Pampa & Edenor Joint Q4 17 Results Call March 13, 2017 10 AM EST / 11 AM ART Disclaimer

The material that follows 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.

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Pampa Energía ● Q4 2017 Earnings Call 2 Today’s Agenda

• Edenor, presented by Leandro Montero, CFO

• Pampa, presented by Lida Wang, IRO

. Q4 17 results by business segment

• Power Generation

• Oil & Gas Upstream

• Refining & Distribution

• Petrochemicals

• Holding & Others

. Cash and Debt

Pampa Energía ● Q4 2017 Earnings Call 3 Relevant Events

New Tariff Scheme • New Prices for Energy & Transportation • New Distribution Fee: - Dic’17 (1): 18% tariff increase + 11.6% inflation adjustment (1st semester 2017) - Feb’18 (2): 18% tariff increase + 10.9% inflation adjustment (2nd semester 2017) – 2.51% Stimulus factor (“E”)

Controlling Company’s Merger Process • January 18, 2018: the merger of Central Térmica Loma de la Lata (“CTLL”) with IEASA and EASA was unanimously approved by CTLL’s shareholders’ meeting • September 22, 2017: the Board of Directors of Pampa Energía (PESA) approved the merger of CTLL (acquiring company of EASA) and other subsidiaries as the acquired or absorbed companies, into PESA, as the acquiring or absorbing company • After the registration of the full merging process, PESA will hold direct control on Edenor

Moody’s Latin America’s rating upgrade • 2022 Corporate Bonds: - Local: from Baa2.ar to Aa3.ar; stable Outlook - Global: from B3 to B1; stable Outlook • Shares: Category 2 to Category 1

Edenor(1) Set forth Investor by Resolution Day No 603/2017; 2017 (2) Set forth by Resolution No 33/2018 Earnings Release | 4Q 2017 4 Fourth Quarter Results (ARS billion & %)

8.000,0

7.000,0 6.8 (3.6)

6.000,0

5.000,0

4.000,0 3.2 (2.4) 3.000,0

2.000,0 2017 4Q

1.000,0 (0.1) 0.7 (0.4) (0.2) 0.02 - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses expenses to Resolutions (loss) Results, net (loss)

QoQ % +71% +177% +19% +1.2% -59% N/A -50% -49% -45% -97%

4.500,0 4.0 (1.3) 4.000,0 3.500,0 3.000,0 2.7 (2.4) 2.500,0 2.000,0 1.1 1.3 (0.3) 1.500,0 (0.3) 1.000,0 2016 4Q 0.6 500,0 (0.1) - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses expenses to Resolutions (loss) Results, net (loss) Edenor Investor Day 2017 Earnings Release | 4Q 2017 5 Energy Sales Evolution

Quarterly Energy Sales (in GWh) Customers Evolution (in thousands) Q4 2016 Q4 2017 5,139 5,064

3502000,0 Turnover b/ type of customer │ QoQ (in GWh) 2,950 3002000,0 2,866 Residential - 3.9% 2502000,0

Medium 2002000,0 Commercial - 3.7%

1502000,0 Wheeling + 0.4% System 1002000,0 Industrial + 1.7% 502000,0 Small + 0.2% Commercial 2000,0 Dec'16 Dec'17

Others + 0.8%

0 500 1000 1500 2000 2500

Q4 2016 Q4 2017 Edenor Investor Day 2017 Earnings Release | 4Q 2017 6 Fourth Quarter Results (ARS billion & %)

8.000,0

7.000,0 6.8 (3.6)

6.000,0

5.000,0

4.000,0 3.2 (2.4) 3.000,0

2.000,0 2017 4Q

1.000,0 (0.1) 0.7 (0.4) (0.2) 0.02 - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses expenses to Resolutions (loss) Results, net (loss)

QoQ % +71% +177% +19% +1.2% -59% N/A -50% -49% -45% -97%

4.500,0 4.0 (1.3) 4.000,0 3.500,0 3.000,0 2.7 (2.4) 2.500,0 2.000,0 1.1 1.3 (0.3) 1.500,0 (0.3) 1.000,0 2016 4Q 0.6 500,0 (0.1) - Revenue Energy Gross margin Operating Other op. Results due Net op. income Financial Income Tax Net income from sales purchases expenses expenses to Resolutions (loss) Results, net (loss) Edenor Investor Day 2017 Earnings Release | 4Q 2017 7 Adjusted EBITDA (in ARS million)

1,465 In million of Pesos Q4 2016 Q4 2017 Net operating income before res. 32/15 154.5 646.2 (+) Depreciations 94.0 119.9 (+) Penalty interests 48.1 - 794

EBITDA 296.7 766.1 (+) Resolution 32/15 and Recognition of Income from Remedies 1,125.9 - (+) Commercial Interests 42.9 27.5

Adjusted EBITDA 1,465.5 793.6 Q4 2016 Q4 2017

Edenor Investor Day 2017 Earnings Release | 4Q 2017 Capital Expenditures (in ARS million & %)

1,292

31% Maintenance

694

36%

69% Expansion

64%

Q4 2016 Q4 2017

Edenor Investor Day 2017 Earnings Release | 4Q 2017 9 Energy Losses

18,9% 18,2% 18,4% 17,2% 16,2% 16,2% 16,4% 14,5%

1Q 2Q 3Q 4Q

2016 2017

Edenor Investor Day 2017 Earnings Release | 4Q 2017 10 Indebtedness (in USD million)

295 286

209 191 191 50 ICBC Loan 176 Oct ‘17 176

2011 2012 2013 2014 2015 2016 Dec'17

Edenor Investor Day 2017 Earnings Release | 4Q 2017

Q4 17 Consolidated Results

Adjusted EBITDA1 In million AR$ Segment Q4 16 Q4 17 5,180 +26% Power Generation 574 1,419 845 +147% 4,101 Electricity Distribution 1,464 794 (671) -46%

2,348 Oil & Gas* 2,297 2,348 51 +2%

2,297 Refining & Marketing* (79) 405 484 NA

794 Petrochemicals 70 (38) (108) NA

Holding and Others (221) 248 469 NA 1,464 1,419 Eliminations (4) 5 9 NA

405 574 Total 4,101 5,180 1,079 +26% 70 248 (221) (38) (79) * Includes discontinued operations, pending of closing Assets sold to Vista & Trafigura Q4Q4 1616 Q4Q4 17

(1) Consolidated adjusted EBITDA represents the consolidated results before net financial results, income tax and minimum notional income Pampa Energía ● Q4 2017 Earnings Call tax, depreciations and amortizations, non-recurring incomes and expenses and non-controlling interests, and includes other incomes not 13 accrued and other adjustments from the IFRS implementation, as well as affiliates EBITDA’s at ownership. For more information, please refer to section 3 of the Earnings Release. Q4 17 Consolidated Results

Adjusted EBITDA In million AR$

Adj. EBITDA 1,419 794 2,348 405 (38) 253 Q4 17 5,180 +26% +478 qoq +845 (671) +484 (108)

+51 4,101

Power Electricity Refining & Petro- Holding, 1 2 3 Oil &4 Gas 5 6 7 8 Q4 16 Generation Distribution Marketing chemicals Others & Q4 17 Eliminations

Pampa Energía ● Q4 2017 Earnings Call 14 Power Generation

Adjusted EBITDA Generation Performance In million AR$ In GWh  Technical 1,419 New pricing 3,469 problem at scheme for CTGEBA & lower +147% legacy capacity 2,693 dispatch at CPB AR$ devaluation  Programmed New PPAs in maintenance 574 force service at CTLL Commissioning of CTPP, CTLL’s TG05 & CTIW Higher generation Q4 16 Q4 17 Q4 16 Q4 17 Q4 16 Q4 17 Q4 16 Q4 17 at HPPL

Availability Performance News Update In % to Installed Capacity 3,756 MW Commissioning • Commissioning of the new thermal power plant CTIW for 100 of CTPP, CTLL’s MW 81.0% TG05 & CTIW • Development of two new wind farms for a total of 100 MW

• Repair of the technical problem at CTGEBA 3,451 MW 79.7%

Q4Q4 1616 Q4Q4 17

Pampa Energía ● Q4 2017 Earnings Call 15 Electricity Distribution

Adjusted EBITDA Sales Performance In million AR$ Implementation In GWh  Impact from tariff of RTI’s first & increase, 1,464 second tariff 5,139 especially in -46% increase with residential CPD update segment 794 CAMMESA’s  Mild weather recognition of conditions injunctions and 5,064 FOCEDE accrual in Q4 16

Q4Q4 1616 Q4Q4 1717 Q4Q4 16 Q4Q4 17

Number of End-Users In million News Update

• Semiannual Remuneration Update, Increase in the VAD and the Electricity Seasonal Price as from December 2018 2.95 Recovery of energy losses  2nd VAD increase of 18% retroactive to Nov-17  CPD’s semiannual update of 11.6% retroactive to Aug-17 • Merger completion of CTLL, EASA and IEASA 2.87 • ENRE Resolution No. 33/18 as from February 2018  New electricity seasonal price  3rd VAD increase of 17.8%, collecting full fare Q4Q4 1616 Q4Q4 1717  CPD’s cumulative update of 22.5% since Jan-17  Beginning of accrual of deferred amounts in 48 installments Pampa Energía ● Q4 2017 Earnings Call 16 Oil & Gas

Adjusted EBITDA Gas: better sale Total Production Performance (Argentina + Abroad) In million AR$ prices in US$ In kboe per day 2,348 and AR$  End of service at +2% 77.1 Medanito La Pampa With OldelVal’s in Oct-17 EBITDA @23.1% 2,297  Divestments in Oct-  End of service at 68.0 16 Medanito La Pampa in Oct-17 Higher gas production at El  Divestments in Mangrullo & Río Oct-16 Neuquén

Q4Q4 1616 Q4Q4 17 Q4Q4 1616 Q4Q4 17

Argentina Gas Production Performance Argentina Crude Oil Production Performance In mcf/d In kb/d 5.8 57.1 292 6.2 25.6 54.9 284  Effect from  End of service at divestments in 19.4 Medanito La October 2016 Pampa Better prices  Lower prices (Plan Gas and converging to price hikes to international demand) references

Q4Q4 1616 Q4Q4 17 Q4Q4 1616 Q4Q4 17 Pampa Energía ● Q4 2017 Earnings Call Average Price 17 Oil & Gas

News Update

• New natural gas prices for residential and gas for cars as from Dec-17

• Advances at Parva Negra Este block

• Sale of oil-bearing assets to Vista Oil & Gas, pending of closing . Direct ownership of 58.88% at Pelsa, 3.85% at Entre Lomas, Bajada del Palo and Agua Amarga blocks, and 100% at Medanito S.E. and Jagüel de los Machos blocks

• Pampa’s certified proven reserves evolution:

(57) Liquids +23 PELSA 25% 16% 201 167 % 144

Pampa 84%

Natural Gas Argentina 75% Stock @ Production/ Stock @ Production/ Stock @ 100% Dec 31, 2015 Sale of blocks/ Dec 31, 2016 Concession extension/ Dec 31, 2017 Additions Additions

Pampa Energía ● Q4 2017 Earnings Call 18 Downstream: Refining & Marketing

Adjusted EBITDA Sales Performance In million AR$ Lower cost of In thousand m3 crude oil 476 4 443 405 Higher sale 42 4 prices: fuels & 71 54 IFOs 65 Crude Oil With Refinor’s 145 Other distillates 118 EBITDA @28.5% Fuel Oil, IFOs & Asphalts (79) Lower demand Gasolines 213 202 Diesel Oil

Q4Q4 16 Q4Q4 1717 Q4Q4 16 Q4Q4 17  Lower demand  Lower load factor at refinery  Lower diesel News Update imports

• Sale of Refining & Marketing Segment Assets to Trafigura . The discontinued operations are: the Ricardo Eliçabe refinery, the lubricant plant, the storage facility at Caleta Paula and the network of gas stations

• The continuing operations are our participation in Refinor and the storage facility at Dock Sud

Pampa Energía ● Q4 2017 Earnings Call 19 Downstream: Petrochemicals

Adjusted EBITDA Sales Performance In million AR$ In thousand ton  Lower domestic 127 sales of reforming products & 70 104 styrene

 Higher operating Higher exports of 83 SBRs and raw 63 (38) material’s cost Other  Excludes ex PZE SBR 7 9 contingency Styrene & 37 32 Polystyrene Q4 16 Q4 17 Q4Q4 16 Q4Q4 1717 Q4 16 Q4 17

News Update

• No news

Pampa Energía ● Q4 2017 Earnings Call 20 Holding & Others

Adjusted EBITDA Affiliates’ EBITDA Performance @ 100% Ownership In million AR$ In million AR$ 248 RTI (1st Transener TGS & 2nd hike) 403 1,581 Better (221) 1,241 pricing TGS RTI 243 327 and 37 Transener 952 higher Holding volume sold of (482) (501) 140 NGLs

Q4Q4 1616 Q4Q4 17 Q4Q4 16 Q4Q4 17 Q4Q4 16 Q4Q4 17

News Update

• Tariff increases in TGS and Transener • Corporate Reorganization . The new corporate reorganization process . Status of merger with former Petrobras Argentina

Pampa Energía ● Q4 2017 Earnings Call 21 Q4 17 Consolidated Results

Net Income to Shareholders In million AR$ Reported Q4 17 NI to 1,085 581 727 (267) (159) (455) 1,512 Shareholders

+985 (388)

(41) (1,037)

+365 +54% +646 qoq

982

Power Electricity Refining & Petro- Holding, Oil & Gas Q4 16 Generation Distribution Marketing chemicals Others & Q4 17 Eliminations

Pampa Energía ● Q4 2017 Earnings Call 22 Cash & Debt

Debt Profile as of December 31, 20171 750 In US$ million US$ US$ Link AR$ Gross Consolidated Debt = US$2.2 billion Current Credit Ratings Less Cash = US$0.9 billion 513 for Pampa Net Debt, incl. affiliates @ O/S = US$1.3 billion B+ 314 B2 212 107 189 31 BB- 34 122 81 207 AA- (arg) 6 29 147 18 13 13 1 5 52 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Gross Debt Breakdown by Gross Debt Breakdown by News Update Currency Company

• Convertible corporate bond status Gencos 2% • Moody’s credit rating upgrade to AR$ Edenor Pampa and subsidiaries’ corporate US$ 8% Pampa 91% 84% % 10% bonds % TGS US$ 2% Link Transener 1% 1% Refinor 1%

Pampa Energía ● Q4 2017 Earnings Call Notes: (1) FX AR$18.65/US$. (2) TGS, Transener, Greenwind, OldelVal and Refinor, it does not consider debt interest. 23 Thank you! Any Questions?

For further information, contact:

• Gustavo Mariani Vice President • Ricardo Torres Vice President • Mariano Batistella Planning, Strategy & Related Companies Executive Director • Lida Wang Investor Relations Officer

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

Pampa Energía ● Q4 2017 Earnings Call 24