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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 SEPTEMBER 30, 2019 AND FOR THE NINE AND THREE-MONTH PERIODS 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 APCO Oil APCO Oil & Gas international Inc. 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. CINIIF International Financial Reporting Interpretations Committee Citelec Compañía Inversora en Transmisión Eléctrica Citelec S.A. CNV Comisión Nacional de Valores – Argentine Securities Commisssion Corod Corod Producción S.A. CPB Central Piedra Buena S.A. CPD Own Distribution Costs CTB Central Térmica Barragán S.A. (Ex PEA) CTEB Central Térmica Ensenada de Barragán DAG Automatic Generation Shutdown Ecuador TLC Ecuador TLC S.A. Edenor Empresa Distribuidora y Comercializadora Norte S.A. ENARGAS National Regulator of Gas ENARSA / IEASA Integración Energética Argentina S.A. (previously Energía Argentina S.A.) ENRE National Regulatory Authority of Electricity FACPCE Federación Argentina de Consejos Profesionales de Ciencias Económicas Foundation Pampa Energía Foundation committed to education (Foundation) Greenwind Greenwind S.A. GUDI Gran Usuario del Distribuidor HIDISA Hidroeléctrica Diamante S.A. HINISA Hidroeléctrica Los Nihuiles S.A. IASB International Accounting Standards Board IEASA Integración Energética Argentina S.A. IGJ Inspección General de Justicia - General Inspection of Justice 1 Free translation from the original prepared in Spanish for publication in Argentina GLOSSARY OF TERMS: (Continuation) Terms Definitions IPIM Índice de Precios Internos al por Mayor MEM Wholesale Electricity Market NIC International Accounting Standards NIIF International Financial Reporting Standards NYSE New York Stock Exchange OED Organismo Encargado del Despacho OCP Oleductos de Crudo Pesados S.A. OCP Ltd Oleductos de Crudo Pesados Ltd Oldelval Oleoductos del Valle S.A. Orígenes Retiro Orígenes Seguros de Retiro S.A. PACOGEN Pampa Cogeneración S.A. PACOSA Pampa Comercializadora S.A. PBA Buenos Aires province PEA Parques Eólicos Argentinos S.A. PEB Pampa Energía Bolivia S.A. (previously “PBI” Petrobras Bolivia Internacional S.A.) PEFM Parques Eólicos del Fin del Mundo S.A. PELSA Petrolera Entre Lomas 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 Salaverri, Dellatorre, Salaverri, Dellatorre, Burgio y Wetzler Malbran Abogados Sociedad Civil Burgio & Wetzler 2 Free translation from the original prepared in Spanish for publication in Argentina GLOSSARY OF TERMS: (Continuation) Terms Definitions 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 TJSM Termoeléctrica José de San Martín S.A. TMB Termoeléctrica Manuel Belgrano S.A. 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. US$ U.S. dollar VAD Vallue Added Distribution WEM Wholesale Electricity Market 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 nine and three-month periods ended September 30, 2019 presented in comparative format (In millions of Argentine Pesos (“$”) – unless otherwise stated - See Note 3) Nine-month Three-month Note 09.30.2019 09.30.2018 09.30.2019 09.30.2018 Revenue 8 110,039 85,933 44,500 31,270 Cost of sales 9 (77,802) (55,840) (31,010) (19,532) Gross profit 32,237 30,093 13,490 11,738 Selling expenses 10.1 (5,785) (4,612) (2,102) (1,935) Administrative expenses 10.2 (5,886) (5,513) (2,221) (1,708) Exploration expenses 10.3 (155) (12) (84) (7) Other operating income 10.4 1,357 6,079 407 753 Other operating expenses 10.4 (3,189) (5,839) (1,232) (1,098) Share of profit (loss) from associates and joint ventures 5.3.2 3,429 505 501 (200) Agreement on the Regularization of Obligations 2.3.2 15,296 - 2,230 - Operating income 37,304 20,701 10,989 7,543 Gain on monetary position, net 8,514 17,217 2,689 9,804 Finance income 10.5 3,659 2,356 1,260 1,043 Finance costs 10.5 (10,669) (8,229) (3,518) (3,501) Other financial results 10.5 1,966 (35,687) 1,428 (17,751) Financial results, net 3,470 (24,343) 1,859 (10,405) Profit (loss) before income tax 40,774 (3,642) 12,848 (2,862) Income tax 10.6 (2,828) 841 (3,987) 298 Profit (loss) of the period from continuing operations 37,946 (2,801) 8,861 (2,564) Profit (loss) of the period from discontinued operations 5.2 - 3,021 - (1,104) Profit (loss) of the period 37,946 220 8,861 (3,668) Other comprehensive income (loss) Items that will be reclassified to profit or loss Exchange differences on translation (5,051) - (8,124) - Items that will not reclassified to profit or loss Share of loss from joint ventures - 99 - 114 Exchange differences on translation 40,795 - 30,293 - 35,744 99 22,169 114 Other comprehensive income of the period from continuing operations Other comprehensive income of the period from discontinued 5.2 - 312 - 91 operations Total comprehensive income (loss) of the period 73,690 631 31,030 (3,463) 4 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Continuation) For the nine and three-month periods ended September 30, 2019 presented in comparative format (In millions of Argentine Pesos (“$”) – unless otherwise stated - See Note 3) Nine-month Three-month 09.30.2019 09.30.2018 09.30.2019 09.30.2018 Total income (loss) of the period attributable to: Owners of the company 31,863 (2,468) 8,159 (4,860) Non - controlling interest 6,083 2,688 702 1,192 37,946 220 8,861 (3,668) Total income (loss) of the period attributable to owners of the company: Continuing operations 31,863 (5,399) 8,159 (3,746) Discontinued operations - 2,931 - (1,114) 31,863 (2,468) 8,159 (4,860) Total comprehensive income (loss) of the period attributable to: Owners of the company 61,273 (2,213) 27,527 (4,811) Non - controlling interest 12,417 2,844 3,503 1,348 73,690 631 31,030 (3,463) Total comprehensive income (loss) of the period attributable to owners of the company: Continuing operations 61,273 (5,392) 27,527 (3,945) Discontinued operations - 3,179 - (866) 61,273 (2,213) 27,527 (4,811) 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 September 30, 2019 presented in comparative format (In millions of Argentine Pesos (“$”) – unless otherwise stated - See Note 3) Note 09.30.2019 12.31.2018 ASSETS NON-CURRENT ASSETS Property, plant and equipment 11.1 195.859 125.005 Intangible assets 11.2 8.465 6.080 Right-of-use assets 948 - Deferred tax assets 11.3 3.257 80 Investments in joint ventures and associates 5.2 25.591 15.333 Financial assets at amortized cost 12.1 2.027 - Financial assets at fair value through profit 12.2 645 422 and loss Other assets 48 33 Trade and other receivables 12.3 4.260 9.521 Total non-current assets 241.100 156.474 CURRENT ASSETS Inventories 11.4 8.655 5.169 Financial assets at amortized cost 3.097 1.330 Financial assets at fair value through profit 12.2 31.263 15.273 and loss Derivative financial instruments 739 3 Trade and other receivables 12.3 35.341 26.489 Cash and cash equivalents 12.4 2.361 9.097 Total current assets 81.456 57.361 Total assets 322.556 213.835 6 Free translation from the original prepared in Spanish for publication in Argentina UNAUDITED CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Continuation) As of September 30, 2019 presented in comparative format (In millions of Argentine Pesos (“$”) – unless otherwise stated - See Note 3) Note 09.30.2019 12.31.2018 SHAREHOLDERS´ EQUITY Share capital 13.1 1,743 1,874 Share capital adjustment 13.1 9,826 9,826 Share premium 13.1 18,500 18,499 Treasury shares 13.1 157 25 Treasury shares adjustment 13.1 134 134 Treasury shares cost 13.1 (6,299) (1,490) Legal reserve 1,753 904 Voluntary reserve 23,489 7,355 Other reserves (742) (483) Retained earnings 49,929 15,193 Other comprehensive income 9,240 (314) Equity attributable to owners of the company 107,730 51,523 Non-controlling interest 28,254 16,160 Total equity 135,984 67,683 LIABILITIES NON-CURRENT LIABILITIES Investments in joint ventures and
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