For the period</TD>
    <TD STYLE="vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">Impairment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 8%">At the end</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At the end</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; background-color: white; width: 8%">At 12.31.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Lands</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">14</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Buildings</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(95)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(6)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(101)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">104</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">109</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Vehicles</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(8)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(9)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">3</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Furniture and fixtures, tools and software and communication equipment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(37)</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(41)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">15</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">7</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Thermal generation plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(544)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(51)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(595)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">542</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">547</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Renewable generation plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(78)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(26)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(104)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">606</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">608</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Petrochemical plants</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(24)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(4)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(28)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">24</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mining property, wells and drilling equipment</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(996)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(198)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">2</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1,192)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,171</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">966</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Drilling and work in progress</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">574</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">335</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other goods</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">Total at 09.30.2025</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(1,783)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(291)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</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">2</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">(2,071)</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">3,053</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&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; background-color: white">(1,625)</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&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; background-color: white">28</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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; background-color: white">(253)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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; background-color: white">20</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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; background-color: white">64</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(1,766)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">2,575</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt; background-color: white">Total at 12.31.2024</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">2,607</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></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>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0pt 5pt">11.2 Intangible assets</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Original values</TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 43%">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">Increases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; width: 13%">Decreases</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; background-color: white; width: 13%">At the end</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">2</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Goodwill</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">35</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">35</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">71</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">71</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Digital assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">2</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right; background-color: white">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right; background-color: white">-</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">111</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">2</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(5)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">108</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">108</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">4</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">-</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">112</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Amortization</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">At the beginning</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">For the period</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Concession agreements</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(2)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(14)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">(17)</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(16)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(19)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(12)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(3)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(15)</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; background-color: white">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Net book values</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">Type of good</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At the end</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">At 12.31.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif">Goodwill&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">35</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">35</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Intangible identified in acquisitions of companies</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">54</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">57</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">Digital assets</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">3</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: left">Total at 09.30.2025</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">89</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt">Total at 09.30.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">97</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; border-top-color: Black; border-top-width: 0.5pt">Total at 12.31.2024</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif; border-bottom: Black 0.5pt solid; text-align: right">95</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, serif">&nbsp;</TD>
    </TR>
  </TABLE>



<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&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: bold 12pt Arial Unicode MS; margin: 5pt 0">11.3 Deferred tax assets and liabilities</P>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; 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: 19%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Tax loss carryforwards</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: middle; background-color: white">
    <TD STYLE="text-align: left">Property, plant and equipment</TD>
    <TD STYLE="text-align: right">36</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; background-color: white">1</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Provisions</TD>
    <TD STYLE="text-align: right; background-color: white">53</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">49</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Tax payables</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Salaries and social security payable&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Defined benefit plans</TD>
    <TD STYLE="text-align: right; background-color: white">10</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">10</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Trade and other payables</TD>
    <TD STYLE="text-align: right; background-color: white">24</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">1</TD></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; background-color: white">124</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">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">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(30)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Intangible assets</TD>
    <TD STYLE="text-align: right">(31)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(32)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Investments in companies</TD>
    <TD STYLE="text-align: right; background-color: white">(10)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(9)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Inventories</TD>
    <TD STYLE="text-align: right; background-color: white">(40)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(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">(32)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(4)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade and other receivables</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(6)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(2)</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(8)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Tax inflation adjustment</TD>
    <TD STYLE="text-align: right; background-color: white">(11)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(58)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Right of use assets</TD>
    <TD STYLE="text-align: right; background-color: white">(22)</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold; text-align: left">Deferred tax liability</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(170)</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">(175)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Deferred tax assets and liabilities
are offset only when there is a legally enforceable right to offset tax assets and liabilities; and when deferred income tax charges are
associated with the same fiscal authority. Therefore, they are disclosed in the Consolidated Condensed Interim Statement of Financial
Position:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 19%">09.30.2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; 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: 19%">12.31.2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax asset, net</TD>
    <TD STYLE="text-align: right; background-color: white">21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">157</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax liability, net</TD>
    <TD STYLE="text-align: right; background-color: white">(67)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">(49)</TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">11.4 Inventories</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; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; 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: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Materials and spare parts</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">160</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">24</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">In process and finished products</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">67</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">57</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">256</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">223</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: bold 12pt Arial Unicode MS; margin: 5pt 0">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: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2025</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: 17%">12.31.2024</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>&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>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">59</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">95</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>&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">25</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>&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">17</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>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">107</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">137</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&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>&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">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Environmental remediation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&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; text-align: left">Other provisions</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&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: middle; text-align: left">Total Current</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">7</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">10</TD></TR>
  </TABLE>

<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"></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt/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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.2025</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 48%">&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: 14%">Contingencies</TD>
    <TD STYLE="vertical-align: middle; width: 2%">&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; background-color: white; width: 15%">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: 14%">Environmental remediation</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">At the beginning of the year</TD>
    <TD STYLE="vertical-align: bottom">&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">30</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Increases</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18</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">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Decreases</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">(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">Foreign currency exchange difference</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: 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">Reversal of unused amounts</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</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; background-color: white">(1)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">At the end of the period</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; background-color: white">59</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">30</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">22</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center">09.30.2024</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; background-color: white">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 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>
    <TD STYLE="vertical-align: bottom">Increases</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">38</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increase for incorporation</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>
    <TD STYLE="vertical-align: bottom; text-align: right">&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="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">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Liabilities associated to assets classified as held for sale</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; 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">-</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 period</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">144</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">34</TD>
    <TD STYLE="text-align: right">&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"><B></B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In the ongoing files before the
National Tax Court regarding gasoline exports, where the tax entity challenges the tariff heading assigned by Petrobras Argentina S.A.
during the years 2008-2014, nine additional favorable rulings were passed during the period. Out of the total fourteen rulings in favor
of the Company, thirteen were sustained by the Tax Authority, therefore becoming final and conclusive. In the remaining case, the term
for the Tax Authority to submit an appeal is still pending. Attending to the above-mentioned detailed progress, the Company believes that
there are grounds to consider that the associated provision is not probable and, consequently, has recorded, during the period a US$ 44
million recovery, including accrued interest.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In the appeal for partial annulment
filed by the Company against the Final Award issued in the international arbitration proceeding initiated by POSA, the latter answered
the service of notice, and on July 15, 2025, and on August 27, 2025 hearings were held before the National Chamber of Appeals in Commercial
Matters.</P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><B><U>NOTE 11</U>:</B> (Continuation)</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0">11.6 Income tax and minimum notional income tax provision</P>

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

<P STYLE="font: 10pt/120% Book Antiqua, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%">&nbsp;</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: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">12.31.2024</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">312</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">69</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Minimum notional income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">5</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="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">317</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">75</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income tax, net of witholdings and advances</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">15</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">257</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">15</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">257</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Book Antiqua, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Book Antiqua, Times, Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 0 5pt"><U>NOTE 12</U>: FINANCIAL ASSETS AND LIABILITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.1</B></TD><TD STYLE="padding-left: 10pt"><B>Financial assets at amortized cost</B></TD></TR></TABLE>

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; text-align: justify; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; 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: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white">Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">80</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Due to the short-term nature of
investments at amortized cost, their book value is not considered to differ from their fair value.</P>

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


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.2</B></TD><TD STYLE="padding-left: 10pt"><B>Financial assets at fair value through profit and loss</B></TD></TR></TABLE>

<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: 0"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; 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: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: middle; text-align: left">Non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">32</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">27</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total non-current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">32</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">27</TD></TR>
  <TR STYLE="background-color: white">
    <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: 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Government securities&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">381</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">692</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">110</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">39</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">37</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&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">Total current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">470</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">850</TD></TR>
  </TABLE>
<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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.3</B></TD><TD STYLE="padding-left: 10pt"><B>Trade and other receivables</B></TD></TR></TABLE>

<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: top">
    <TD STYLE="text-align: left; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 7%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2025</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></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Non-Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</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">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; background-color: white">42</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">43</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">-</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; 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">-</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: 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">5</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: 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">1</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: 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">-</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="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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">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">75</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right; background-color: white">48</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 2pt double; text-align: right">75</TD></TR>
  </TABLE>
<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>

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<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="text-align: center; vertical-align: bottom; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 7%">Note</TD>
    <TD STYLE="vertical-align: top; text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: top; text-align: center; 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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">299</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">172</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">110</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">107</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">10</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: 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">(5)</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; background-color: white">Trade receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">414</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">288</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</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; background-color: white">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">42</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: top; text-align: left; background-color: white">Receivables for complementary activities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</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: bottom; text-align: left; background-color: white">Guarantee deposits <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="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">261</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">130</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">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">4</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: 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">1</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">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">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">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">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">28</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">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">1</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">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; background-color: white">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">7</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="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Other receivables, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">370</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">200</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; background-color: white">784</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">488</TD></TR>
  </TABLE>
<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 CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Includes guarantee deposits on derivative financial
instruments amounting for US$ 176 million and US$ 45 million as of September 30, 2025, and December 31, 2024, respectively.</FONT></TD></TR></TABLE>

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

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

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

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="text-align: center; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">09.30.2025</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%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; background-color: white">At the beginning of the year</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: center; background-color: white">###</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&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">1</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: middle; text-align: right">5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">53</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: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(52)</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: 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; background-color: white">At the end of the period</TD>
    <TD STYLE="color: white; font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">5</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></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"></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.4</B></TD><TD STYLE="padding-left: 10pt"><B>Cash and cash equivalents</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="vertical-align: middle; 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: 17%">12.31.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">Cash</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Banks</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">137</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">73</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Term deposit</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">46</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">274</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">618</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Total</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">411</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">738</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.5</B></TD><TD STYLE="padding-left: 10pt"><B>Borrowings</B></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&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%">09.30.2025</TD>
    <TD STYLE="vertical-align: top; text-align: center; 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></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Non-Current</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: 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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">45</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">32</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,428</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1,341</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">1,473</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">1,373</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">91</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">122</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">191</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">584</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">282</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">706</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; background-color: white">1,755</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">2,079</TD></TR>
  </TABLE>
<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>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of September 30, 2025, and
December 31, 2024 the fair value of the Company&#8217;s CB amount approximately to US$ 1,606 million and US$ 1,912 million, respectively.
Such values were calculated on the basis of the determined market price of the Company&#8217;s CB at the end of each period or year (fair
value Level 1).</P>

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

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

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


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 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">12.5.1 <U>Borrowings&acute; evolution:</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The evolution of the consolidated
borrowings for the nine-month periods ended September 30, 2025 and 2024 is disclosed 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="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2025</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; 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%">09.30.2024</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">2,079</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">1,448</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">554</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">710</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">(137)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(94)</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">107</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">103</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">(122)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(118)</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">(726)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(329)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Result from repurchase 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">(2)</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; 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">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">(1)</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="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">3</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left; background-color: white">Borrowings at the end of the period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">1,755</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">1,726</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: 0 20.35pt 0 0; text-align: justify">12.5.2 <U>CB Issuance Program and
frequent issuer prospectus</U></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On April 7, 2025, the Company&#8217;s
Ordinary and Extraordinary General Shareholders&#8217; Meeting resolved to approve the increase in the amount of the CB Issuance Program
to US$ 2.1 billion or its equivalent in other currencies or units of value. The increase was approved by the CNV on May 27, 2025.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The Company is registered as a
frequent issuer, a status that was ratified by CNV&#8217;s Issuers&#8217; Management Office Provision No. I-2025-32-APN-GE#CNV dated March
11, 2025. Under this Provision, the CNV also approved (i) the increase in the frequent issuer prospectus amount to US$&nbsp;1.3 billion
or its equivalent in other currencies or units of value; and (ii)&nbsp;the amendment of the prospectus&#8217; terms and conditions to
include the possibility of issuing thematic (social, green and sustainable) marketable securities, all of which was in turn approved by
the Company&#8217;s Board of Directors at its meeting held on March 5, 2025.</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On January 24, 2025, Pampa redeemed
all Class 1 CB for a total amount of US$&nbsp;353 million, at a redemption price equal to 100% of the outstanding principal amount plus
interest accrued and unpaid as of the redemption date, under the terms of the Class 1 CB&#8217;s trust agreement.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On February 28, 2025, the Company paid
its Class 19 CB upon maturity for a total of $ 17,131 million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In addition, on May 8, 2025, the
Company redeemed all Class 18 Notes for a total amount of US$&nbsp;72.1 million at a redemption price equal to 100% of the outstanding
principal amount, plus accrued and unpaid interest up to the redemption&nbsp;date.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On May 28, 2025, the Company reopened
international Class 23 CB for a face value of US$&nbsp;340 million at a 7.875% fixed annual interest rate and an 8% yield, maturing in
December 2034. As a result, the total outstanding face value amounts to US$&nbsp;700&nbsp;million.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The net proceeds were used on
June 23, 2025 to early redeem all Class 3 CB for US$ 300 million in principal, plus the redemption premium and the applicable accrued
interest. Class 3 CB accrued a 9.125% fixed annual interest rate and matured on April 15, 2029.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On August 6, 2025, the Company
issued Class 25 CB for a face value of US$ 104.6 million, at a 7.25% fixed annual interest rate and maturing August 6, 2028.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 0 0">12.5.4 <U>Bank borrowings and other financings</U></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">During the nine-month period ended
September 30, 2025, the Company (i) repaid net bank debt for US$&nbsp;44.3&nbsp;million (repayments totaling US$ 89.4 million, net of
borrowings for US$ 45.1 million); (ii) settled import financing for US$ 2.9 million; and (iii) took out net pre-export financing for US$
49.7 million (borrowings totaling US$ 70.0 million net of repayments for US$&nbsp;20.3&nbsp;million). Post-closing, the Company canceled
pre-export financing for US$&nbsp;46.5&nbsp;million.</P>

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


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.6</B></TD><TD STYLE="text-indent: 10pt"><B>Trade and other payables</B></TD></TR></TABLE>

<P STYLE="font: 12pt/1pt Arial Unicode MS; margin: 5pt 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 STYLE="vertical-align: bottom; background-color: white; width: 53%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">09.30.2025</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></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <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 STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 18px;  text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">56</TD>
    <TD STYLE="vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">71</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Leases liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">18</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Contractual penalty debt</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">75</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">84</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">75</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; background-color: white">84</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE=" vertical-align: top; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-decoration: underline; vertical-align: top; text-align: left; background-color: white">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Suppliers</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">242</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">206</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Customer advances</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">14</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">16</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">49</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">13</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; vertical-align: top; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">306</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">233</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Compensation agreements&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">15</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">12</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Leases liability</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">4</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Contractual penalty debt</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Various creditors</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">2</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">45</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">20</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; background-color: white">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right">351</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2pt double; text-align: right; background-color: white">253</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 Times New Roman, Times, Serif; margin: 0; color: #222222">&nbsp;</P>

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


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.7</B></TD><TD STYLE="padding-left: 10pt"><B>Fair value of financial instruments</B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0">The following table shows the Company&#8217;s financial
assets and liabilities measured at fair value as of September 30, 2025 and December 31, 2024:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; width: 44%">As of September 30, 2025</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 1</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 2</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">Level 3</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; 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: 27px; vertical-align: bottom; text-align: left">Government securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">381</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">381</TD></TR>
  <TR>
    <TD STYLE="padding-left: 27px; vertical-align: bottom; text-align: left">Corporate bonds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">49</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">-</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">49</TD></TR>
  <TR>
    <TD STYLE="padding-left: 27px; vertical-align: bottom; text-align: left">Mutual funds</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>
    <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>
    <TD STYLE="padding-left: 27px; vertical-align: bottom; text-align: left">Shares</TD>
    <TD STYLE="vertical-align: bottom">&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">32</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">71</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: 27px; vertical-align: bottom; text-align: left">Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">274</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">274</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">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">30</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Guarantee deposits&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">165</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</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">165</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">909</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">30</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">971</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>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; background-color: white">As of December 31, 2024</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: 27px; 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: 27px; 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: 27px; 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: 27px; 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: 27px; 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>
  </TABLE>

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

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

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


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 14.2pt">-</TD><TD STYLE="text-align: justify; padding-right: 20.35pt">Shares: it was mainly 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, in line with TMB&#8217;s and TJSM&#8217;s share transfer from the Federal Government to ENARSA
within the Government&#8217;s restructuring of assets in the energy sector process and a 17.5% discount rate as of September, 30 2025.
The projections used were prepared based on estimates regarding the future behavior of certain sensitive variables, including: (i) the
dividend distribution policy; (ii) reference prices for energy traded on the spot market, considering the rules for WEM normalization;
(iii) own fuel management; (iv) projections of plant availability and dispatch; (v) evolution of costs and structural expenses; and (vi)
macroeconomic variables such as inflation rates and exchange rates, among others. The Company recognized results arising from changes
in the fair value of financial instruments classified as Level 3 under the &#8220;Other financial results&#8221; line item in the Statement
of Comprehensive Income. Actual values obtained may vary significantly from those projected, mainly due to: i) the timing and magnitude
of dividend distributions; ii) the timing and magnitude of energy price increases; and/or iii) the evolution of costs.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>12.8</B></TD><TD STYLE="padding-left: 10pt"><B>Hedge accounting</B></TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 20.4pt 12pt 0; text-align: justify">During 2025, the Company entered
into forward crude oil sale contracts, without physical delivery, and designated a portion of these derivative financial instruments as
cash flow hedges.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 20.35pt 12pt 0; text-align: justify">The Company applies cash flow
hedge accounting to certain transactions to manage the international reference price risk associated with a specific volume of forecasted
crude oil sales for the May 2025-October 2026 period, thereby ensuring stable cash flows.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 20.35pt 12pt 0; text-align: justify">As of September 30, 2025, the
fair value of forward crude oil sale contracts designated as hedges amounts to a US$ 21&nbsp;million asset, recognized in other comprehensive
income as the hedge is effective; this amount is expected to be fully reclassified to profit or loss during the October 2025-October 2026
period, as the hedged crude oil sales are recognized in earnings.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 20.35pt 12pt 0; text-align: justify">The amount reclassified from other
comprehensive income to revenue, from designated hedges, generated a US$ 3 million gain during the May - September 2025 period.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 20.35pt 12pt 0; text-align: justify">The contracts are entered into
in markets or with financial institutions with high credit ratings; therefore, the Company considers that there are no significant credit
risks to its operations as a result of its derivative activities.</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 20.35pt 0 0"><U>NOTE 13</U>: EQUITY COMPONENTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.1</B></TD><TD STYLE="padding-left: 10pt; padding-right: 20.35pt"><B>Share Capital</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of September 30, 2025, the
capital stock amounts to $ 1,364 million, including $ 4 million of treasury shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.2</B></TD><TD STYLE="padding-left: 10pt"><B>Earning per share</B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The calculation of diluted earnings
per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses
per share, and where the option exercise price is higher than the average price of ordinary shares during the period, no dilutive effect
is recorded, being the diluted earning per share equal to the basic. As of September 30, 2025 and 2024, the Company does not hold any
significant potential dilutive shares, therefore there are no differences with the basic earnings per share.</P>

<P STYLE="font: 10pt/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 STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2025</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: 13%">09.30.2024</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">216</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">513</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">1,360</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">0.16</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">0.38</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><B>13.3</B></TD><TD STYLE="padding-left: 10pt"><B>Distribution of profits</B></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -0.25pt">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">Dividends distributed to individuals,
undivided estates or foreign beneficiaries derived from profits generated during fiscal years beginning on or after January 1, 2018 are
subject to a 7% withholding tax. 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: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The Company may pay and distribute
dividends and any other type of profits to its shareholders, except if: (i) there is an event of breach; or (ii) the Company is not in
a position to incur debt under the indentures governing the Class 9, Class 21, Class 23 and Additional Class 23 CB. As of the date of
issuance of these Consolidated Condensed Interim Financial Statements, the Company has complied with all commitments set forth in the
indentures governing the above-mentioned CB.</P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><U>NOTE 13</U>:</B> (Continuation)</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13.4 Share repurchase program</B></P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The share repurchase program approved
by the Company&#8217;s Board of Directors on September 8, 2025 for up to US$&nbsp;100 million and an initial term of 120 calendar days
remains in effect as of September 30, 2025. The shares may be acquired at a maximum price of US$&nbsp;60 per ADR and $&nbsp;3,480 per
common share.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">The validity of the repurchase program
is subject to the condition that the ADR and share prices remain at or below the limits established in the preceding paragraph; therefore,
the program will be automatically suspended on the business day following the date on which such prices are exceeded.</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">During the nine-month period ended
September 30, 2025, the Company directly and indirectly acquired 35&nbsp;thousand shares for $ 122 million and 271 thousand ADRs for US$
15.7 million, respectively. Subsequent to September&nbsp;30, 2025, the Company indirectly acquired 524 thousand ADRs for US$ 31 million.</P>

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 14</U>: STATEMENT OF CASH FLOWS&#8217; COMPLEMENTARY INFORMATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt"><B>14.1</B></TD><TD STYLE="padding-left: 10pt"><B>Adjustments to reconcile net profit to cash flows from operating
                                            activities</B></TD></TR></TABLE>

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

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

<TABLE 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; background-color: white; width: 59%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 12%">Note</TD>
    <TD STYLE="vertical-align: middle; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">09.30.2025</TD>
    <TD STYLE="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%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.5</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">214</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(140)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">100</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">86</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&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">257</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">Share of profit from associates and joint ventures&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">5.1.2</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(101)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(101)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Profit from sale of companies&acute; interest</TD>
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(7)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Results for other assets sale</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</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: middle; text-align: left">Results for intangible assets sales</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Impairment of property, plant and equipment 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">8</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">19</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Impairment of financial assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">56</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">10.4</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">6</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(89)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(126)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(46)</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 from repurchase of CB</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">(2)</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">10.3</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">5</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provision for contingecies, net</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10.3</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">31</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">10.3</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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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: middle; text-align: right">9</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">22</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">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: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">20</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">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(1)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Adjustments to reconcile net profit to cash flows from operating activities</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">407</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">140</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial Unicode MS; margin-top: 5pt; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.7pt"></TD><TD STYLE="width: 18.6pt"><B>14.2</B></TD><TD STYLE="padding-left: 10pt"><B>Changes in operating assets and liabilities</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2025</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade receivables and other receivables</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">(219)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(458)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in 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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(33)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in trade and other payables</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">94</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">80</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Increase in salaries and social security payables</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">2</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="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">(2)</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 in tax liabilities</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">25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">34</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in provisions</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">(7)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Collection for derivative financial instruments, net</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Changes in operating assets and liabilities</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; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(133)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(367)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13pt Arial Unicode MS; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.85pt"></TD><TD STYLE="width: 18.7pt"><B>14.3</B></TD><TD STYLE="padding-left: 10pt"><B>Significant non-cash transactions</B></TD></TR></TABLE>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2025</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 13%">09.30.2024</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="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(89)</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">Borrowing costs capitalized in property, plant and equipment</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; text-align: right">(3)</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">Increase in other receivables through a decrease in financial assets at fair value through profit or loss</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; text-align: right">(155)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Collection of dividends from joint ventures through financial assets</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; text-align: right">45</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">Payment of borrowings through financial assets at amortized cost transfer</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&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: top; text-align: left">Increase in intangible assets through the reduction of other receivables</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</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">(3)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; 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">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(42)</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">Decrease in financial assets at fair value through profit or loss through a decrease in income tax liability</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></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">&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">(53)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Compensation of assets and liabilities associated with assets classified as available for sale through property, plant and equipment, inventories and provisions, net</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">(12)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Decrease in asset retirement obligation through property, plant and equipment</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; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5)</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: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 12pt 20.35pt 0 0"><U>NOTE 15</U>: CONTINGENT LIABILITIES AND ASSETS</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">During the nine-month period ended
September 30, 2025, the following changes were identified in relation to the contingent liabilities and assets reported in the Consolidated
Financial Statements as of December 31, 2024:</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 0 8pt"><B>15.1 Labor Claim - Compensation Fund</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 8pt 0; text-align: justify">In one of the claims filed on considering
that the index (CPI) used to adjust the plan&#8217;s benefits is ineffective to keep their &#8220;constant value&#8221;, the ruling in
favor of the Company was upheld.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>15.2 Civil and commercial claims</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 8pt 0; text-align: justify">In the proceeding brought by the
&#8220;Consumidores Financieros Asociaci&oacute;n Civil Para Su Defensa&#8221; Association for the loss of market value of Petrobras Brasil&#8217;s
share price as a result of the &#8220;<I>Lava Jato</I> operation&#8221; and the so-called &#8220;<I>Petrolao</I>&#8221;, the CSJN issued
a ruling dismissing the appeal filed by the plaintiff. Therefore, this case has been closed with a favorable outcome for the Company.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 8pt 0; text-align: justify">The Company filed a claim against
ENARSA for breach of the agreements entered into under the GasAr Plan framework seeking payment of certain gas supply invoices due as
of February 2025 in the amount of $ 22,534 million, plus interest. The case is currently at its initial stage.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 8pt 0"><B>15.3 Administrative claims</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 20.35pt 8pt 0; text-align: justify">In the complaints filed by CTLL
(currently Pampa) against the Federal Government for failure to renew and recognize costs associated with gas supply contracts, on June
13, 2025 a ruling was issued in favor of the Company, awarding it $&nbsp;62.8&nbsp;million and $&nbsp;862.9 million for the January 2016
- March 2016 and April 2016 - October 2018 periods, respectively, plus interests. The&nbsp;ruling was appealed by the Federal Government,
which submitted its grounds of appeal, subsequently answered by the Company. As of the issuance of these Consolidated Condensed Interim
Financial Statements, the ruling by the Federal Court of Appeals in Administrative Litigation matters is still pending.</P>

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


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0"><U>NOTE 16</U>: RELATED PARTIES&acute; BALANCES AND TRANSACTIONS</P>

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0 5pt 0.25in; text-indent: -0.25in">16.1 Balances with related parties</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD ROWSPAN="2" STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">As of September 30, 2025</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 STYLE="border-bottom: Black 0.5pt solid; vertical-align: middle; text-align: center">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Current</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 44%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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">6</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD>&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: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">10</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">6</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>

<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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white">Trade&nbsp;&nbsp;payables</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Non-current</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Current</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; width: 44%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: white">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: 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; background-color: white">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 STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">13</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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 12pt Arial Unicode MS; margin: 5pt 0 5pt 0.25in; text-indent: -0.25in">16.2 Operations with related parties</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I></I></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="border-bottom: Black 1pt solid; font-weight: bold"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Operations for the nine-month</P>
                                  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">period</P></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-weight: bold; background-color: white"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><BR>Sales of goods and</P>
                                                                       <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">services <FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif"><SUP>(1)</SUP><BR></FONT></P></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; background-color: white"><P STYLE="margin-top: 0; margin-bottom: 0">Purchases of goods</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">and services <FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></P></TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><P STYLE="margin-top: 0; margin-bottom: 0">Fees and</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">compensation for</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">services <FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></P></TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; border-bottom: Black 0.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Other operating</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">expenses <FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; 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; background-color: white">2025</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; background-color: white">2024</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">2025</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; background-color: white">2024</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center">2025</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">2024</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</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">2025</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">2024</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; text-align: left; background-color: white; width: 26%">Associates and joint ventures</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">CTB</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</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: top; text-align: right">&nbsp;</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: 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: top; text-align: right">&nbsp;</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></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">40</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">35</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">(72)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(55)</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: top; text-align: right">&nbsp;</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></TR>
  <TR>
    <TD STYLE="font-weight: bold; text-decoration: underline; vertical-align: bottom; background-color: white">Other related parties</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Fundaci&oacute;n</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top">&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">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(1)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(1)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">SACDE&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">-</TD>
    <TD STYLE="vertical-align: top">&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">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(183)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">(88)</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: top">&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">&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></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">41</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">36</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&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; background-color: white">(255)</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">(143)</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">(3)</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">&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></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-size: 8pt">Correspond mainly to advisory services provided in relation with technical assistance and sales of gas.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Correspond to natural gas transportation services,
purchases of refined products and other services imputed to cost of sales for US$ 73 million and US$ 55 million and infrastructure works
contracted to SACDE charged in property, plant and equipment for US$ 182 million and US$ 88 million, of which US$ 47 million and $ US$
18 million, correspond to fees and general expenses calculated on the costs incurred by SACDE and/or Pampa to carry the works out for
the nine-month periods ended September 30, 2025 and 2024, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Disclosed within administrative expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 10.9pt"><FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify; padding-right: 20.35pt"><FONT STYLE="font-size: 8pt">Corresponds mainly to donations.</FONT></TD></TR></TABLE>

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

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="text-align: center; font-weight: bold; vertical-align: middle">Operations for the nine-month period</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: middle; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid">Dividends collection</TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 42%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">2025</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">2024</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="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">2025</TD>
    <TD STYLE="font-size: 9pt; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-size: 9pt; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">2024</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; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: 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: bottom; text-align: left">CIESA</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Citelec</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</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: 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: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&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">8</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">TGS&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">1</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: top; 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: 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">1</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 2pt double; text-align: right">70</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">8</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

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


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 3pt 0; text-align: justify"><U>NOTE 17</U>: INVESTMENT
COMMITMENTS</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-weight: normal"><I>Rinc&oacute;n de Aranda
Development &#8211; RDA Midstream Project</I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On July 1, 2025, Pampa Energ&iacute;a
&#8212;through its &#8220;Pampa Energ&iacute;a_ S.A. - Sucursal Dedicada Midstream RDA&#8221; Dedicated Branch, established on May 12,
2025 by the Company&#8217;s Board of Directors, submitted its application to opt into the RIGI to develop an oil and gas treatment plant
at its Rinc&oacute;n de Aranda field. The project contemplates an estimated US$&nbsp;426&nbsp;million investment, and its entry into operation
is scheduled for 2026. Starting in 2027, the Company expects to export crude oil, in line with the strategy to develop Vaca Muerta and
strengthen export capacity.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><FONT STYLE="font-weight: normal"><I>FLNG Project </I></FONT></P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On May 2, 2025, all conditions
precedent to move forward with the FLNG Project were satisfied, including, but not limited to: (i) the final investment decision regarding
the &#8220;Hilli Episeyo&#8221; vessel (&#8220;Hilli&#8221;); (ii) the submission of the RIGI opt-in application; and (iii) the granting
of the LNG Free Export Authorization certificate.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In addition to Hilli, a second
vessel, &#8220;MKII&#8221;, was added to the project. Both will have a processing and export capacity of approximately 6 million tons
of LNG per year, equivalent to 27 million m<SUP>3</SUP>/d of natural gas, which will position Argentina in the global LNG market and represent
an investment of approximately US$ 7 billion over the 20 years of operation across the entire value chain.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Hilli and MKII operations are
expected to start at the end of 2027 and 2028, respectively.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">The consortium is made up of 20%
Pampa, 30% Pan American Energy S.L. (&#8220;PAE&#8221;), 25% YPF S.A., through its subsidiary Sur Inversiones Energ&eacute;ticas S.A.U.
(&#8220;SUR&#8221;), 15% Wintershall DEA Argentina&nbsp;S.A. (&#8220;Wintershall&#8221;) and 10% Golar FLNG Sub-Holding Company Limited
(&#8220;Golar Subholding&#8221;), all of which are SESA shareholders.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">To supply natural gas to the vessels,
SESA entered into 20-year natural gas supply contracts with Pampa, PAE, SUR and Wintershall regarding their participation in SESA. In
this respect, for both vessels to operate year-round, SESA contemplates the construction of a dedicated gas pipeline between the province
of Neuqu&eacute;n and the Gulf of San Mat&iacute;as in R&iacute;o Negro.</P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt"><U>NOTE 18</U>: INCIDENT AT HINISA</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Regarding the severe storm that
struck the Province of Mendoza on January 11, 2025 and caused significant damage to the Nihuil II and Nihuil III Power Plants, forcing
them out of service, HINISA completed cleaning and remediation activities at the plants on October 2, 2025, and continues to make progress
with the repair of perimeter fences and building enclosures. Additionally, the Company has completed sorting the materials and tools recovered
from the incident, and their final disposition with the insurance company will take place during the month of November. Furthermore, HINISA
awarded the company Hidronor Ingenier&iacute;a y Servicios S.A. (&#8220;HISSA&#8221;) the process of identifying and assessing the affected
equipment. This work has been fully completed, and HISSA has delivered the final report.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Similarly, the insurance companies
hired the company Restore Mitigation Services to conduct a damage assessment. This work was carried out in September 2025, and as of the
date of issuance of these Consolidated Condensed Interim Financial Statements, the report is currently being&nbsp;prepared.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">During the nine-month period ended
September 30, 2025, HINISA recorded US$ 4.3 million losses corresponding to incident-related costs.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In addition, HINISA continued
proceedings with the adjusters appointed by the insurance companies and, as of September 30, 2025, has received advance payments of US$
4.4 million, recognized under the insurance recovery line item, to carry out the cleaning and remediation tasks necessary to determine
the final damages and costs. Moreover, HINISA is negotiating an additional US$&nbsp;2.4&nbsp;million advance applicable to loss of profit
coverage.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">As of the date of issuance of
these Consolidated Condensed Interim Financial Statements, the final cost of the incident and the amount of insurance proceeds have not
yet been assessed by HINISA.</P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On March 8, 2025, the Federal
Government and the province of Mendoza signed an agreement to jointly conduct the national and international open call for tenders for
the concession of the Diamante and Nihuiles Hydroelectric Complexes as a single business unit. The coordination and execution of this
tender process was delegated to the Public Enterprises Transformation Agency, which, within a maximum 60 business days&#8217; period,
would transfer 51% of the share package of the company becoming the concessionaire and owner of the assets.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">On June 5, 2025, SE Resolution
No. 240/25 extended HIDISA&#8217;s concession transition period until October 19, 2025. Subsequently, on October 20, 2025, through SE
Resolution No. 398/25, a five-calendar-day period was granted for HIDISA to adhere to the concession extension until June 30, 2026. If
it fails to adhere to the extension, operations must be maintained for a period of 90 calendar days so that the Federal Government may
adopt the necessary measures to ensure operational continuity. Given the short deadline for adherence, HIDISA requested a 15-administrative-business-day
extension to submit its adherence under SE Resolution No. 398/25.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Additionally, on May 26, 2025,
Provincial Law No. 9,630 was published, declaring a state of emergency for the Los Nihuiles Hydroelectric System over a 14-month period
from its enactment. The Law provides for the continuity of the transition period until verification of compliance with the obligations
arising from the concession contract with HINISA, without prejudice to any authorizations that must be granted by the Federal Government.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">It is worth highlighting that
HINISA has fully and timely complied with its obligations throughout the term of the concession contract and the transition period; and
that, as of the date of issuance of these Consolidated Financial Statements, the Federal Government has not issued any statement or granted
the required authorizations.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In these circumstances, at the
end of the contractual transition period on June 1, 2025, HINISA notified both the Ministry of Energy and Environment of the Province
of Mendoza and the SE that the extension of the transition period beyond the term stipulated in the contract requires an agreement with
the concessionaire. However, to protect the concession&#8217;s assets, avoid affecting the supply of electricity in the WEM and ensure
the safety of property and persons, HINISA informed that it would continue operating the Los Nihuiles Hydroelectric Complex, without this
implying consent to any unilateral extension of the transition period, the assumption of additional obligations or responsibilities, or
the waiver of its rights.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">Finally, it is worth highlighting
that HINISA is willing to proceed with the assets&#8217; handover as soon as the competent authorities so decide and/or to execute the
necessary agreements given this extraordinary situation.</P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&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="pamfs3q256k_002.jpg" ALT="">&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO THE UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS <FONT STYLE="font-weight: normal">(Continuation)</FONT></P><P STYLE="font: 11pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><B>For the nine-month period ended September 30, 2025, presented on comparative basis. </B></P><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">(In millions of US$ &ndash; unless otherwise stated)</P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 3pt 0; text-align: justify"><U>NOTE 20</U>: DOCUMENTATION
SAFEKEEPING</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 0 0; text-align: justify">In compliance with General Resolution
No.&nbsp;629/14, the Company discloses that it has sent non-sensitive work papers and information corresponding to the periods not covered
by the statute of limitations for their keeping in the AdeA - Administraci&oacute;n de Archivos S.A.&#8217;s data warehouse located at
Ruta 36, km 34.5, Florencio Varela, Provincia de Buenos Aires and in the Iron Mountain Argentina S.A.&#8217;s data warehouses located
at the following addresses:</P>

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

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

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

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

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

<P STYLE="font: bold 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 20.35pt 3pt 0; text-align: justify"><U>NOTE 21</U>: SUBSEQUENT
EVENTS</P>

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

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 0; text-align: justify">After September 30, 2025 and until
the issuance of these Consolidated Condensed Interim Financial Statements, no other relevant events have occurred which may significantly
affect them.</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 6.15pt 12pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 66; Options: NewSection Last; Value: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 12pt 6.15pt 12pt 0; text-align: justify"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pamfs3q256k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs3q256k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !* 6D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ KF
MO%WB6?P[':&"".4SEL[R>,8]/K72UY_\3_\ 5Z9]9?\ V6NG"0C.LHR6AQ8^
MI*GAY3@[-?YE+_A9FH?\^-M^;?XTH^)E_GFPML?5O\:S_!_AJT\1?;?M4TT?
MD;-OE$#.[=G.0?2NH/PTTK'%Y>9^J_\ Q->G4^ITY.$HZ_/_ #/%H_VC6@JD
M):/S7^1!I_Q*MY)-FH630J>DD3;Q^(X/\Z[:VNH+RW2XMI5EB<95U.0:\M\2
M^")=%M3>6TYN+9>)-RX9,]#[BIOA[K$EKJQTV1V,%R"47/"N!G/X@8_*L:V&
MI3INK0Z'3A\;7IUE0Q*WZ_UN>HT445Y)[P4444 %%%% !1110 4444 %%%%
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MP4445(PHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** (YX8[F"2"9
M\4BE74]"#U%4;#P_I6ES&:SLHXI2,;^2<>V3Q6E15*<DK)Z$.$6U)K5!1114
MEA1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
'%%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pamfs3q256k_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pamfs3q256k_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  H , # 2(  A$! Q$!_\0
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'HHHJ1G__V0$!

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