Ownership Breakdown

Pampa Energía‘s issued stock capital consists of 1,899,870,264 common shares of one peso of nominal value and one vote per share (1 ADR equivalent to 25 ordinary shares). However, as of October 18, 2019, the outstanding capital net of repurchases amounted to 1,742,023,239 ordinary shares. Moreover, the General Extraordinary Shareholders’ Meeting that took place on October 1, 2019, approved a capital reduction by cancelling 151,997,025 treasury shares/6,079,881 ADRs acquired under the share buyback programs, subject to the clearance of the Argentine Public Registry of Organizations.

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 362.7 14.5 19.1% 20.8%
Free Float2
1,374.3 55.0 72.3% 78.9%
Share buyback program3
157.8 6.3 8.3%
Employee stock-based compensation plan
5.0 0.2 0.3% 0.3%
Total Issued Capital
1,899.9 76.0 100% 100%
Total Outstanding Capital4 1,742.0 69.7

Note: All figures have been subject to rounding, so figures shown as totals may not sum. 1 The management holdings as of June 2019, 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 October 18, 2019. The General Extraordinary Shareholders’ Meeting that took place on October 1, 2019, approved a capital reduction by cancellation of 151,997,025 treasury shares/6,079,881 ADRs, subject to the registration before the Argentine Public Registry of Organizations. 4 Net of shares buyback programs announced on April 27 and June 22, 2018, and March 27 and August 12, 2019, as well as increase on share buyback program announced on August 30, 2019.