Ownership Breakdown

On May 7, 2020 the Argentine Public Registry of Organizations (‘IGJ’ or Inspección General de Justicia) registered Pampa’s capital stock reduction, approving the cancellation of 151,997,025 common shares, which was previously approved by the Shareholders’ Meeting held on October 1, 2019. Consequently, Pampa Energía’s capital stock amounts to 1,747,873,239 common shares of one peso of nominal value and one vote per share (1 ADR equivalent to 25 common shares).

Moreover, the Shareholders’ Meeting of Pampa held on April 7, 2020 approved the capital stock reduction of 151,585,025 common treasury shares, acquired under the share buyback programs. This reduction is in process of registration before the IGJ and, once approved, Pampa Energía’s issued capital stock amounts to 1,596,288,214 common shares.

Finally, as of July 3, 2020, Pampa’s outstanding capital stock net of repurchases amounts to 1,549,341,455 common shares.

The ownership of Pampa‘s shares is the following:

Holder	Number of Shares, in Million	Number of ADRs, in Million	Share of Issued Capital, in %	Share of Capital, Net of Repurchases, in %
Management¹	381.3	15.3	21.8%	24.6%
Free Float²	1,163.7	46.5	66.6%	75.1%
Share buyback program^3,4	198.5	7.9	11.4%	–
Employee stock-based compensation plan	4.3	0.2	0.2%	0.3%
Total Issued Capital⁴	1,747.9	69.9	100.0%	100.0%
Total Outstanding Capital⁵	1,549.3	62.0	100.0%	100.0%

Note: All figures have been subject to rounding, so figures shown as totals may not sum. 1 The management holdings based on public information as of March 31, 2020, includes direct and indirect stakes of Messrs. Marcos Marcelo Mindlin, Damián Miguel Mindlin, Gustavo Mariani and Ricardo Alejandro Torres. 2 Listed in NYSE and BYMA. 3 Updated as of July 3, 2020. 4 It includes 151,585,025 common shares / 6,063,401 ADRs in treasury, which cancellation has been approved by the Shareholders’ Meeting held on April 7, 2020, pending of regulatory clearance. 5 Net of shares acquired under the share buyback programs.