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2016 Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD OF DIRECTORS Chairman Marcos Marcelo Mindlin Vice-Chairman Gustavo Mariani Director Ricardo Alejandro Torres Damián Miguel Mindlin Diego Martín Salaverri Clarisa Lifsic Santiago Alberdi Carlos Tovagliari Javier Campos Malbrán Julio Suaya de María Alternate Director José María Tenaillon Juan Francisco Gómez Mariano González Álzaga Mariano Batistella Pablo Díaz Index Alejandro Mindlin Brian Henderson Gabriel Cohen Annual Report 4 Carlos Pérez Bello Glossary of Terms 8 Gerardo Carlos Paz Consolidated Financial Statements 166 SUPERVISORY COMMITTEE Glossary of Terms 168 President José Daniel Abelovich Consolidated Statement of Financial Position 172 Statutory Auditor Jorge Roberto Pardo Consolidated Statement of Comprehensive Income (Loss) 174 Germán Wetzler Malbrán Consolidated Statement of Changes In Equity 176 Alternate Statutory Auditor Marcelo Héctor Fuxman Consolidated Statement of Cash Flows 180 Silvia Alejandra Rodríguez Tomás Arnaude Notes to the Consolidated Financial Statements 183 AUDIT COMMITTEE Report of Independent Auditors 344 President Carlos Tovagliari Contact 348 Regular Member Clarisa Lifsic Santiago Alberdi Annual Report Contents Glossary of Terms 8 1. 2016 Results and Future Outlook 12 2. Corporate Governance 19 3. Our Shareholders / Stock Performance 25 4. The Macroeconomic Context 28 5. The Argentine Electricity Market 30 6. The Argentine Oil and Gas Market 53 7. Relevant Events for the Fiscal Year 67 8. Description of Our Assets 80 9. Human Resources 110 10. Corporate Responsibility 113 11. Information Technology 118 12. Quality, Safety, Environment & Labor Health 119 13. Results for the Fiscal Year 122 2016 Annual Report 14. Dividend Policy 148 To the shareholders of Pampa Energía S.A. (‘Pampa’, the ‘Company’ or the ‘Group’): 15. Board of Directors’ Proposal 149 Pursuant to the statutory rules and Bylaws currently in force, we submit to your APPENDIX I: Corporate Governance Report 152 consideration the Annual Report and Financial Statements for the 73rd fiscal year ended December 31, 2016. ANNUAL REPORT Glossary of Term Definition Terms D Dam3 Cubic decameter E&P Exploration and production EASA Electricidad Argentina S.A. Term Definition EcoEnergía EcoEnergía Co-Generation Power Plant E Edenor Empresa Distribuidora y Comercializadora Norte S.A. EMES Emes Energía Argentina LLC ENARGAS Ente Nacional Regulador del Gas (National Gas Regulatory Entity) ABOL Argentine Business Organizations Law No. 19,550 ENARSA Energía Argentina S.A. ADRs/ADSs American Depositary Receipts Energía Plus Energía Plus Program – SE Res. No. 1,281/06 AFIP Administración Federal de Ingresos Públicos (Federal Administration of Public Revenue) ENRE Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity) A Albares Albares Renovables Argentina S.A. ANSES Administración Nacional de la Seguridad Social (National Social Security Administration) FO Fuel Oil AR$ Argentine Pesos FOB Free on Board FOCEDE Fondo de Obras de Consolidación y Expansión de Distribución Eléctrica (Fund bbl Barrel F for Electricity Distribution Expansion and Consolidation Works) BCBA Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange) FONINVEMEM Fondo para Inversiones Necesarias que permitan incrementar la oferta de BCRA Banco Central de la República Argentina (Central Bank of the Republic of Argentina) energía eléctrica en el Mercado Eléctrico Mayorista (Fund for Investments B BNA Banco de la Nación Argentina (Argentine National Bank) required to increase the Power Supply in the Electricity Wholesale Market) BO Boletín Oficial (Public Gazzette) Foundation Fundación Pampa Energía Board of Directors Pampa Energía’s Board of Directors FSs Financial Statements boe Barrels of oil equivalent FX Foreign exchange BONAR 2020 Argentine bonds denominated in US$ at an annual rate of 8% and maturing in 2020 BOPS Bi-orientated polystyrene Gas Plan Gas Plan I and Gas Plan II BTU British Thermal Unit Gas Plan I Natural Gas Surplus Injection Promotion Program SE Res. No. 1/13 Bylaws Pampa Energía’s Bylaws Gas Plan II Natural Gas Injection Promotion Program for Companies with Reduced Injection, G SE Res. No. 60/13 CAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A. (Argentine Gas Plus Natural Gas Production Promotion Program - SE Res. No. 24/08 Wholesale Electricity Market Clearing Company) GCBA Government of the City of Buenos Aires CAU Cargo de Acceso Único (Access and Use Charge) GDP Gross Domestic Product C CBs Corporate Bonds GE General Electric CC Combined Cycle GIP Grupo Inversor Petroquímica S.L. CEO Chief Executive Office GO Gas Oil (Diesel Oil) CH Hydroelectric power plant Government/National National Government of the Republic of Argentina CIESA Compañía de Inversiones de Energía S.A. Government CIF Cost, Insurance and Freight GUDI Large Distribution Company Users Citelec Compañía Inversora en Transmisión Eléctrica Citelec S.A. GUMA Major Large Users CMA Capital Market Act No. 26,831 GUME Minor Large Users CN Nuclear power plant GyP Gas y Petróleo de Neuquén S.A.P.E.M. CNG Compressed Natural Gas GWh Gigawatt-hour CNV Comisión Nacional de Valores (National Securities and Exchange Commission) Code Pampa’s Code of Corporate Governance HA Historical Availability CPB Central Piedra Buena S.A. HI Hydroelectric plants CPI Consumer Price Index HIDISA Hidroeléctrica Diamante S.A. CT Thermal power plant H HINISA Hidroeléctrica Los Nihuiles S.A. CTG Central Térmica Güemes S.A. HPPL Hidroeléctrica Pichi Picún Leufú CTGEBA Central Térmica Genelba IFRS International Financial Reporting Standards CTLL Central Térmica Loma La Lata S.A. INDEC Instituto Nacional de Estadística y Censos de Argentina (National Institute CTP Central Térmica Piquirenda of Statistics and Censuses) CSJN Supreme Court of Justice of the Republic of Argentina I IT Information Techonoly IVC Cost Variation Index 8 PAMPA ENERGÍA | ANNUAL REPORT AND FINANCIAL STATEMENTS 2016 9 ANNUAL REPORT Term Definition Term Definition kCal Kilocalories QSELH Quality, Safety, Environment & Labor Health K kWh Kilowatt-hour Q LNG Liquefied natural gas LPG Liquefied petroleum gas RA Recorded Availability LU300 Large users with demands in excess of 300 kW RBB Bahía Blanca Ricardo Eliçabe Refinery L LVFVDs Sales Settlements with Maturity Date to be Defined RCD Campo Durán Refinery Refinor Refinería del Norte S.A. 3 R m Cubic meters Renewal Agreements Agreements for the Renewal of the Instrumental Agreement MAN Engines MAN Diesel B&W engines, model 18V32/40PGI Res. Resolution MAT Term Market RIPTE Remuneración Imponible Promedio de los Trabajadores Estables (Stable M MBTU Million of BTU Workers’ Average Taxable Remuneration) MECON Ministry of Economy R&D Refining and Distribution segment MerVal Mercado de Valores de Buenos Aires (Buenos Aires Securities Market) RTI Integral Tariff Review MEyM Ministry of Energy and Mining RTOP Public Offering Transparency Regime - Executive Order No. 677/01 MMC Cost Monitoring Mechanism RTP Plant’s thermal reduction MW Mega watt MWh Mega watt-hour SADI Sistema Argentino de Interconexión (Argentine Electricity Grid) SBR Styrene Butadiene Rubber n.a. Not applicable. SE Former Secretariat of Energy N/A Not available S SEE Secretariat of Electric Energy NAFISA Nación Fideicomiso S.A. SEC Security and Exchange Commission N NGL Natural Gas Liquids SOX Sarbanes-Oxley Act NYSE New York Stock Exchange SRH Secretariat of Hydrocarbon Resources OldelVal Oleoductos del Valle S.A. TA Target Availability TAM Annual Rolling Rate Telcosur Telcosur S.A. O T TG Gas turbine Pampa / the Company Pampa Energía S.A. and its subsidiaries TGS Transportadora de Gas del Sur S.A. / the Group Transba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Pampetrol Pampetrol SAPEM Provincia de Buenos Aires Transba S.A. PEASA Parques Eólicos Argentinos S.A. Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. P TV Steam turbine PEFMSA Parques Eólicos del Fin del Mundo S.A. PEISA Petrobras Energía Internacional S.A. UNIREN Public Utility Contract Renegotiation and Analysis Unit PELSA Petrolera Entre Lomas S.A. US$ United States Dollars PEN Poder Ejecutivo Nacional (National Executive Branch) UTE Joint Venture PEPASA / Petrolera Pampa S.A. Petrolera Pampa U PEPCA PEPCA S.A. VAD Distribution Added Value Petrobras Argentina Petrobras Argentina S.A. VAT Value-added tax Petrobras Brazil Petrobras Brasileiro S.A. VCPs Short-Term Debt Securities Petrobras Holland Petróleo Internacional Braspetro B.V. V VNR Net Replacement Value PGSM Puerto General San Martín port PHA Petrobras Hispano Argentina S.A. WEM Wholesale Electricity Market PISA Pampa Inversiones S.A. WEMSP Patagonia Grid Wholesale Electricity Market PIST Transportation System Entry Point Polisur PBB Polisur S.A. W PPSL Petrobras Participaciones S.L. YPF Yacimientos Petrolíferos Fiscales S.A. PTQ Petrochemicals segment PUREE Program for the Rational Use of Electric Power Y 10 PAMPA ENERGÍA | ANNUAL REPORT AND FINANCIAL STATEMENTS 2016 11 ANNUAL REPORT Pampa’s Business Segments Power Electricity Oil and Gas Generation Distribution Hydroelectric 938 MW Edenor 2.9 million Argentina(3) 16 productive blocks Thermal 2,481 MW + 8 exploratory blocks 1. 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    519 NYSE, NYSE Arca and NYSE Amex-listed non-U.S. Issuers from 47 Countries (as of December 31, 2010) As of January 2009, Amex-listed non-U.S. Issuers have been included in this document Share Country Issuer † Symbol Market Industry Listed Type IPO ARGENTINA (10 DR Issuers ) Banco Macro S.A. BMA NYSE Banks 3/24/06 A IPO BBVA Banco Francés S.A. BFR NYSE Banks 11/24/93 A IPO Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) EDN NYSE Electricity 4/26/07 A IPO IRSA-Inversiones y Representaciones, S.A. IRS NYSE Real Estate Investment & Services 12/20/94 G IPO Nortel Inversora S.A. NTL NYSE Fixed Line Telecommunications 6/17/97 A IPO Pampa Energia S.A. PAM NYSE Electricity 10/9/09 A Petrobras Argentina S.A. PZE NYSE Oil & Gas Producers 1/26/00 A Telecom Argentina S.A. TEO NYSE Fixed Line Telecommunications 12/9/94 A Transportadora de Gas del Sur, S.A. TGS NYSE Oil Equipment, Services & Distribution 11/17/94 A YPF Sociedad Anónima YPF NYSE Oil & Gas Producers 6/29/93 A IPO AUSTRALIA (6 ADR Issuers ) Alumina Limited AWC NYSE Industrial Metals & Mining 1/2/90 A BHP Billiton Limited BHP NYSE Mining 5/28/87 A IPO James Hardie Industries N.V. JHX NYSE Construction & Materials 10/22/01 A Samson Oil & Gas Limited K SSN NYSE Amex Oil & Gas Producers 1/7/08 A Sims Group Limited SMS NYSE Support Services 3/17/08 A Westpac Banking Corporation WBK NYSE Banks 3/17/89 A IPO BAHAMAS (4 non-ADR Issuers ) Teekay LNG Partners L.P.