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Annual Report and Financial Statements 2017 BOARD of DIRECTORS

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Annual Report and Financial Statements 2017 BOARD of DIRECTORS Annual Report and Financial Statements 2017 BOARD OF DIRECTORS Chairman Marcos Marcelo Mindlin Vice-Chairman Gustavo Mariani Director Ricardo Alejandro Torres Damián Miguel Mindlin Gabriel Cohen Diana Mondino Santiago Alberdi Index Carlos Tovagliari José María Tenaillon Miguel Bein Alternate Director Mariano González Álzaga Mariano Batistella Pablo Díaz Isaac Héctor Mochón Annual Report 4 Nicolás Mindlin Brian Henderson Glossary of Terms 8 Victoria Hitce Consolidated Financial Statements 176 178 SUPERVISORY COMMITTEE Glossary of Terms Consolidated Statement of Financial Position 182 President José Daniel Abelovich Consolidated Statement of Comprehensive Income (Loss) 184 Statutory Auditor Jorge Roberto Pardo 186 Germán Wetzler Malbrán Consolidated Statement of Changes In Equity Consolidated Statement of Cash Flows 188 Alternate Statutory Auditor Marcelo Héctor Fuxman Tomás Arnaude Notes to the Consolidated Financial Statements 191 Report of Independent Auditors 352 AUDIT COMMITTEE President Carlos Tovagliari Contact 356 Regular Member Diana Mondino Miguel Bein Alternate Member José María Tenaillon Isaac Héctor Mochón Annual Report Center, Argentina. Contents Glossary of Terms 8 1. 2017 Results and Future Outlook 12 2. Corporate Governance 17 3. Our Shareholders / Stock Performance 23 4. Macroeconomic Context 26 5. The Argentine Electricity Market 28 6. The Argentine Oil and Gas Market 55 7. Fiscal Year Relevant Events 74 8. Description of Our Assets 90 9. Human Resources 120 10. Corporate Responsibility 123 11. Information Technology 128 12. Quality, Safety, Environment and Labor Health 129 13. Results for the Fiscal Year 133 2017 ANNUAL REPORT 14. Dividend Policy 160 To the shareholders of Pampa Energía S.A. (‘Pampa’, the ‘Company’ or the ‘Group’): 15. 161 Board of Directors’ Proposal Pursuant to the statutory rules and Bylaws currently in force, we submit to your consideration the Annual Report and Financial Statements for the 74th fiscal year ended Appendix I: Corporate Governance Report 162 December 31, 2017. ANNUAL REPORT Glossary of Terms Term Definition E&P Exploration and Production Term Definition EASA Electricidad Argentina S.A. EBISA Emprendimientos Energéticos Binacionales S.A. E EcoEnergía EcoEnergía Co-Generation Power Plant Edenor Empresa Distribuidora y Comercializadora Norte S.A. ABOL Argentine Business Organizations Law No. 19,550 EG3 EG3 Red S.A. ADRs/ADSs American Depositary Receipts ENARGAS Ente Nacional Regulador del Gas (National Gas Regulatory Entity) Albares Albares Renovables Argentina S.A. ENARSA/IEA Integración Energética Argentina S.A. (former Energía Argentina S.A.) ANSES Administración Nacional de la Seguridad Social (National Social Security Energía Plus Energía Plus Program, SE Res. No. 1,281/06 A Administration) ENRE Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity) AR$ Argentine Pesos Exchange Voluntary exchange of Petrobras Argentina’s shares for Pampa’s shares Bbl Barrel FO Fuel Oil BCRA Banco Central de la República Argentina (Central Bank of the Republic FOCEDE Fondo de Obras de Consolidación y Expansión de Distribución Eléctrica of Argentina) (Fund for Electricity Distribution Expansion and Consolidation Works) BNA Banco de la Nación Argentina (Argentine National Bank) FODER Fondo para el Desarrollo de Energía Renovables (Fund for the Development B BO Boletín Oficial (Public Gazette) F of Renewable Energies) Board of Directors Pampa Energía’s Board of Directors FONINVEMEM Fondo para Inversiones Necesarias que permitan incrementar la oferta de Boe Barrels of oil equivalent energía eléctrica en el Mercado Eléctrico Mayorista (Fund for Investments BOPS Bi-orientated polystyrene required to increase the Power Supply in the Electricity Wholesale Market) BTU British Thermal Unit Foundation Fundación Pampa Energía Bylaws Pampa Energía’s Bylaws FS Financial Statements ByMA Bolsas y Mercados Argentinos (Buenos Aires Stock Exchange) Gas Plan Gas Plan I and Gas Plan II CABA Autonomous City of Buenos Aires Gas Plan I Natural Gas Surplus Injection Promotion Program, SE Res. No. 1/13 CAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A. (Argentine Gas Plan II Natural Gas Injection Promotion Program for Companies with Reduced Wholesale Electricity Market Clearing Company) Injection, SE Res. No. 60/13 G Gas Plus Natural Gas Production Promotion Program, SE Res. No. 24/08 CAU Cargo de Acceso Único (Access and Use Position) C CBs Corporate Bonds GE General Electric CC Combined Cycle GO Gas Oil (Diesel Oil) CEE Comité Ejecutivo de Emergencia (Emergency Executive Committee) Government/National National Government of the Republic of Argentina Government CEO Chief Executive Officer GS Gas Station CFE Consejo Federal de la Energía (Federal Energy Council) GT Gas turbine CH Hydroelectric power plant GU Large users CIESA Compañía de Inversiones de Energía S.A. 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 GWh Gigawatt-hour CNG Compressed Natural Gas GyP Gas y Petróleo de Neuquén S.A.P.E.M. CNV Comisión Nacional de Valores (National Securities and Exchange Commission) Code Pampa’s Code of Corporate Governance HI Hydroelectric plants CPB Central Piedra Buena S.A. HIDISA Hidroeléctrica Diamante S.A. CPD Costo Propio de Distribución (Own Distribution Cost) HINISA Hidroeléctrica Los Nihuiles S.A. CPI Consumer Price Index HPPL Hidroeléctrica Pichi Picún Leufú CSJN Supreme Court of Justice of the Republic of Argentina H Hydrocarbon Investments Planning and Coordinating Committee of the National Plan for Hydrocarbon CT Thermal power plant Committee Investments CTG Central Térmica Güemes S.A. CTGEBA Central Térmica Genelba IFRS International Financial Reporting Standards CTIW Central Térmica Ingeniero White INDEC Instituto Nacional de Estadística y Censos de Argentina (National Institute CTLL Central Térmica Loma La Lata S.A. of Statistics and Censuses) CTP Central Térmica Piquirenda Initial Production Monthly average unconventional gas production between July 2016 and June 2017 CTPP Central Térmica Parque Pilar I IVC Índice de Variación de Costos (Cost Variation Index) Dam3 Cubic decameter KCal Kilocalories DisTro High-Voltage Electric Energy Transmission System and/or kW Kilowatt D Main Distribution Electric Energy Transmission System K kWh Kilowatt-hour 8 PAMPA ENERGÍA | ANNUAL REPORT AND FINANCIAL STATEMENTS 2017 9 ANNUAL REPORT Term Definition Term Definition LNG Liquefied natural gas R&D Refining and Distribution segment LPG Liquefied petroleum gas RBB Bahía Blanca Ricardo Eliçabe Refinery LU300 Large users with demands in excess of 300 kW RCD Campo Durán Refinery LVFVDs Liquidaciones de Ventas sin Fecha de Vencimiento a Definir (Sales Refinor Refinería del Norte S.A. L Settlements with Maturity Date to be Defined) R RENPER Registry of Renewable Electric Power Generation Projects Res. Resolution / Resolutions M3 Cubic meters RTI Integral Tariff Review MAN Engines MAN Diesel B&W engines, model 18V32/40PGI RTOP Public Offering Transparency Regime, Executive Order No. 677/01 MAT Term Market RTP Plant’s thermal reduction M MAT ER Term Market from Renewable Energy Sources MBTU Millions of BTU S&P Standard & Poor’s Global Ratings MECON Ministry of Economy SACDE Sociedad Argentina de Construcción y Desarrollo Estratégico S.A. Medanito La Pampa 25 de Mayo - Medanito Sudeste block, located in the Province of La Pampa SADI Sistema Argentino de Interconexión (Argentine Electricity Grid) MerVal Mercado de Valores de Buenos Aires (Buenos Aires Securities Market) S SBR Styrene Butadiene Rubber MEyM Ministry of Energy and Mining SE Former Secretariat of Energy MMC Cost Monitoring Mechanism SEC Security and Exchange Commission MTO Cash tender offer to the minority shareholdings of Petrobras Argentina SEE Secretariat of Electric Energy MW Mega watt Senior Management M. Mindlin, D. Mindlin, G. Mariani and R. Torres MWh Mega watt-hour SOX Sarbanes-Oxley Act SRH Secretariat of Hydrocarbon Resources N.a. Not applicable ST Steam turbine N/A Not available NGL Natural Gas Liquids Telcosur Telcosur S.A. N NYSE New York Stock Exchange TGS Transportadora de Gas del Sur S.A. TJSM Termoeléctrica José de San Martín OCP Oleoducto de Crudos Pesados TMB Termoeléctrica Manuel Belgrano Offers The MTO and the Exchange T TOE Tonne of oil equivalent OldelVal Oleoductos del Valle S.A. Ton Metric ton O Trafigura Trafigura Ventures B.V. and Trafigura Argentina S.A. Transba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Pampa / the Company / Pampa Energía S.A. and its subsidiaries Provincia de Buenos Aires Transba S.A. the Group Transelec Transelec Argentina S.A. Pampa’s Shares Pampa’s common shares in book-entry form with a face value of AR$1 Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. each and each granting the right to one vote P PEISA Petrobras Energía Internacional S.A. Unconventional Gas Plan Encouragement Program for the Investment in Development of Natural Gas PELSA Petrolera Entre Lomas S.A. Production from Unconventional Reservoirs Program, MEyM Res. No. 46, PEN Poder Ejecutivo Nacional (National Executive Branch) 419, 447 /2017 and 12/2018 PEPASA /Petrolera Pampa Petrolera Pampa S.A. UNIREN Public Utility Contract Renegotiation and Analysis Unit Petrobras Argentina Petrobras Argentina S.A. U US$ United States Dollars Petrobras Brazil Petrobras Brasileiro S.A. UTE Joint
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