Pampa Energía Announces Corporate Intragroup Reorganization

BUENOS AIRES, Argentina, Dec. 7, 2016

Moreover, the Board of Directors has also approved the terms and conditions of the Previous Merger Agreement, the Merger Prospectus (subject to further approval by the CNV), Form F4 (subject to further approval by the Securities and Exchange Commission, SEC), the Individual Merger Financial Statements and the Consolidated Merger Financial Statements as of October 31, 2016.

In addition, the Board of Directors has approved, ad-referendum of future resolutions taken at the Shareholders' Meetings and the corresponding approvals of the regulatory entities, to set the exchange ratio of the merger at 0.3648 common book-entry shares of Pampa, with a nominal value of AR$1 per share and entitled to one vote per share, for each Class B ordinary share of Petrobras Argentina, nominal value of AR$1 and entitled to one vote per share. The exchange ratio has been established using the average weighted price of the shares and the American Depositary Receipts ('ADRs') of Petrobras Argentina and the average weighted price of the shares and the ADRs of Pampa, for a period of 15 trading days immediately preceding the date of today, in each of the corresponding stock exchanges.

For further information, contact:

Gustavo Mariani – Vice-President and Co-Chief Executive Officer
Ricardo Torres – Vice-President and Co-Chief Executive Officer
Mariano Batistella – Planning, Strategy and Affiliates Executive Director
Lida Wang – Investor Relations Officer

Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000
http://www.pampaenergia.com/ir
investor@pampaenergia.com

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