Investor Presentation

September 2018

Disclaimer in the back

Who We Are

Pampa Energía  2
The History of Pampa Energía

Market Capitalization of Pampa, US$ billion

Today
Sept 20182

2016

2011 A key
energy
Acquisition
2009 of Petrobras player in
Argentina Argentina
2006 Acquisition in a landmark
of 25.5%
2007 Co-Control
US$1.4 billion
transaction1
Petrolera Pampa: of TGS
2005 First Foot in Gas

We created
Upstream 2.3
the largest
electricity integrated 1.8
From a company
US$1 million in Argentina
listed-vehicle for 1.0 0.9
investments in 0.8
the energy sector

0.0
Note: (1) Considers the equity acquisition from Petrobras Brazil (US$900 million), the mandatory tender offers for US$500 million ended on November 2016 and
Pampa Energía  3
merger approved on February 2017. (2) Market info as of August 31, 2018, net of repurchases.
We are the Largest Independent Integrated Energy
Company in Argentina

The Largest Integrated Electricity Company in Argentina

Power Generation Thermal 2,833 MW + 398 MW expansions

Leading IPP with 3,871 MW Hydro 938 MW
11% market share Wind Farms 100 MW(1) + 156 MW in construction

Power Transmission High Voltage 20,740 km of lines

Co-control of ,
Lines & Stations 152 transformer stations
85% of market share

Electricity Distribution 3 million end users

Control of , Concession Area
22 TWh of sales
20% market share

Integration in the Gas Value Chain

Exploration & Production Blocks 11 Productive + 9 Exploratory

Leading gas producer
Production 45.9k boe per day (90% gas)
5% market share

Midstream Pipelines 9,184 km for natural gas

Co-control of ,
NGL 1 million ton per year
60% market share

Petrochemicals Styrene (160k ton/year)

Sole producers of styrenics Plants S. Rubber (55k ton/year)
90-100% market share Polystyrene (65k ton/year)

1,756 km of oil pipelines

Other Affiliates
25.8 kbpd of ref. cap. & 83 gas stations

Note: (1) Operated by Pampa, 50% equity ownership Pampa Energía  4

Pampa Energía’s Figures at a Glance

LTM @ Q2 2018 NYSE:PAM Senior

In US$ million Float BCBA:PAMP Management(1)

80.6% 19.4%

Sales(2) Adj. EBITDA(3) Net Debt(4) Market Cap(5)

4,018 1,168 1,260 2,314

Continuing operating businesses at and fully consolidated subsidiaries O/S(6)

Power Generation 688 371 572 na 96.6%
(7)
E&P 729 337 794 na 100%
(8)
R&M + Petchem 424 (27) (0) na 100%
Holding 35 (4) (166) na 100%

Listed subsidiaries consolidated in Pampa

Electricity Distribution 1,770 315 22 1,108 51.0%

Listed affiliates(9)
Power Transmission 366 223 (48) 533 26.3%
Gas Midstream 950 469 (8) 2,039 25.5%

Note: Reporting info as of June 30, 2018. FX: LTM AoP AR$19.49/US$, EoP AR$28.85/US$. Refinor, OldelVal and Eliminations are not shown. (1) Holdings of Messrs.
M. Mindlin, D. Mindlin, G. Mariani and R. Torres, % net of repurchases. (2) Figures include Plan Gas and affiliates’ sales at O/S. (3) Figures include affiliates’ EBITDA at
O/S. (4) Includes affiliates’ net debt at O/S, shares repurchased as of August 31, 2018 and financial interests. (5) As of August 31, 2018, net of repurchases. (6) As of
June 30, 2018 over issued stock, Generation’s based on GWh at O/S. (7) Excludes assets divested to Vista. (8) Excludes assets sold to Trafigura. (9) Under IFRS, Pampa Energía  5
Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in our FS.
Brief Situation Update

2018 Power Generation

• Commissioning of our first wind farm of 100 MW on June 2018
• Capacity expansions in the pipeline: 156 MW renewable and 398 MW thermal
• Preparing for Government’s divestment auction of power plants

Gas Upstream
• Increase on gas prices for retail as from April 2018
• New gas reference prices for power generation as of August 2018; upcoming gas auctions
• License extension in the El Mangrullo & Sierra Chata blocks for 35 years
• Shale gas development in Parva Negra Este and starting drilling campaign at El Mangrullo

Utilities
• Full implementation of comprehensive tariff reviews: full run-rate as from Feb/Apr 2018
• Edenor: 8% cost inflation as from August 2018 and 8% deferred to February 2019
• Development of unregulated businesses: TGS to develop a US$300 million gas midstream
pipeline servicing blocks located at Vaca Muerta formation

Corporate Reorganization
• Sale of oil upstream and R&M assets to focus resources and efforts on core businesses
• 2016 & 2017 merger process fully executed
• Given the market situation, Pampa repurchased own shares for US$303 million
Pampa Energía  6
Oil & Gas
Exploration & Production

Pampa Energía  7
Pampa Energía is a Leading Independent Producer
of Unconventional Gas

Asset Map Overview Operations in Argentina

• Pampa is a leading gas producer in Argentina
– 5% of the country’s gas production, as of June 2018

• Pampa is one of the largest independent unconventional (tight + shale) gas

producers in the country (13% share as of June 2018)
– 20% share of the tight gas (#1 independent producer)

• Production: 45.9k boe/d1,2

– Natural gas: 7.0 mcm per day = 247 mcf/d (90%)
– Oil: 4.8k bbl/d (10%)
– 911 productive wells in Argentina Pampa’s Reserves2 @ Dec-17
• Natural gas: 410 (45%)
– Participation in 9 exploration blocks
Liquids
11%
Operations in Venezuela
• Interest in 4 productive blocks, Undeveloped
in which the operator is PDVSA 42%

• Production: 0.3k bbl/d1 %

Developed
P1 reserves @ Dec’ 20172: 125 million boe 58%

• Developed 58% – Undeveloped 42% Natural Gas

Argentina 89%

Interest in 8% of Argentina’s 100%

shale gas acreage

Note: (1) Average Q2 2018 for continuing operations. (2) Excludes assets sold to Vista. Pampa Energía  8
Our Strategy is Going Towards Gas Production
in the Best Areas in Argentina

Neuquén Basin Blocks (mcm per day)

This four areas jointly already produce ~12 mcm per day
(418 mcf/d), 10% of Argentina’s total gas production
Concession Concession
Río Neuquén until 2051 El Mangrullo until 2053
• Formations: Punta Rosada, • Formation: Agrio, Mulichinco
Quintuco • Operator: Pampa
• Operator: YPF • Ownership: 100% Parva Negra Este
• Ownership: 33.1% • Production @ 100%:
• Production @ 100%:
2.8 Sierra Chata
2.1 2.4
4.0 2.1
3.3
2.5
1.5

2015 2016 2017 Jun-18 2015 2016 2017 Jun-18 El Mangrullo

Concession
Rincón del Mangrullo Sierra Chata until 2053 Las Rincón del Mangrullo
• Formation: Mulichinco Concession • Formation: Mulichinco Tacanas Río Neuquén
Norte
until 2051
• Operator: YPF • Operator: Pampa
• Ownership: 50% • Ownership: 45.55%
• Production @ 100%: • Production @ 100%:

4.7 4.3 1.4

3.8
1.4
2.2 1.3 1.3

Key Productive Gas Blocks

2015 2016 2017 Jun-18 2015 2016 2017 Jun-18 Key Exploration Gas Blocks Pampa Energía  9
Enormous Upside Potential From Our Shale Resources

7 Blocks in Vaca Muerta Play Map

Interest in 8% of
DRY GAS WET GAS OIL
Vaca Muerta’s
Veta Escondida shale gas acreage

Parva Negra Este

Rincón de Vaca VM vs.
USA
Aranda Muerta USA

Sierra Chata Oil Production

53 5,883 1%
(kb/d)

Natural Gas
Production 616 54,281 1.1%
(mcf/d)
El Mangrullo

# Wells 868 ~300,000 0.3%

Río Neuquén
Río Neuquén
(Neuquén)
(Río Negro) # Horizontal
356 ~77,200 0.5%
Las Tacanas Wells
Norte

Resources1 (Tb) 55 207 27%

Blocks in which Pampa Energía holds interest

Shale gas well drilled/drilling

Note: As of June 2018. (1) Source from EIA 2013 and GiGa Consulting. Pampa Energía  10
Power Generation

Pampa Energía  11
 Pampa is a Key Player with Outstanding Performance

Argentina’s Market Share, Ranking of Private GenCos,

YTD 20181 YTD 20181 Key Power Generation Figures

3 hydro plants
1. Pampa Energía 11.3%
Pampa
Energía
8 thermal plants
Gov't owned 2. ENEL 10.3% 4 new wind farms
30.5 ENEL

3. Central Puerto 9.4%

% Central
Puerto
3,871 MW installed capacity
4. AES 9.3% + 554 MW under construction2
AES
Other Private Co. 4,425 MW total capacity
29.2
Of which:
2,908 MW ‘legacy’ capacity3
1,517 MW ‘new’ capacity4
Pampa’s Historical Availability v. Peers, in %

Pampa's thermal capacity Thermal grid without Pampa

1

93% 95%
88% 90%
87% 87% 87%
1

86% 84%
83% 82% 82%
1

81% 80%
78%
1

73% 74% 73% 73% 73%

1
71% 71% 70%
67% 67%
1

1
65%
1

(5)
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Note: (1) Source: Cammesa, as of June 2018. (2) 383 MW awarded through thermal tender, 156 MW through MAT ER and 15 MW under receivables swap capacity
Pampa Energía  12
program signed in 2014. (3) Remunerated under Res. 19/17. (4) Remunerated under PPAs or contracts. (5) As of May 2018.
One of the Largest Independent Power Producers
2,833 MW of Thermal Capacity + 398 MW of Expansions
7
4 1. Loma de la Lata 765 MW + 15 MW 3. Piedra Buena/Ing. White 720 MW

5
2

4. Güemes 361 MW

1 3 6

2. Genelba 843 MW + 383 MW

Thermal Plant 5. Parque Pilar 100 MW

Thermal Plant
+ Brownfield
Project

Greenfield
Power Plant

6. EcoEnergía 14 MW 7. Piquirenda 30 MW

Pampa Energía  13
One of the Largest Independent Power Producers
938 MW of Hydro + 100 MW Wind + 156 MW of Renewable Expansions

1. Diamante 388 MW 3. Cebreiro WF 100 MW + 156 MW

1
4

3
2

2. Pichi Picún Leufú 285 MW 4. Los Nihuiles 265 MW

Greenfield
Wind Farm

Hydropower
plant

Pampa Energía  14
+US$900 Million of Investments1 in Power Generation
Expansions, Mainly Based on Brownfield Projects
Cap. Payment Capex
PPA US$ Final Price US$
Project MW Duration /MW-month US$/MWh million COD

1 CTLL 105 10Y 23,000 39.0 90 5-Aug-17

2 2 Pilar 100 10Y 26,900 51.8 103 29-Aug-17

4
Thermal
3 3 Ing. White 100 10Y 21,800 42 – 45 92 22-Dec-17
5/6
1

OC: Q2 2019
4 Genelba 383 15Y 20,500 34.1 350
CC: Q2 2020

5 Mario
100 20Y NA 58 139 8-Jun-18
Cebreiro2
Brownfield Renewable
Greenfield 6 Pampa II/III: Q2 2019
156 NA NA NA 210
II/III/IV IV: Q4 2019

Ingeniero White Cebreiro Wind Farm Genelba Expansion

Note: (1) Adjusted by our ownership. (2) Pampa’s ownership is 50%. Price does not include average multiplier of 1.2. Pampa Energía  15
Utilities

Pampa Energía  16
Edenor is the Largest Electricity DistCo in Argentina

9 million
PEOPLE

3 million
CUSTOMERS

370,000
SMEs & INDUSTRIES

4,637 km2
SERVICE AREA

95-year concession
EXPIRES IN 2087 & OPTIONAL 10 YEARS

21,544
GWh SOLD in LTM

~20%
MARKET SHARE

51%
OWNERSHIP CONTROL

Note: As of June 30, 2018. Pampa Energía  17

Transener is the Largest
High Voltage Grid in Argentina

Business Overview

• Transener operates, maintains and supervises 20,718 km of

high-voltage electricity lines in Argentina, holding 85%
of market share
 Transener was privatized in July 1993 with an exclusive 95-
year concession, operates 12,383 km of lines and 50
substations, as well as supervises 2,106 km and 7 substations

 Transba was privatized in August 1997 with an exclusive 95-

year concession, operates 6,229 km of lines and 95
substations

Corporate Structure

Free Float

26.3% 27.8% 19.6% 26.3%

Employee Stock
90% Ownership Plan
10%

Direct ownership Indirect ownership

Note: As of June 30, 2018. Pampa Energía  18

TGS is the Backbone of the Argentine Natural Gas Sector

Business Overview Asset Map

Natural Gas Transportation Share of Total

• Largest gas transportation company of Argentina and LatAm Gas Production (%)
Vaca Muerta
 Transports around 60% of the country’s total gas production 2nd Largest
 Concession until 2027, extendable for additional 10 years Shale Gas
Noroeste 4%
Reserve
NGL Processing in the World
• #2 producer in Argentina, with ~1m ton/year of capacity
 Exports ~35% of production and ethane is sold to Dow Cuyana 0%
Chemical under a US$ contract
Midstream & Telecommunications
• Construction, operation and maintenance of natural gas
Neuquina 61%
treatment and compression facilities, as well as pipelines Cerri Processing Plant
• Through Telcosur, providing data transmission services using Golfo de
microwave and fiber optic technology 10%
San Jorge

Corporate Structure
Sielecki
Austral 25%
Safra
100% Werthein
CIESA TGS’ Concession Area
Trust 10%
40% 50% Free
CIESA General San Martín 84.7 mcm/d Transportation Capacity
Float
23.1% 51% 25.9% Neuba I
9,184 km Pipeline Length
Neuba II
Cordillerano 83% Annual Load Factor
Source: Company information. Direct ownership Indirect ownership Pampa Energía  19
Gas Midstream: Unique Growth Opportunity from Vaca Muerta

Gathering Pipeline of 60 mcm per day of installed

capacity and 125 km length
• TGS was awarded by the Government of the Province
of Neuquén a concession for the construction and
operation of gas gathering pipelines
• TGS will develop key infrastructure to transport and
treat the natural gas production in the Vaca Muerta
area
 North pipeline: 92 km/57 miles length, diameter of 36’’
and 35 mcm/1.2 bcf per day of transportation capacity
 South pipeline: 33 km/21 miles length, diameter of 30’’
and 25 mcm/0.9 bcf per day of transportation capacity
 Initial 5 mcm/177 mcf per day of gas treatment plant,
expandable by modules
• Contracts have been signed with producers in the area
and others under current negotiations
• Non-regulated business and tariffs denominated in US$
• Investment estimated at ~US$300 million to be
disbursed between 2018-2019
• The development will allow the connection of
incremental natural gas production to the main
transportation pipeline

Connection to:
 TGN (27 mcm/d)
 TGS (44 mcm/d)
Pampa Energía  20
Debt Structure

Pampa Energía  21
Unlevered Company in a Highly Intense Capital Sector,
Maturities Well Distributed Over the Next Years
Debt Profile, in US$ million as of June 30, 20181 + Share Repurchases

Consolidated debt from FS US$2,087 million US$ US$ Link AR$ 750
Pampa US$500m
@ 7⅜
+ Affiliates' debt @ O/S US$225 million Pampa US$750m
@ 7½
2
Total gross debt US$2,312 million 513
Edenor
Transener
Consolidated cash from FS US$930 million US$99m
US$176m
@ 9¾ TGS US$500m
@ 9¾
+ Affiliates' cash @ O/S US$187 million @ 6¾
237
- Share repurchase program
3
US$(65) million 200 189
69 20 122 141
Total cash US$1,052 million 90 34
167 19 146 122 18 13
71
Pampa's net debt US$1,260 million
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt/LTM Adj. EBITDA 1.1 x

Gross Consolidated Debt Breakdown, 100% = US$2.3 billion

Current Credit Ratings By currency By company
News Update
for Pampa
Greenwind
B+ 2%
AR$ Pampa

%
5% 81% Edenor
B2 US$
94% % US$
10%

B Link
TGS
6%
AA- (arg) 1% Transener
1%
Refinor
0%
Notes: Affiliates’ stakes at ownership. (1) FX AR$28.85/US$. In debt profile adjusted by ownership. (2) Includes financial interests.
(3) After Q2 18 closing, as of August 31, 2018.
Pampa Energía  22
Pampa Bottom Line

Pampa Energía  23
Pampa Energía: Upsides and Opportunities

Power Gas
generation Upstream

In 2018 we will target Development of our

large power plants to acreage in Vaca
be divested by the Muerta, world’s 2nd
Gov’t largest shale gas
reservoir
Conservative
Normalization liability
of utilities management

Tariff reviews in place Our current

after 16 years of net debt-to-EBITDA
default in Edenor, ratio is 1.1x1
Transener & TGS

Note: (1) It considers EBITDA and net debt as of Q2 ’18, including repurchase of shares. Pampa Energía  24
For further information, contact:
• Gustavo Mariani Vice President
• Ricardo Torres Vice President
• Mariano Batistella Planning, Strategy & Affiliates Executive Director
• Lida Wang Investor Relations Officer

Pampa Energía Building, Maipú 1 (C1084ABA), Ciudad Autónoma de Buenos Aires, Argentina
+54 (11) 4344 6000
http://www.pampaenergia.com/ir
[email protected]
@PampaEnergia

The material is a presentation of general background information about Pampa Energía SA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not
intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made
concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation contains information and statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current assumptions,
expectations and projections about future events. Forward-looking statements may be identified by the words 'believe', 'expect', 'anticipate', 'target', or similar expressions. While Pampa' s management believes
that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many
of which are difficult to predict and are generally beyond the control of Pampa, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and uncertainties include, but are not limited to, changing business, regulatory, political or other market conditions in Argentina and elsewhere, the
completion of our new generation projects, the completion of our distribution and transmission subsidiaries' tariff revision process, the prospects for growth anticipated by our management, and the other risks
and uncertainties discussed in our reports and other documents filed with the U.S. Securities and Exchange Commission. Further, Pampa undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information
contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation that any such forward looking statements will be achieved. Management is not making and you should
not infer any representation about the likely existence of any particular future set of facts or circumstances.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of
any contract or commitment whatsoever. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. Any offering of securities to
be made in the United States will be made by means of a prospectus or offering prepared in connection with any such offering.

Pampa Energía  25
Annex

Pampa Energía  26
Q2 2018 Consolidated Results

Adjusted EBITDA from Continuing Businesses1

In million AR$

7,505 Segment Q2 17 Q2 18 ∆$ ∆%

Power Generation 848 2,491 1,643 +194%

2,491
Electricity Distribution 338 1,585 1,247 NA

Oil & Gas* 1,583 2,069 486 +31%

1,585 Refining & Marketing* 20 (29) (49) NA

3,208
Petrochemicals 1 45 44 NA
848
2,069 Holding and Others 420 1,364 944 +225%
338

1,583 45 Eliminations (2) (20) (18) NA

20 1,364
Total 3,208 7,505 4,297 +134%
1 420
(29) * Does not include discontinued operations
Q2 17
Q2 17
Q2 18
Q2 18
Assets sold to Vista & Trafigura

(1) Consolidated adjusted EBITDA represents the consolidated results before net financial results, income tax and minimum notional income
tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and other adjustments from the IFRS Pampa Energía  27
implementation and includes affiliates EBITDA’s at ownership. For more information, please refer to section 3 of the Earnings Release.
Q2 2018 Consolidated Results

Adjusted EBITDA from Continuing Businesses

In million AR$

Adj. EBITDA
Q2 18
2,491 1,585 2,069 (29) 45 1,344 7,505

+134%
+926 yoy

+486 -49 +44

+1,247

+1,643

3,208

Total Q2 17 Power
Power Generation Electricity
Electricity Distribution Oil & Gas Refining
Refining & Petro-
& MarketingPetrochemicals Holding,
Holding and Others Total Q2 18
Q2 17 Generation Distribution
Oil & Gas
Marketing chemicals Others & Q2 18
Eliminations

Pampa Energía  28
Power Generation

Adjusted EBITDA Generation Performance

In million AR$ In GWh  Lower dispatch
requested at CPB
2,491 AR$ devaluation 3,794 3,659 & CTGEBA TG #3
+194% Full fare for  Lower water at
legacy capacity HIDISA
New PPAs in Commissioning of
force Thermal CTPP, CTLL’s
89%
848  Higher costs for
90% TG05 & CCGT
energy enhancement,
purchases and Wind CTIW & PEMC
larger operation 1% wind farm
Hydro 10% 11%
Higher generation
Q2 17 Q2 18 Q2 17 Q2 18
Q2 17 Q2 18 Q2 17 Q2 18 at HPPL

Availability Performance
News Update In % to Installed Capacity
Commissioning
3,871 MW of PEMC, CTPP,
• Commissioning of Mario Cebreiro 100 MW wind farm
CTLL’s TG05 &
+12% 3,451 MW
98.2% CTIW
• Expansions’ status: Genelba & renewables
CTLL’s steam
+14% 86.5% turbine capacity
increase

Q2 17 Q2 18
Q2 17 Q2 18
Pampa Energía  29
Power Generation

Genelba Expansion

Pampa Energía  30
Power Generation

PEPE II Wind Farm Expansion

Pampa Energía  31
Electricity Distribution

Adjusted EBITDA Sales Performance  Lower demand

In million AR$ RTI’s full fare In GWh from SMEs
1,585
implementation
+ costs update
5,359 5,344 Stable demand
in Aug ‘17 and from residential
6% 6% and large users,
Def. income 395 Feb ‘18
35% 35% peaked in June
Income from due to low
deferred tariff temperatures
increase in 2017 16% 16%
338 1,190  Higher losses Public lighting &
rate and costs 43% 43% shantytowns
 Higher labor & Industries
3rd party costs SMEs
Q2 17 Q2 18 Q2 17 Q2 18
Q2 17 Q2 18 Q2 17 Q2 18 Residential

Number of End-Users
In million News Update
• New reference price for electricity purchases

+3% • Semiannual costs update with deferral

2.9 3.0 Market discipline
actions

Q2 17
Q2 17
Q2 18
Q2 18

Pampa Energía  32
Oil & Gas

Adjusted EBITDA from Continuing Businesses Total Production Performance (Argentina + Abroad)
In million AR$ In kboe per day

+31% 2,069
FX impact
Better oil sale
50.7  End of service at
Medanito La
price in US$
Abroad 46.2 Pampa in Oct-17
1,583 Incl. OldelVal’s
1.6
0.3
 Lower production
EBITDA @ 23.1% abroad
 Lower accrual of Argentina Higher gas
Plan Gas 2 49.1 45.9 production at El
 End of service at Mangrullo & Río
Medanito La Neuquén
Pampa in Oct-17
Q2 17 Q2 18 Q2 17 Q2 18
Q2 17 Q2 18 Q2 17 Q2 18
Argentina Gas Production Performance Argentina Crude Oil Production Performance
In mcf/d In kb/d

US$6.3/MBTU US$5.5/MBTU US$52.4/bbl

250 247  Price excludes Plan 7.4

Gas 2 from US$63.2/bbl
PEPASA
Price incl. higher
4.8 End of service at
Medanito La
Plan Gas 2 from Pampa
Pampa’s blocks
Higher oil prod.
 Lower production
at El Tordillo
at R.del Mangrullo
Higher production
at El Mangrullo &
Q2 17
Q2 17
Q2 18
Q2 18
Río Neuquén Q2 17
Q2 17
Q2 18
Q2 18

Average Price Pampa Energía  33

Oil & Gas

News Update

• 35-year period unconventional exploitation concession at El Mangrullo and Sierra Chata blocks
• Cammesa’s new reference price of gas for power generation
• Program for the financing of gas winter consumptions to distribution companies

Pampa Energía  34
Downstream: Refining & Marketing

Adjusted EBITDA Sales Performance

In million AR$ In thousand m3
Higher sale prices
427 in AR$ US$550/m3 US$538/m3
Excludes gain
from assets’ sale
480
1% Crude Oil
 Higher costs of
14% 377
456 16% 6% Other distillates
imported diesel & 17% Fuel Oil, IFOs &
crude oil 23% 16%
Cont'ing Asphalts
(26) 20
21% Gasolines
Discont'd (46) (29) 47%
Refinor’s EBITDA 41% Diesel Oil
@28.5%
Q2 17 Q2 18 Q2 17 Q2 18 Lower load factor
Q2 17 Q2 18 Q2 17 Q2 18 at refinery
Lower diesel
imports
News Update Lower demand
Inventory sales at
• No news the divest. closing

Pampa Energía  35
Downstream: Petrochemicals

Adjusted EBITDA Sales Performance

In million AR$ In thousand ton
US$984/ton US$1,161/ton
45 Better int’l sale
prices in US$ 107
Excludes ex PZE’s 95
contingencies
 Lower output 64% 56% Other
 Higher operating SBR
& raw material’s 7% 8%
Styrene &
1 cost
29% 35% Polystyrene

Q2 17
Q2 17
Q2 18
Q2 18
Q2
Q2 17
17 Q2 18
Q2 18
 Lower reforming
products due to
lack of virgin
naphtha provision
News Update Higher export of
styrene products
• No news and SBR

Pampa Energía  36
Holding & Others

Adjusted EBITDA Affiliates’ EBITDA Performance @ 100% Ownership

In million AR$ In million AR$

Transener TGS
1,364 3,789
RTI

+225% RTI FX

impact
1,189 Better

420
966 TGS
847 liquids
1,281 margin
327 Higher
Transener
313 liquids
223 85 Holding volume
(130) sold

Q2 17 Q2 18 Q2 17 Q2
Q2 17
18
Q2 18
Q2 17 Q2
Q2 17
18
Q2 18

Q2 17 Q2 18

News Update

• Corporate reorganization status • TGS

 Final exchange of former Petrobras Argentina shares  South tranche at Vaca Muerta gas midstream project
 2017’s merger: final swap scheduled on August 15  Payment of dividends
• Share repurchase program  Award in the arbitration complaint against TGS
 Pampa’s second program for US$200 million –  Withdrawal to the arbitration complaint before the ICSID
28% disbursed • Transener: RTI for independent power transmitters
 TGS for AR$1.7 billion - 45% disbursed

Pampa Energía  37
Q2 2018 Consolidated Results

Net Income to Shareholders

In million AR$

Reported
Q2 18 NI to (1,748) (91) (2,908) 633 (616) 2,069 (2,661)
Shareholders

(91)

-1,800 -71
+1,582

+753

-517
-2,517

Power Electricity Refining & Petro- Holding,

Q2 17 Generation Distribution
Oil & Gas
Marketing chemicals Others & Q2 18
Eliminations
Pampa Energía  38