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Free Translation from the Original Prepared in Spanish for Publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM

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Free Translation from the Original Prepared in Spanish for Publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS AS OF MARCH 31, 2020 AND FOR THE THREE-MONTH PERIOD THEN ENDED PRESENTED IN COMPARATIVE FORMAT Free translation from the original prepared in Spanish for publication in Argentina GLOSSARY OF TERMS The following are not technical definitions, but they are helpful for the reader’s understanding of some terms used in the notes to the unaudited consolidated condensed interim financial statements of the Company. Terms Definitions ADR American Depositary Receipt CABA Ciudad Autónoma de Buenos Aires CAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A. CB Corporate Bonds CIESA Compañía de inversiones de energía S.A. Citelec Compañía Inversora en Transmisión Eléctrica Citelec S.A. CNV Comisión Nacional de Valores – Argentine Securities Commission CPB Central Piedra Buena S.A. CPD Own Distribution Costs CTB Central Térmica Barragán S.A. (Ex PEA) CTEB Central Térmica Ensenada de Barragán Ecuador TLC Ecuador TLC S.A. Edenor Empresa Distribuidora y Comercializadora Norte S.A. ENARGAS National Regulator of Gas ENRE National Regulatory Authority of Electricity FACPCE Federación Argentina de Consejos Profesionales de Ciencias Económicas Greenwind Greenwind S.A. HIDISA Hidroeléctrica Diamante S.A. HINISA Hidroeléctrica Los Nihuiles S.A. IASB International Accounting Standards Board IGJ Inspección General de Justicia - General Inspection of Justice IPC Índice de Precios al Consumidor IPIM Índice de Precios Internos al por Mayor MATER Mercado a Término de Energía Renovable MEGSA Mercado Electrónico de Gas S.A. MEM Wholesale Electricity Market NIC International Accounting Standards 1 Free translation from the original prepared in Spanish for publication in Argentina GLOSSARY OF TERMS: (Continuation) Terms Definitions NIIF International Financial Reporting Standards NYSE New York Stock Exchange OED Organismo Encargado del Despacho OCP Oleductos de Crudo Pesados Ltd Oldelval Oleoductos del Valle S.A. PACOGEN Pampa Cogeneración S.A. PACOSA Pampa Comercializadora S.A. PBA Buenos Aires province PEB Pampa Energía Bolivia S.A. PEPE II Parque Eólico Pampa Energía II PEPE III Parque Eólico Pampa Energía III PHA PHA S.A.U. PISA Pampa Inversiones S.A. PP Pampa Participaciones S.A. Refinor Refinería del Norte S.A. RTI Tariff Structure Review SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico SACME Centro de Movimiento de Energía S.A. SADI Argentine Interconnection System SE Secretary of Energy SEC Security and Exchange Comission SEE Secretary of Electrical Energy SGE Secretary of Energy Government SRRyME Electricity Market and Renewable Resources Secretariat TGS Transportadora de Gas del Sur S.A. The Company / Pampa Pampa Energía S.A. The Group Pampa Energía S.A. and its subsidiaries Transba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A. Transelec Transelec Argentina S.A. Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. 2 Free translation from the original prepared in Spanish for publication in Argentina GLOSSARY OF TERMS: (Continuation) Terms Definitions TV Turbina a vapor US$ U.S. dollar WACC Weighted Average Cost of Capital YPF YPF S.A. 3 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the three-month period ended March 31, 2020 presented in comparative format (In millions of Argentine Pesos (“$”)) Note 03.31.2020 03.31.2019 Revenue 8 38,415 29,393 Cost of sales 9 (27,556) (21,269) Gross profit 10,859 8,124 Selling expenses 10.1 (2,328) (1,813) Administrative expenses 10.2 (2,424) (1,863) Exploration expenses 10.3 (4) (41) Other operating income 10.4 604 484 Other operating expenses 10.4 (822) (1,017) Impairment of property, plant and equipment, intangible assets 6.1.1 (4,316) - and inventories Share of profit from associates and joint ventures 5.2.2 2,069 835 Operating income 3,638 4,709 Gain on monetary position, net 1,676 3,308 Finance income 10.5 1,007 1,298 Finance costs 10.5 (3,861) (3,611) Other financial results 10.5 (1,114) (495) Financial results, net (2,292) 500 Profit before income tax 1,346 5,209 Income tax 10.6 (403) 1,427 Profit of the period 943 6,636 Other comprehensive income (loss) Items that will not be reclassified to profit or loss Exchange differences on translation 11,225 11,492 Items that may be reclassified to profit or loss Exchange differences on translation (6) (1,128) 11,219 10,364 Other comprehensive income of the period Total comprehensive income of the period 12,162 17,000 4 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Continuation) For the three-month period ended March 31, 2020 presented in comparative format (In millions of Argentine Pesos (“$”)) Note 03.31.2020 03.31.2019 Total income of the period attributable to: Owners of the company 775 6,531 Non - controlling interest 168 105 943 6,636 Total comprehensive income of the period attributable to: Owners of the company 9,795 14,901 Non - controlling interest 2,367 2,099 12,162 17,000 Earnings per share attributable to the equity holders of the company during the period Total basic and diluted earnings per share 13.2 0.47 3.54 The accompanying notes are an integral part of these unaudited consolidated condensed interim financial statements. 5 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION As of March 31, 2020 presented in comparative format (In millions of Argentine Pesos (“$”)) Note 03.31.2020 12.31.2019 ASSETS NON-CURRENT ASSETS Property, plant and equipment 11.1 222,220 210,056 Intangible assets 11.2 9,250 9,068 Right-of-use assets 963 930 Deferred tax assets 11.3 3,512 1,702 Investments in joint ventures and 5.2.2 35,074 30,638 associates Financial assets at amortized cost 12.1 302 1,048 Financial assets at fair value through profit 12.2 722 671 and loss Other assets 48 45 Trade and other receivables 12.3 4,989 4,711 Total non-current assets 277,080 258,869 CURRENT ASSETS Inventories 11.4 8,922 9,175 Financial assets at amortized cost 12.1 3,473 3,224 Financial assets at fair value through profit 12.2 15,767 21,867 and loss Derivative financial instruments - 214 Trade and other receivables 12.3 37,959 33,583 Cash and cash equivalents 12.4 12,783 13,496 Total current assets 78,904 81,559 Total assets 355,984 340,428 6 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Continuation) As of March 31, 2020 presented in comparative format (In millions of Argentine Pesos (“$”)) Note 03.31.2020 12.31.2019 SHAREHOLDERS´ EQUITY Share capital 13.1 1,592 1,677 Share capital adjustment 13.1 9,829 9,826 Share premium 13.1 19,959 19,570 Treasury shares 13.1 156 71 Treasury shares adjustment 13.1 24 27 Treasury shares cost 13.1 (5,036) (2,527) Legal reserve 1,753 1,753 Voluntary reserve 17,727 17,727 Other reserves (787) (771) Retained earnings 58,184 51,844 Other comprehensive income 19,123 15,668 Equity attributable to owners of the company 122,524 114,865 Non-controlling interest 31,283 29,397 Total equity 153,807 144,262 LIABILITIES NON-CURRENT LIABILITIES Investments in joint ventures and 5.2.2 291 265 associates Provisions 11.5 9,138 8,703 Income tax and minimum notional income tax 12.7 2,677 590 provision Deferred revenue 269 270 Taxes payables 207 263 Deferred tax liabilities 11.3 23,180 22,068 Defined benefit plans 1,869 1,606 Salaries and social security payable 274 241 Borrowings 12.5 109,540 105,629 Trade and other payables 12.6 6,771 5,419 Total non-current liabilities 154,216 145,054 CURRENT LIABILITIES Provisions 11.5 1,317 1,206 Deferred revenue 5 5 Income tax and minimum notional income tax 12.7 3,236 3,154 provision Taxes payables 3,575 4,316 Defined benefit plans 235 230 Salaries and social security payable 3,127 3,834 Derivative financial instruments 254 204 Borrowings 12.5 6,204 10,974 Trade and other payables 12.6 30,008 27,189 Total current liabilities 47,961 51,112 Total liabilities 202,177 196,166 Total liabilities and equity 355,984 340,428 The accompanying notes are an integral part of these unaudited consolidated condensed interim financial statements. 7 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY For the three-month period ended March 31, 2020 presented in comparative format (In millions of Argentine Pesos (“$”)) Equity holders of the company Retained earnings Other Retained Non- Share capital Treasury Treasury shares Treasury Voluntary Other comprehensiv earnings Share capital Share premium Legal reserve Subtotal controlling Total equity adjustment shares adjustment shares cost reserve reserves (1) e income / (Accumulated interest (loss) losses) Balance as of December 31, 2018 1,874 9,826 18,499 25 134 (1,490) 904 7,355 (483) (314) 15,193 51,523 16,160 67,683 Stock compensation plans - - - - - 18 - - - - - 18 - 18 Acquisition of own shares - - - - - - - - (187) - - (187) (174) (361) Profit for the three-month period - - - - - - - - - - 6,531 6,531 105 6,636 Other comprehensive income for the three-month period - - - - -
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