TRANSPORTADORA DE GAS DEL NORTE S A : HECHO RELEVANTE

City of Buenos Aires, November 10, 2022

Transportadora de Gas del Norte S.A. (hereinafter the "Company" or "TGN") is pleased to announce results for the nine-month period ended September 30, 2022.

Stock information:

Market capitalization as of September 30, 2022: AR$ 66,894.7 million.

20% of its capital stock trades on BYMA(*); Ticker: TGNO4

Contact information:

Nestor Raffaeli, Chief Financial Officer

Claudio Diaz, Finance Manager

Marcelo Gil, Capital Markets/ Investor relations

www.tgn.com.ar

[e-mail]

(*) Bolsas y Mercados Argentinos S.A.

Main indicators for the nine-month period ended September 30, 2022:

• Loss for the period amounted to AR$ 5,517.6 million (AR$ -12.5579 per share) compared to AR$ 12,199.9 million (AR$ -27.7664 per share) during the same period in the previous year, principally explained by a lower deferred income tax and lower operating loss which was partially offset by a higher loss on monetary position.
• Revenues for the nine-month period reached AR$ 26,786.6 million, equivalent to an increase of 5.4% in comparison with the same period in previous year where revenues amounted to AR$ 25,405.4 million. This increase is explained by higher export volumes and exchange and displacement transportation services
• EBITDA1 for the period reached AR$ 12,099.0 million, representing an increase of 4.8% compared to the same period in 2021 where EBITDA amounted to AR$ 11,549.0 million. This variation is mainly explained by an increase in sales, which were partially offset by higher cost of service.

• EBITDA: Earnings before interest, tax, depreciation and amortization, have been calculated as "Income before other income and expenses" plus depreciation for the period for items of "Property, plant and equipment".

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1- Current economic context:

The Company operates within a complex economic context where main variables have experienced a strong volatility.

Argentina's main macroeconomic indicators are:

• The Gross Domestic Product ("GDP") growth in 2021 has been 10.3%.
• Primary fiscal deficit for 2021 was 3% of the GDP, while the financial deficit reached 4.5% of the GDP.
• Cumulative inflation between January 1, 2022 and September 30, 2022 reached 66.07% as shown by the Consumer Price Index published by the National Institute of Statistics and Census ("INDEC").
• From January 1 to September 30, 2022, the peso depreciated 43.42% against the US dollar, as shown by the exchange rate published by Banco de la Nación Argentina.

The Central Bank of Argentina ("BCRA") imposed greater exchange restrictions, which also affect the value of the foreign currency on existing alternative markets for certain exchange transactions that are restricted on the official market. These measures, aimed at restricting access to the exchange market and therefore the demand for US dollars, imply the need to obtain the previous authorization of the BCRA for certain transactions. Said exchange restrictions, or any other as may be imposed in the future, may affect the Company's capacity to access the Free Foreign Exchange Market ("MULC") to acquire the foreign currency necessary to face its commercial obligations. As of September 30, 2022, foreign currency denominated assets and liabilities have been valued based on the exchange rates quoted by MULC.

Additionally, in the month of August, MECON announced measures aimed at reducing the fiscal deficit, freezing the hiring of government employees, segmenting the beneficiaries of energy subsidies in an efficient manner, strengthening BCRA reserves and achieving trade surplus, among others.

However, it should be mentioned that as of the date of issue of these interim condensed financial statements the context continues to be uncertain and volatile. The Company's Management permanently monitors how the variables that affect the business evolve in order to determine possible actions to be adopted and identify potential impacts on its equity and financial position. These interim condensed financial statements should be read in the light of said circumstances.

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2- Revenues for the nine-month period ended September 30, 2022:

The increase in inflation adjusted revenues amounting to AR$ 1,381.1 million between the nine-month period ended September 30, 2022 and 2021 is due to:

• AR$ 3,400.3 million increase in revenues mainly due to higher export volumes under interruptible and exchange and displacement transportation services;
• AR$ 2,128.2 million decrease in revenues, as a result of the net effect between inflation acceleration and the 60% rate increase in force since last March. (See Note 1.3.3 to the Company's interim condensed financial statements for the nine-month period ended September 30, 2022); and
• AR$ 109.0 million increase in revenues from "Gas pipeline operation and maintenance and other services".

As of September 30, 2022, 94.1% of the Company's revenues came from the gas transportation services (regulated business), with the remaining 5.9% being represented by gas pipeline operation and maintenance and other services (non-regulated business). As of September 30, 2021, revenues from the regulated business accounted for 94.2% while those from the non-regulated business accounted for the remaining 5.8%.

3- 2017 Comprehensive Rate Review and 2022 Interim Agreement:

On November 20, 2020, ENARGAS comptroller submitted a report to the National Energy Secretary and Minister of Economy with the results of the audit and CRR, concluding that the latter would have been affected by serious flaws that could render it null and void and that, in his opinion, would have had a negative impact on the rates paid by users, as a result of which he proposed to opt for the CRR renegotiation alternative foreseen in section 5 of the Solidarity Law. The Company, which received notice of said report on January 7, 2021, disagrees with said conclusions as it considers that the CRR was a valid procedure under the applicable legislation that gave rise to fair and reasonable transportation rates, as required under the Natural Gas Act.

Following ENARGAS comptroller's recommendation, on December 17, 2020, the PEN passed Necessity and Urgency Decree No. 1020/20 ("Decree 1020/20") instructing to suspend the Comprehensive Agreement to the extent to be established by ENARGAS, to start the CRR renegotiation as established in section 5 of the Solidarity Law and to complete the renegotiation process no later than December 17, 2022. Said process must end with the execution of a final agreement with natural gas transportation and distribution licensees regarding the CRR, with ENARGAS being authorized to apply interim rate adjustments to assure the normal and continued provision of the utility service. Said decree further provides

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that if no final agreement is reached, the ENARGAS shall enact, ad referendum of the PEN, a new rate regime for natural gas transportation and distribution utility services. Hence, on February 22, 2021, ENARGAS passed Resolution No. 47/21 convening a public hearing that took place on March 16, 2021, to discuss the interim rate regime foreseen in Decree 1020/20. Said resolution envisages that any interim rate increase must be endorsed by an agreement to be entered into between licensees and ENARGAS, and further that during the effective term of the interim rate regime licensees will not be allowed to distribute dividends, directly or indirectly prepay financial and commercial liabilities with shareholders, acquire other companies or grant loans, without ENARGAS express authorization.

On March 27, 2021, ENARGAS offered gas distribution and transportation licensees to enter into interim rate adjustment agreements in exchange for their commitment not to bring claims based on the rate freezing established under the Solidarity Law. As such proposal was equal to zero for TGN, the Company declined to enter into said agreement, though it agreed to embark on the CRR renegotiation process established under Decree 1020/20, making reservation of its rights and actions.

On June 1, 2021, the Company received notice of certain resolutions passed by the Ministry of Economy ("MECON") as well as the ENARGAS, all of them validated by a presidential decree, whereby an Interim Rate Regime ("IRR") was put in force.

The IRR involves: (i) that TGN rates will remain frozen, (ii) that the Company will have to continue rendering the gas transportation service, (iii) the ban on distributing dividends, prepaying loans with shareholders and acquiring companies or granting loans (except to users or contractors other than the Company's shareholders), without ENARGAS previous approval, and (iv) that no mandatory investment plan applies during the IRR. The IRR also provides for the possibility that ENARGAS adjusts TGN rates as from April 1, 2022.

On June 30, 2021, the Company filed an appeal at administrative level against Decree 1020/20, MECON and ENARGAS Joint Resolution 2/21 whereby the IRR was approved subject to further approval by the PEN, Decree No. 353/21 that ratified Joint Resolution 2 and ENARGAS Resolution 150/21 whereby the IRR rate charts were put into force. In line with the express provisions of the Natural Gas Act (article 48) and the "Basic Rules of the Transportation License" (item 9.8), the Company believes that the cost of any subsidy to natural gas users must be borne by the National Treasury, and not TGN, or otherwise TGN must be compensated by the PEN. The Company also believes that neither the PEN, MECON nor ENARGAS have the authority to place the bans imposed by the IRR.

By means of Resolution No. 518/21 dated December 27, 2021, the ENARGAS convened a new public hearing that took place on January 19, 2022, at which gas transportation and distribution licensees put forward their interim rate adjustment proposals for the current year.

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On January 27, 2022, TGN filed before MECON the previous administrative claim foreseen under the Administrative Proceedings Law No. 19,549, requesting to be compensated for the loss experienced as a result of the decision adopted by the national government to freeze the transportation rates and to prevent it from invoicing services based on the rate charts approved in 2017 under the CRR framework.

On February 18, 2022, TGN entered into an interim agreement with MECON and ENARGAS that established a 60% transportation rate increase effective as of March 2022 (the "2022 Interim Agreement"). Said agreement, which will remain in force until December 2022, unless extended by mutual consent of the parties, does not provide for mandatory investments but establishes: (i) that the Company will have to continue rendering the gas transportation service, (ii) a ban on distributing dividends, prepaying loans with shareholders and acquiring companies or granting loans (except to users or contractors other than the Company's shareholders), without ENARGAS previous approval, and (iii) that during the effective term, TGN and its controlling shareholder, Gasinvest S.A. must agree not to file legal actions or claims against the National Government based on the rate freezing established under the Solidarity Law. The 2022 Interim Agreement came into force on February 22, 2022, upon enactment of PEN Decree No. 91/22 and ENARGAS Resolution No. 59/22 dated February 23, 2022, approving the interim rates effective as of March 1, 2022.

4- Costs and expenses for the nine-month period ended September 30, 2022:

During the first nine-month period of 2022, the cost of service amounted to AR$ 25,099.4 million, which meant an increase of 2.4% in comparison with the same period in previous year. This variation is due to an increase in Maintenance and repair of property, plant and equipment and third-party services and supplies.

Administrative and selling expenses for the period amounted to AR$ 4,668.7 million, showing a 1.5% increase with respect to the previous year, explained by higher charges on taxes, rates and contributions.

5- Financial situation:

On September 16, 2022, the loan taken with "Itaú Unibanco S.A. Nassau Branch" on October 19, 2020, and originally due on October 21, 2022, was extended for an additional term of twenty-four months.

The terms and conditions of the facility are described below:

• Amount: US$ 55,000,000;
• Term: twenty-four months;;
• Amortization: 100% at maturity;

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