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Investor Presentation Investor Presentation December 2018 Disclaimer in the back Who We Are Pampa Energía 2 The History of Pampa Energía Market Capitalization of Pampa, US$ billion Today Dec 20182 January 2018 2016 A key energy All time high 2009 market quote player in Argentina 2006 Acquisition of Petrobras 2007 Argentina 6.0 Petrolera Pampa: in a landmark The first 2005 US$1.4 billion endeavor in transaction1 The largest gas upstream fully integrated electricity company in Argentina Creation of 2.8 Pampa Energía 1.8 1.0 0.8 0.0 Note: (1) Considers the equity acquisition from Petrobras Brazil (US$900 million), the mandatory tender offers for US$500 million ended on November 2016 and Pampa Energía 3 merger approved on February 2017. (2) Market info as of December 3, 2018, net of repurchases. We are the Largest Independent Integrated Energy Company in Argentina The Largest Fully Integrated Electricity Company in Argentina Power Generation Thermal 2,833 MW + 398 MW expansions Leading IPP with 3,871 MW Hydro 938 MW 11% market share Wind Farms 100 MW(1) + 160 MW in construction Power Transmission High Voltage 20,722 km of lines Co-control of , Lines & Stations 154 transformer stations 85% of market share Electricity Distribution 3 million end users Control of , Concession Area 22 TWh of sales 20% market share Integration in the Gas Value Chain Exploration &Production Blocks 11 Productive + 9 Exploratory Leading gas producer Production 45k boe per day (88% gas) 6% market share Midstream Pipelines 9,184 km for natural gas Co-control of , NGL 1 million ton per year #1 transporter, #2 NGL producer Petrochemicals Styrene (160k ton/year) Sole producers of styrenics Plants S. Rubber (55k ton/year) 90-100% market share Polystyrene (65k ton/year) Other Affiliates 25.8 kbpd of ref. cap. & 83 gas stations Note: (1) Operated by Pampa, 50% equity ownership. Pampa Energía 4 Pampa Energía’s Figures at a Glance LTM @ Q3 2018 NYSE:PAM Senior Float In US$ million BCBA:PAMP Management(1) 80.4% 19.6% Sales(2) Adj. EBITDA(3) Net Debt(4) Market Cap(5) 3,946 1,177 1,439 2,816 Operating businesses at and fully consolidated subsidiaries O/S(6) Power Generation 684 400 564 na 97.8% E&P(7) 675 305 969 na 100% R&M(8) + Petchem 397 (24) (0) na 100% Holding 38 4 (201) na 100% Listed subsidiaries fully consolidated in Pampa Electricity Distribution 1,776 305 36 1,178 51.8% Listed affiliates(9) Power Transmission 329 208 (42) 554 26.3% Gas Midstream 1,008 516 109 2,491 25.5% Note: Reporting info as of September 30, 2018. FX: LTM AoP AR$23.36/US$, EoP AR$41.25/US$. 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 November 23, 2018 and financial interests. (5) As of December 3, 2018, net of repurchases. (6) As of September 30, 2018 over issued stock, Generation’s based on GWh at O/S. (7) Excludes assets divested to Vista. (8) Excludes assets sold to Pampa Energía 5 Trafigura. (9) Under IFRS, 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: 160 MW renewable and 398 MW thermal • Thermal legacy units enabled to self-procure fuel for power generation Gas Upstream • New sale gas prices for power generation and retail • License extension in the El Mangrullo & Sierra Chata blocks for 35 years • Started shale gas drilling campaign at El Mangrullo block • Export authorization to Chile up to 71 mcf/d on a non-firm basis from Neuquina Basin Utilities • Full implementation of comprehensive tariff reviews: full run-rate as from Feb/Apr 2018 • Cost inflation adjustments on track: As from August 2018, Edenor 8% and 6% deferred to February 2019 plus Transener 15%; TGS 20% as from October 2018 • Unregulated business: TGS to develop a gas pipeline for blocks in Vaca Muerta formation Corporate Reorganization • Sale of non-core assets to focus resources and efforts on core businesses • Merger process fully executed • Repurchased own shares for US$328 million, cancelled 9% of capital stock Pampa Energía 6 Power Generation Pampa Energía 7 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 10.9% Pampa 8 thermal plants Energía Gov't owned Central 2. Central Puerto 10.4% 1 + 3 wind farms 29.9 Puerto 3. AES 10.1% 3,871 MW installed capacity % AES 4. ENEL 10.0% + 558 MW under construction2 ENEL 4,429 MW total capacity Other Private Co. 28.6 Of which: 75% ‘legacy’ capacity3 25% ‘new’ capacity4 Pampa’s Historical Availability v. Peers, in % Pampa's thermal capacity Thermal grid without Pampa 1 93% 96% 1 88% 90% 1 86% 87% 87% 87% 83% 84% 1 82% 82% 81% 78% 80% 1 74% 1 73% 71% 73% 71% 73% 70% 73% 1 67% 65% 67% 1 1 1 1 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(5) Note: (1) Source: Cammesa, as of September 2018. (2) 383 MW awarded through thermal tender, 156 MW through MAT ER and 15 MW under receivables swap Pampa Energía 8 capacity program signed in 2014. (3) Remunerated under Res. 19/17. (4) Remunerated under PPAs or contracts. (5) As of July 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 9 One of the Largest Independent Power Producers 938 MW of Hydro + 100 MW Wind + 160 MW of Renewable Expansions 1. Diamante 388 MW 3. Cebreiro WF 100 MW + 160 MW 1 4 3 2 2. Pichi Picún Leufú 285 MW 4. Los Nihuiles 265 MW Greenfield Wind Farm Hydropower plant Pampa Energía 10 +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 1 5/6 OC: Q2 2019 4 Genelba 383 15Y 20,500 34.1 350 CC: Q2 2020 Mario 5 100 20Y NA 58 139 8-Jun-18 Cebreiro2 Brownfield Renewable Greenfield Pampa II/III: Q2 2019 6 160 NA NA NA 209 II/III/IV IV: Q4 2019 Pampa II & III Wind Farms Genelba Plus Expansion Note: (1) Adjusted by our ownership. (2) Pampa’s ownership is 50%. Price does not include average multiplier of 1.2. Pampa Energía 11 Oil & Gas Exploration & Production Pampa Energía 12 Pampa Energía is a Leading Independent Gas Producer Asset Map Overview Operations in Argentina • Pampa is a leading gas producer in Argentina – 6% of the country’s net gas production, as of September 2018 • Pampa is one of the largest independent unconventional (tight + shale) gas producers in the country (12% share as of September 2018) – 21% share of the tight gas (#1 independent producer) • Production from 11 blocks: 45k boe/d1,2 – Natural gas: 6.7 mcm per day = 238 mcf/d (88%) – Oil: 5.4k bbl/d (12%) Pampa’s Reserves2 @ Dec-17 – 922 productive wells in Argentina • Natural gas: 410 (44%) – Participation in 9 exploration blocks Liquids 11% P1 reserves @ Dec’ 20172: 125 million boe Undeveloped • Developed 58% – Undeveloped 42% 42% Interest in 8% of Argentina’s % shale gas acreage Developed 58% Natural Gas Argentina 89% 100% Note: (1) Average Q3 2018 for continuing operations. (2) Excludes assets sold to Vista. Pampa Energía 13 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 ~11.3 mcm per day (399 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 2.4 Sierra Chata 4.0 2.1 2.1 3.3 2.5 1.5 2015 2016 2017 sep-18 2015 2016 2017 sep-18 El Mangrullo Concession Rincón del Mangrullo Sierra Chata until 2053 Las Rincón del Mangrullo • Formation: Mulichinco Concession • Formation: Mulichinco Tacanas Río Neuquén Norte • Operator: YPF until 2052 • Operator: Pampa • Ownership: 50% • Ownership: 45.55% • Production @ 100%: • Production @ 100%: 4.7 4.3 1.4 3.3 2.2 1.3 1.3 1.3 Key Productive Gas Blocks 2015 2016 2017 sep-18 2015 2016 2017 sep-18 Key Exploration Gas Blocks Pampa Energía 14 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 Vaca VM vs.
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