Investor Presentation

Home , Edenor, Petrobras Argentina, Transener

May 2019

Disclaimer in the back Who We Are

Pampa Energía  2 The History of Pampa Energía

Market Capitalization of Pampa, US$ billion Today May 20192 January 2018 2016 A key energy All time high 2009 market value 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 Pampa Energía 1.8 1.9

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 March 2017. (2) Market info as of May 24, 2019, 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 +4 GW Hydro 938 MW 12% market share Wind Farms 206 MW(1)

Power Transmission High Voltage 20,933 km of lines Co-control of , Lines & Stations 156 transformer stations 85% of market share

Electricity Distribution 3.1 million end users Control of , Concession Area 21 TWh of sales 20% market share

Integration in the Gas Value Chain

Exploration &Production Blocks 11 Productive + 7 Exploratory Leading gas producer Production 47k boe per day (89% gas) 6% market share

Midstream Pipelines 9,231 km for natural gas Co-control of , NGL 1 million ton per year #1 transporter, #2 NGL producer Styrene (160k ton/year) Petrochemicals Plants S. Rubber (55k ton/year) 80-100% market share Polystyrene (65k ton/year)

25.8 kbpd of ref. cap. Other Affiliates 84 gas stations

Note: (1) Mario Cebreiro wind farm with 100 MW operated by Pampa, 50% equity ownership. Pampa Energía  4 Pampa Energía at a Glance Consolidated Figures

LTM @ Q1 2019 Free NYSE:PAM Senior In US$ million Float ByMA:PAMP Management(1,5)

79.8% 20.2%

Sales(2) Adj. EBITDA(3) Net Debt(4) Market Cap(5) 3,479 963 1,481 1,894

Operating businesses at parent company and subsidiaries O/S(6) Power Generation 746 414 518 na 98.1% E&P 559 231 940 na 100% R&M(7) + Petchem 354 1 - na 100% Holding 36 23 (191) na 100%

Listed subsidiaries fully consolidated in Pampa Electricity Distribution 1,513 129 144 825 51.8%

Listed affiliates(8) Power Transmission 267 165 (23) 392 26.3% Gas Midstream 966 479 81 1,981 25.5%

Note: Results in nominal terms, LTM as of March 31, 2019, for convenience purposes only translated into US$ using FX: AoP AR$32.93/US$, EoP AR$43.35/US$. 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 and financial interests, net of debt cancellations. (5) As of May Pampa Energía  5 24, 2019, net of repurchases. (6) As of March 31, 2019 over issued stock, Generation’s based on EBITDA at O/S. (7) Excludes assets sold to Trafigura. (8) Under IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in our FS. Pampa Energía at a Glance Consolidated Figures

Revenues1, US$ million Consolidated Adjusted EBITDA2, US$ million

EBITDA margin 1,101 40%

3,697 963 38% 3,586 1,002 3,479 841 36%

34%

802

30% 32% 602 28% 30%

28%

402 23% 26%

24%

202

22%

2 20% 2017 2018 LTM 2017 2018 LTM

Capex Pampa Stand-Alone + Edenor, US$ million LTM Consolidated Adjusted EBITDA Breakdown2,3 Edenor Pampa stand-alone Oil & Gas 38% 1,002 904 EDN 789 785 E&P 14% TRX4 802 25% 5%

602 655 518 516 4 402 TGS % 13%

202 Electricity 250 271 269 Power 44%

2 62% 2017 2018 LTM

Note: Results in nominal terms from continuing operations, translated into US$ for convenience purposes only, using FX AoP: 2017 AR$16.57/US$, 2018 AR$28.13/US$, LTM as of March 2019 AR$32.93/US$. (1) Figures include Plan Gas and affiliates’ sales at O/S. (2) Figures include affiliates’ EBITDA at O/S. (3) It does not include pure Pampa Energía  6 holding, eliminations and petrochemicals. (4) Adjusted by our ownership. Brief Update

2019 Power Generation • Two new wind farms of 106 MW online as from May - 398 MW of expansions in the pipeline • Thermal units allowed to self-procure fuel since November 2018 • New remuneration scheme for thermal legacy units as from March 2019

Gas Upstream • New sale gas prices for power generation and retail • Export permits approved to Chile and Uruguay • Oil discovery in Noroeste Basin at Chirete block, after 30+ years since last discovery • Tender of new or expansion of main gas pipeline from Neuquina basin to eastern Argentina

Utilities • Cost inflation adjustments on track: TGS 26% as from April 2019; Transener 25% as from February 2019; and Edenor 32% as from March 20191 • Unregulated business: TGS is developing a gas pipeline for blocks in Vaca Muerta formation • Settlement of Edenor’s regulatory liability/asset situation

Corporate Reorganization • Sale of non-core assets and collection of Ecuador lawsuit for US$687 million, funds used to focus resources and efforts on core businesses2 • New share buyback program for US$100 million, already executed 55% • So far, during 2019 paid down short-term debt for US$170 million

Pampa Energía  7 (1) Retroactive to February 2019. (2) Includes sales of crude-oil bearing assets, refining and marketing assets, stake in OldelVal and collection of Ecuador’s lawsuit belonged to former Petrobras Argentina. Power Generation

Pampa Energía  8 We are the Largest Independent Power Producer in Argentina

Argentina’s 2018 14 Power Plants and +4 GW Power Generation Market Share1 Across Argentina 3 hydro plants Pampa 3 wind farms 10.8% 8 thermal plants Gov't owned CEPU 30.8% 10.5% 3,977 MW installed capacity 138 2 ENEL + 398 MW under construction TWh 10.2% 4,375 MW total capacity AES Of which: 9.7% 3 Other Private Co. 66% ‘legacy’ capacity 28.1% 34% ‘new’ capacity4

Hydropower plant Pampa’s Historical Availability v. Peers, in %

Thermal plant Pampa's thermal availability Thermal grid availability without Pampa

1 94% Wind farms 1 90% 91% 88% 87% 1 87% 87% 86%

1 82% 81% 82% 78% 80% 1 74% 73% 73% 1 71% 73% 70%

1 67%

1 (5) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Note: (1) Source: Cammesa, does not consider any genco trust such as FONINVEMEM. (2) 383 MW awarded through thermal tender and 15 MW under receivables swap Pampa Energía  9 capacity program signed in 2014. (3) Remunerated under Res. 1/19. (4) Remunerated under PPAs or contracts. (5) As of January 2019. In the Last Three Years We’ve Added +600 MW and There’s 400 MW in Pipeline

Closing to Combined Cycle at Genelba Plus Siemens GT + ST = 383 MW expansion 15-year PPA w/CAMMESA @ US$20.5k/MW-month Total estimated investment of US$350 million COD: OC Q2 2019 / CC Q2 2020

PEPE II and III – Fully commissioned Each wind farm has 14 Vestas mills of 53 MW 100% contracted with private users for ~5 years Total estimated investment of US$130 million

Pampa Energía  10 Oil & Gas Exploration & Production

Pampa Energía  11 Pampa is a Leading Independent Gas Producer in the Country

Pampa is a key player in domestic gas Argentina’s Unconventional Gas • The #3 largest unconventional gas Market Share1 producer in the country, with 12% share • The #2 largest tight gas producer, with 27% share • 6% of the country’s entire net gas production Others Tecpetrol 31% 29% Production from 11 blocks: 47k boe/d2 53 • Natural gas: 7 mcm per day = 249 mcf/d mcm/d - 88% unconventional tight gas1 - 89% of total production Pampa - 97% from Neuquina basin 12% YPF 28% • Oil: 5.4k bbl/d - 100% conventional - 11% of total production - 57% from San Jorge basin Pampa’s Proven Reserves • 869 productive wells in Argentina (44% gas) Liquids • Participation in 7 exploration blocks 12%

P1 reserves @ Dec’ 2018: 130 million boe Un- developed • Reserve replacement ratio of 132% 41% • Gas proven reserves mostly from tight % formations, no shale gas reserves recorded Developed Interest in 8% of Argentina’s 59% shale gas acreage Gas 88%

Note: (1) As of March 2019. (2) Average as of Q1 2019. Pampa Energía  12 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 mcm per day (385 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%: 3.7 3.3 3.3 Sierra Chata 2.5 4.2 2.8 1.5 2.1 2.1 2.5

2015 2016 2017 2018 Mar-19 2015 2016 2017 2018 Mar-19 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%: 1.4 4.7 4.9 1.3 3.6 1.3 1.3 2.2 2.2 1.2

Key Productive Gas Blocks

2015 2016 2017 2018 Mar-19 2015 2016 2017 2018 Mar-19 Key Exploration Gas Blocks Pampa Energía  13 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. Rincón de USA Aranda Muerta USA

Sierra Chata Oil Production 76 7,419 1% (kb/d)

Natural Gas Production 1,031 66,155 1.6% (mcf/d) El Mangrullo

# Wells 1,012 ~300,000 0.3%

Río Neuquén Río Neuquén (Neuquén) # Horizontal (Río Negro) 515 ~77,200 0.7% Las Tacanas Wells Norte Resources1 (Tb) 55 207 27%

Blocks in which Pampa Energía holds interest Shale gas well drilled/drilling

Note: As of March 2019. (1) Source from EIA 2013 and GiGa Consulting. Pampa Energía  14 Utilities

Pampa Energía  15 Edenor is the Largest Electricity DistCo in Argentina

9 million population coverage

3.1 million customers

370,000 SMEs & industries

4,637 km2 service area

95-year concession that expires in 2087 & optional 10+ years

20,640 GWh sold LTM @ March 2019

~20% market share

51.8%(1) ownership control

Note: As of March 31, 2019. (1) Based on issued shares. It includes shares bought at open market. Pampa Energía  16 Transener is the Largest High Voltage Grid in Argentina

Business Overview

• Transener operates, maintains and supervises 20,933 km of high-voltage electricity lines in Argentina, holding 85% of market share . Transener was privatized in July 1993 with an exclusive 95- year concession, operates 12,383 km of lines and 50 substations, as well as supervises 2,106 km and 7 substations

. Transba was privatized in August 1997 with an exclusive 95- year concession, operates 6,444 km of lines and 99 substations

Corporate Structure

Free Float

26.3% 27.8% 19.6% 26.3%

Employee Stock 90% Ownership Plan 10%

Direct ownership Indirect ownership

Note: As of March 31, 2019. Pampa Energía  17 TGS is the Backbone of the Argentine Natural Gas Sector

Business Overview Asset Map

Natural Gas Transportation Share of Total • Largest gas transportation company of Argentina and LatAm Gas Production (%) Vaca Muerta . Transports around 60% of the country’s total gas production 2nd Largest . Concession until 2027, extendable for additional 10 years Shale Gas Noroeste 4% Reserve NGL Processing in the World • #2 producer in Argentina, with ~1m ton/year of capacity . Exports ~35% of production and ethane is sold to Dow Cuyana 0% Chemical under a US$ contract Midstream & Telecommunications Neuquina • Construction, operation and maintenance of natural gas 61% treatment and compression facilities, as well as pipelines Cerri Processing Plant • Through Telcosur, providing data transmission services using Golfo de 10% microwave and fiber optic technology San Jorge

Corporate Structure Austral Sielecki 25% Safra 100% Werthein CIESA TGS’ Concession Area Trust 10% 40% 50% Free CIESA General San Martín 85.0 mcm/d Transportation Capacity Float 51% Neuba I 23.1% 25.9% 9,231 km Pipeline Length Neuba II Cordillerano 85% Annual Load Factor Source: Company information. Direct ownership Indirect ownership Pampa Energía  18 Gas Midstream: Unique Growth Opportunity from Vaca Muerta

Gathering Pipeline of 60 mcm per day of transportation capacity and 147 km length

• BOT concession of gas gathering pipeline granted by Neuquén province gov’t • Transportation and treatment infrastructure for the gas produced at the Vaca Muerta formation, allowing the connection of

incremental production to the main North tranche: pipeline 35 mcm/1.2 bcf per day . North tranche: 115 km/72 miles length and diameter of 36’’ Tratayén Processing Plant . South tranche: 32 km/20 miles Connection to: length and diameter of 30’’  TGN (27 mcm /1 bcf per day) . Initial 5 mcm/177 mcf per day of  TGS (44 mcm gas treatment plant, /1.6 bcf per day) expandable by modules South tranche: • Contracts signed with producers in 25 mcm/0.9 bcf the area and others under per day negotiation • Non-regulated business and tariffs denominated in US$ • Investment estimated at ~US$250 million to be disbursed between 2018-2019

Pampa Energía  19 Debt Structure

Pampa Energía  20 Unlevered Company in a Highly Intense Capital Sector, Maturities Well Distributed Over the Next Years

In US$ million as of March 31, 20191 + Debt Cancellations + Share Buyback

Consolidated debt from FS US$1,902 million Pampa Edenor Transener @ O/S TGS @ O/S Other affiliates @ O/S + Affiliates' debt @ O/S US$228 million Pampa US$500m 740 3 - Debt reduction after Mar-19 US$(50) million @ 7⅜ Pampa US$740m 2 Total gross debt US$2,081 million @ 7½ Redeemed debt 513 after Q1 19 closing: Consolidated cash from FS US$547 million Pampa: US$37.0m Transener Edenor Edenor: US$12.5m US$97m US$164m TGS US$500m + Affiliates' cash @ O/S US$157 million @ 9¾ @ 9¾ @ 6¾ - Debt reduction after Mar-193 US$(50) million 220 155 177 - Share buyback after Mar-194 US$(55) million 25 122 141 13 50 Total cash US$600 million 189 25 164 18 13 89 93 8 Consolidated net debt US$1,481 million 2019 2020 2021 2022 2023 2024 2025 2026 2027 Net Debt/LTM Adj. EBITDA 1.5 x Gross Consolidated Debt2 Breakdown, 100% = US$2.1 billion Stand-alone net debt5 US$1,266 million By currency By company Net Debt/LTM Adj. EBITDA 1.9 x

Current Credit Ratings for Pampa Greenwind 3% AR$ B 1% Edenor 10% Pampa US$ US$ % 80% % B2 97% Link TGS 2% 6% B Transener 1% AA- (arg) Refinor 0%

Notes: Affiliates TGS, Transener, Greenwind, OldelVal and Refinor are included at O/S. (1) FX AR$43.35/US$. (2) Includes financial interests. (3) Debt prepayments and settlements at maturity after Q1 19 closing. (4) Shares repurchased after Q1 19 closing, as of May 24, 2019. (5) Excludes net debt from Pampa Energía  21 affiliates US$71 million and Edenor US$144 million. Pampa Bottom Line

Pampa Energía  22 Pampa Energía: Upsides and Opportunities

Power Gas generation Upstream

Building our Development of our committed expansions tight gas reserves and and looking at M&A shale gas acreage in opportunities Vaca Muerta formation

Conservative Normalization liability of utilities management

Tariff reviews in place Our current after 16 years of tariff net debt-to-EBITDA freeze in Edenor, ratio is 1.5x1 Transener & TGS

Note: (1) It considers LTM EBITDA and net debt as of March 2019, including debt cancellations. Pampa Energía  23 For further information, contact: • Gustavo Mariani CEO • Ricardo Torres Vice President • Mariano Batistella Planning, Strategy & Affiliates Executive Director • Lida Wang Investor Relations Officer

The Pampa Energía Building, Maipú 1 (C1084ABA), Ciudad Autónoma de Buenos Aires, Argentina +54 (11) 4344 6000 http://ri.pampaenergia.com/en [email protected] @PampaEnergia

The material is a presentation of general background information about Pampa Energía SA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation contains information and statements that are forward-looking within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the 'Securities Act') and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical facts. These statements are only predictions based on our current assumptions, expectations and projections about future events. Forward-looking statements may be identified by the words 'believe', 'expect', 'anticipate', 'target', or similar expressions. While Pampa' s management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Pampa, which could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, changing business, regulatory, political or other market conditions in Argentina and elsewhere, the completion of our new generation projects, the completion of our distribution and transmission subsidiaries' tariff revision process, the prospects for growth anticipated by our management, and the other risks and uncertainties discussed in our reports and other documents filed with the U.S. Securities and Exchange Commission. Further, Pampa undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise or representation that any such forward looking statements will be achieved. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts or circumstances.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. Any offering of securities to be made in the United States will be made by means of a prospectus or offering prepared in connection with any such offering.

Solely for the convenience of the reader, we have converted the nominal Argentine Peso amounts included herein into U.S. Dollars at historic exchange rates, using the applicable quarter average seller exchange rate reported by the Banco de la Nación Argentina. These conversions should not be considered representations that any such amounts have been, could have been or could be converted into U.S. Dollars at that or at any other exchange rate. Moreover, as a result of fluctuations in the Dollar Peso exchange rate, the exchange rate used in the conversion may not be indicative of current or future exchange rates.

Pampa Energía  24 Annex

Pampa Energía  25 Q1 2019’s Key Takeaways Results in nominal currency, translated into US$1

Revenues2, US$ million Consolidated Adjusted EBITDA2, US$ million

-25% yoy EBITDA margin

1,122 450 80% +4% qoq 390 -45% yoy  AR$ 400 +17% qoq 70% 837 depreciation 350

807 60% over AR$- 300 inflation 50% 250 216 revenues 184  FX effect 200 35% 40%  Lower accrued  Lower prices in 150 26% E&P prices 23% 30% E&P

100

Mario Cebreiro 20% Lower labor wind farm 50 costs

0 10% Q1 18 … Q4 18 Q1Q1 19 Q1 18 … Q4 18 Q1Q1 19

Capex Pampa Stand-Alone + Edenor, US$ million Consolidated Adjusted EBITDA Breakdown2,3 +38% yoy Edenor -39% qoq Mario Cebreiro Pampa stand-alone 244 wind farm Oil & Gas Genelba EDN 32% E&P 12% expansion 18% TRX4 5% 148 PEPEs wind 157 4 107 farms TGS Edenor 14% % 94 64  Lower Electricity 87 expansion capex Power 51% 44 54 in E&P 68%

Q1 18 … Q4 18 Q1Q1 19

(1) Results in nominal terms from continuing operations, translated into US$ for convenience purposes only, using average FX: Q1 19 AR$39.01/US$; Q4 18 AR$37.11/US$; Q1 18 AR$19.68/US$. (2) Figures includes affiliates at O/S. Under IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in our Pampa Energía  26 FS. (3) it does not include pure holding, eliminations and petrochemicals. (4) Adjusted by our ownership. Q1 2019’s Key Takeaways Results in constant currency (adjusted by inflation)

Adjusted EBITDA from continuing businesses, in AR$ million

Adj. EBITDA 4,230 889 1,527 - (134) 1,526 Q1 19 8,037

Power Electricity Refining & Petro- Holding, Oil & Gas2 Q1 18 Generation1 Distribution Marketing chemicals Others3 & Q1 19 Eliminations (1) Includes Greenwind at ownership. (2) Includes OldelVal at ownership. (3) Includes TGS, Transener and Refinor at ownership. Pampa Energía  27 Power Generation Results in nominal currency, translated into US$1

Adjusted EBITDA2, in US$ million Generation Performance, in GWh -1% yoy -9% yoy +9% qoq +18% qoq  Lower demand 105 Net margin over 4,289 104 fuel in CVP 3,913  Higher CVP from Includes Mario 3,325 imported gas Cebreiro’s 50%  Lower level of O/S EBITDA water in Thermal  Lower dispatch 85% Mendoza dams 96 88% 82%  New res. 1/19 Operation of MC wind farm  Higher O&M Wind 0% 3% 2% Better from new units Hydro 12% 15% 12% availability at Q1 18 … Q4 18 Q1Q1 19 Q1 18 … Q4 18 Q1Q1 19 CTIW

News Update Availability Performance, in % to Installed Capacity 3,771 MW 3,871 MW 3,871 MW • Commissioning of two new wind farms 97.3% 97.9% 95.5% Strategic • Expansions’ status: Genelba outages Commissioning of MC wind farm

Q1 18 … Q4 18 Q1Q1 19

(1) Results in nominal terms, translated into US$ for convenience purposes only, using average FX: Q1 19 AR$39.01/US$; Q4 18 Pampa Energía  28 AR$37.11/US$; Q1 18 AR$19.68/US$. (2) Includes EBITDA from Greenwind at 50% ownership. Power Generation

PEPE II Wind Farm: 53 MW to private large users, fully sold

Pampa Energía  29 Power Generation

PEPE III Wind Farm: 53 MW to private large users, fully sold

Pampa Energía  30 Power Generation

Genelba Expansion: 383 MW, first milestone 200 MW open cycle to be ready next month

Pampa Energía  31 Electricity Distribution Results in nominal currency, translated into US$1

Adjusted EBITDA, in US$ million Sales Performance , in GWh  Lower demand 5,550 -10% yoy -82% yoy  Mild weather 139  10% lower 5% +8% qoq 5,018 4,652 Economic demand 6%  recession  CPD lagging 36% 6% AR$ deval 36%  Price-demand 38%  Higher energy elasticity 17% losses 17% Public lighting & 17% Lower labor cost shantytowns 25 Incl. income 42% Industries 39% 41% (3) from deferred SMEs tariff increase in 2017 Residential Q1 18 … Q4 18 Q1Q1 19 Q1 18 … Q4 18 Q1Q1 19

Number of End-Users, in million News Update +4% yoy • Modification of the WEM seasonal programming +1% qoq 3.04 3.07 2.96 • New regulatory entity and settlement of regulatory liability

Market discipline actions Installation of MIDEs  Lower commercial and industrial clients

Q1 18 … Q4 18 Q1Q1 19

(1) Results in nominal terms, translated into US$ for convenience purposes only, using average FX: Q1 19 AR$39.01/US$; Q4 18 Pampa Energía  32 AR$37.11/US$; Q1 18 AR$19.68/US$. Oil & Gas Results in nominal currency, translated into US$1

Adjusted EBITDA2, in US$ million Domestic Production Performance, in kboe/d -59% yoy +2% yoy 91  Lower gas prices -23% qoq in US$ 45.9 +10% qoq 46.8 19 Plan Gas II  End of Plan Gas 2 from PEPASA 42.5 reversed in  Lower trading Q2 18 49 sales 38 Higher production Higher intersegment sales Incl. OldelVal’s EBITDA @ 23.1% Q1 18 … Q4 18 Q1Q1 19 Q1 18 … Q4 18 Q1Q1 19

Argentina Crude Oil Production Performance, in kb/d 58.5 60.3 54.4 Average Price in US$ per bbl 5.4 5.4 4.7

Price  Export parity Production El Tordillo & Chirete

Q1 18 … Q4 18 Q1Q1 19

Weighted Average Gas Price for Pampa, Argentina Gas Production Performance, in mcf/d without Subsidy, in US$/MBTU 6.3/5.51 +1% yoy 3.4 3.1 Price in US$/MBTU 5.5 +12% qoq  End of Plan Gas 2 5.0 5.0 4.8 247 249  Excess of supply 4.8 4.7 222  CAMMESA & 4.7 2017 industries 4.5 4.8 Slightly increase by 4.5 residential 4.0 Production El Mangrullo & Río 3.5 2018 Neuquén 2019 3.1 3.4  R. del Mangrullo, 3.0 Sierra Chata & Q1 18 … Q4 18 Q1Q1 19 Aguaragüe Q1 Q2 Q3 Q4

Destination of our Production2 News Update

15% 11% 13% Industries + Spot • New tariff schemes for natural gas end-users 5% 12% 6% Retail + CNG • Collection of 2017 Plan Gas • Operation update

80% 77% 82% Our thermal units

Today Winter '19 Summer '19-20

(1) Net of reversal from Plan Gas for PEPASA in Q2 2018. (2) Winter and summer quantities are estimated. Pampa Energía  34 Petrochemicals Results in nominal currency, translated into US$1

Adjusted EBITDA, in US$ million Sales Performance, in thousand ton  Lower local and -110% yoy -5% yoy int’l demand of 2 -6% qoq styrene products 1,109 955 938 and SBR  Lower int’l sale  Closing of Zárate prices in US$ 87 88 83 & San Lorenzo  Lower demand Higher reforming Export duty 1  54% sales Fixed costs’ 70% 63% Other optimization 10% SBR (0) Higher exports 5% 7% 36% Styrene & Lower gas cost 25% 29% Polystyrene Q1 18 … Q4 18 Q1Q1 19 Q1 18 … Q4 18 Q1Q1 1919

News Update

• No news

(1) Results in nominal terms, translated into US$ for convenience purposes only, using average FX: Q1 19 AR$39.01/US$; Q4 18 Pampa Energía  35 AR$37.11/US$; Q1 18 AR$19.68/US$. Holding & Others Results in nominal currency, translated into US$1

Adjusted EBITDA2, in US$ million News Update -2% yoy • TGS 53 +28% qoq 49 Refinor 3 . Semiannual remuneration update 1 Refinor Transener 40 Vaca Muerta gathering pipeline update and new pipeline 11 Transener . 16 9 . Cash dividend

• Transener 29 TGS TGS 25 . Semiannual remuneration update 35 . Cash dividend Holding 7 9 Holding (1) (1) • Holding: status of share repurchase program Q1 18 … Q4 18 Q1Q1 19

Affiliates’ EBITDA Performance @ 100% Ownership, in US$ million YoY Transener TGS  Lower liquids Refinor pricing in US$ 60 137  Higher AR$ 9 113 depreciation 42 98 Higher liquids 36 YoY processing  Higher AR$ RTI tariff 3 YoY depreciation increase (3)  Higher refining Cost variation Lower gas cost cost Lower labor cost in US$  Lower fuel sales

Q1 18 … Q4 18 Q1 19 Q1 18 … Q4 18 Q1 19 Q1 18 … Q4 18 Q1 19

(1) Results in nominal terms, translated into US$ for convenience purposes only, using average FX: Q1 19 AR$39.01/US$; Q4 18 AR$37.11/US$; Q1 18 AR$19.68/US$. (2) Includes EBITDA from TGS at 25.55% ownership, Transener at 26.3% ownership and Refinor at Pampa Energía  36 28.5% ownership. Q1 2019’s Key Takeaways Results in constant currency (adjusted by inflation)

Net Income to Shareholders, in AR$ million Reported Q1 19 NI to 2,847 85 (1,413) - (300) 5,156 6,375 Shareholders

Power Electricity Refining & Petro- Holding, Oil & Gas Q1 18 Generation Distribution Marketing chemicals Others & Q1 19 Eliminations

Pampa Energía  37