3Q 2021

Contacts in Buenos Aires, Argentina:

Investor Relations	Media Relations
Leandro Perez Castaño, Finance and IR Manager.	Mario Yaniskowski
 [e-mail]	 [e-mail]
Carlos Almagro, Investor Relations Officer
 [e-mail]

tgs Announces Results for the

Third Quarter ended on September 30, 2021(1)

Transportadora de Gas del Sur ("tgs", "the Company", "us", "our", or "we") is the leader in Argentina in the transportation of natural gas, transporting approximately 60% of the gas consumed in the country, through more than 5,700 miles of gas pipelines, with a firm-contracted capacity of 2.9 Bcf/d. We are one of the main natural gas processors. In addition, our infrastructure investments in Vaca Muerta formation is a milestone with the aim of becoming one of the main Midstreamers at Vaca Muerta.

Our shares are traded on NYSE (New York Stock Exchange) and BYMA (Bolsas y Mercados Argentinos S.A.).

Our controlling company is Compañía de Inversiones de Energía S.A. ("CIESA"), which owns 51% of the total share capital. CIESA's shareholders are: (i) Pampa Energía S.A. with 50%, (ii) Grupo Investor Petroquímica S.L. (member of the GIP group, led by the Sielecki family) and PCT L.L.C. hold the remaining 50%.

For further information, see our website www.tgs.com.ar

Stock Information

BYMA Symbol: TGSU2

NYSE Symbol: TGS (1 ADS = 5 ordinary shares)

Shareholding structure as of September 30, 2021 tgs holds 794,495,283 issued shares and 752,761,058 outstanding shares.

Buenos Aires, Argentina, November 8, 2021

During the 3Q2021, total comprehensive income amounted to Ps. 4,415 million, or Ps. 5.86 per share (Ps. 29.32 per ADS), compared to total comprehensive income of Ps. 593 million, or Ps.

0.78 per share (Ps. 3.91 per ADS) for the third quarter ended on September 30, 2020 (3Q2020).

	3Q2021	3Q2020
Revenues*	17,963	19,588
Operating profit before depreciation*	7,327	10,423
Operating profit*	5,147	8,275
Total comprehensive income*	4,415	593
Earnings per share in Ps.	5.86	0.78
Earnings per ADS in Ps.	29.32	3.91

*in million of Argentine pesos

Operating profit for 3Q2021 amounted to Ps. 5,147 million, a decrease of Ps. 3,127 million compared to

3Q2020. This variation was mainly due to:

• Lower revenues from the Natural Gas Transportation segment of Ps. 2,439 million due to lack of tariffs adjustment since April 2019;
• Operating costs and administrative and
  commercialization expenses, excluding depreciation, increased by Ps. 1,435 million compared to 3Q2020, which were
• partially offset by higher revenues from the Other Services and Production and Commercialization of Natural Gas Liquids (Liquids) segments amounting Ps. 583 million and Ps. 231 million, respectively,

Financial results recorded a positive variation of Ps. 7,001 million.

1. The financial information presented in this press release is based on consolidated interim financial statements presented in constant Argentine pesos as of September 30, 2021 (Ps.) which is based on the application of the International Financial Reporting Standards (IFRS).

Transportadora de Gas del Sur S.A.

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3672 Don Bosco St. (1206), Autonomous City of Buenos Aires, Argentina. https://www.tgs.com.ar/investors/Press-releases

3Q 2021 EARNINGS RELEASE

3Q2021 highlights

• In September we completed the expansion of the Tratayén plant, which will allow us to increase the natural gas gathering capacity in the Vaca Muerta area, and thus, increase capacity for our midstream services. This investment of approximately US$16 million. Oscar Sardi our Chief Executive Officer said: "In spite of the many difficulties presented by the pandemic, we continued working to develop energy solutions in our country. This expansion further consolidates our position as a leading company in the provision of midstream services in Neuquén, and reinforces our decision to assist our clients with creative solutions throughout all the links of the natural gas value chain".
• During September 2021, we repurchased our own notes for a nominal value of US$ 1,500,000.
  COVID-19 and the measures adopted
  Within the sanitary emergency established by the Presidential Decree No. 167/2021, and which expires until December 31, 2021, in 3Q2021, the Presidential Decree No. 494/2021 was implemented (in force until October 1, 2021), and established the "epidemiological traffic light" to allow provincial authorities to define the pertinent restrictions to preserve the sanitary situation at their provinces.
  These measures resulted in the need to readapt our operations once again in order to continue providing our services and executing the essential works at the facilities.
  Currently, the Presidential Decree No. 678/2021 is in force from October 1, 2021 to December 31,2021. This decree introduces relaxations of some prevention measures previously taken. The mandatory use of face masks in open spaces was abolished and social gatherings, economic, industrial, commercial, service, religious, cultural and sports activities are authorized without restrictions (in the latter case with a 50% capacity for events gathering over 1,000 people).
  Considering our current financial position and measures taken previously, we estimate that we will have sufficient resources to meet current working capital needs, finance capital expenditures and pay off short-term financial debt obligations without incurring in any additional debt.
  Despite the aforementioned measures, the extent and duration of these developments remains uncertain and could impact the operating results, cash flow and financial condition; however, it will depend on the severity of the health emergency and the success measures adopted by the government thus far as well as any future ones.
  Analysis of the results
  Total revenues added to Ps. 17,963 million in 3Q2021, a Ps. 1,625 million decrease compared to Ps. 19,588 million in 3Q2020.

Transportadora de Gas del Sur S.A.

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3672 Don Bosco St. (1206), Autonomous City of Buenos Aires, Argentina. https://www.tgs.com.ar/investors/Press-releases

3Q 2021 EARNINGS RELEASE

The breakdown of operating costs, administrative and commercialization expenses, excluding depreciation, for 3Q2021 and 3Q2020 is shown below:

	3Q2021		3Q2020		Variation
Concept	MM of Arg.Ps.	% / Total	MM of Arg.Ps.	% / Total	MM of Arg.Ps.	% / Total
Natural Gas Purchase (RTP)	6,008		57%	5,222	57%	786	15%
Labor costs	1,652		16%	1,490	16%	162	11%
Taxes, fees and contributions	1,048		10%	938	10%	110	12%
Repair and maintenance	821		8%	273	3%	548	201%
Other fees and third parties services	712		7%	961	11%	(249)	(26%)
Doubtful accounts	0		0%	(34)	0%	34	(100%)
Other charges	324		2%	280	3%	44	16%
Total	10,565			9,130		1,435

Operating costs and administrative and selling expenses, excluding depreciation, increased by approximately Ps. 1,435 million in 3Q2021 compared to 3Q2020. This variation is mainly explained by higher: (i) natural gas processing costs (higher prices denominated in US dollars, partially offset by the inflation restatement effect in accordance with IAS 29 - "Financial Reporting in Hyperinflationary Economies" ("IAS 29")), (ii) operating costs, and (iii) taxes, fees and contributions (due to higher export taxes, which were partially offset by a lower turnover tax).

Financial results are presented in gross terms considering the effects of change in the currency purchasing power ("Gain on monetary position") in a single separate line. In 3Q2021, financial results recorded a positive variation of Ps. 7,001 million compared to 3Q2020. This variation is mainly due to the gain recorded in 3Q2021 related to the change in the fair value of financial assets, in comparison with the loss recorded in 3Q2020 and the lower negative exchange difference (as a consequence of the lower net liability position in foreign currency during 3Q2021 and the lower devaluation of the Argentine peso against the US dollar). These effects were partially offset by the lower gain on monetary position results, due to the effect of the lower net monetary liability position, and the loss recorded from the repurchase of notes.

Transportadora de Gas del Sur S.A.

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3672 Don Bosco St. (1206), Autonomous City of Buenos Aires, Argentina. https://www.tgs.com.ar/investors/Press-releases

3Q 2021 EARNINGS RELEASE

Analysis of operating profit by business segment

Natural Gas Transportation

Operating profit before depreciation of the Natural Gas Transportation segment decreased by Ps. 2,588 million.

		Natural Gas Transportation
	3Q2021	3Q2020	Variation	Variation in %
	(In million of Argentine pesos)
Revenues	5,140	7,579	(2,439)	(32%)
Intercompany revenues	166	313	(147)	(47%)
Operating and maintenance costs	(1,881)	(1,723)	(158)	9%
Other administratitve and selling expenses	(676)	(759)	83	(11%)
Other operating results	(77)	(150)	73	n/a
Operating profit before depreciation	2,672	5,260	(2,588)	(49%)
Depreciation of Property, plant and equipment ("PPE")	(1,609)	(1,597)	(12)	1%
Operating profit	1,063	3,664	(2,601)	(71%)

Natural gas transportation revenues accounted for approximately 29% and 39% of total revenues in 3Q2021 and 3Q2020, respectively.

Revenues from this segment derive mainly from firm natural gas transportation contracts, which represented approximately 81% and 83%, respectively, of the total revenues of this segment in 3Q2021 and 3Q2020.

Transportadora de Gas del Sur S.A.

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3672 Don Bosco St. (1206), Autonomous City of Buenos Aires, Argentina. https://www.tgs.com.ar/investors/Press-releases

3Q 2021 EARNINGS RELEASE

Natural Gas Transportation Operational information

This business segment, subject to ENARGAS regulation, received its last tariff adjustement on April 1st, 2019, following Resolution No. 192/2019.

The decrease in operating profit was mainly related to lower revenues given the lack of a tariff adjustment to compensate for the negative variation associated with the inflation restatement effect under IAS 29.

Liquids Production and Commercialization

Liquids Production and Commercialization revenues accounted for approximately 59% and 53% of total revenues in 3Q2021 and 3Q2020, respectively. During 3Q2021, production reached 287,647 short tons (38,322 short tons below 3Q2020).

	Production and Commercialization of Liquids
	3Q2021	3Q2020	Variation	Variation in %
	(In million of Argentine pesos)
Revenues	10,585	10,354	231	2%
Operating and maintenance costs	(6,964)	(6,141)	(823)	13%
Other administratitve and selling expenses	(487)	(279)	(208)	75%
Other operating results	0	112	(112)	(100%)
Operating profit before depreciation	3,134	4,046	(912)	(23%)
Depreciation of PPE	(138)	(131)	(7)	5%
Operating profit	2,997	3,915	(918)	(23%)

Operating profit before depreciation in this business segment in 3Q2021 was Ps. 912 million below 3Q2020, reaching Ps. 3,134 million (compared to Ps. 4,046 million recorded in 3Q2020). This variation stems from higher natural gas processing costs of Ps. 786 million (mainly due to the effect of the higher U.S. dollar-denominated price), and higher export withholding tax charge of Ps. 173 million.

Transportadora de Gas del Sur S.A.

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3672 Don Bosco St. (1206), Autonomous City of Buenos Aires, Argentina. https://www.tgs.com.ar/investors/Press-releases