This Policy has been implemented to set certain restrictions and rules regarding the trading of marketable securities in a stock exchange, whether Pampa’s and/or any related companies, thus ensuring higher transparency and guaranteeing that no Pampa employee may be rewarded of any economic advantage or benefit from the use of material non-public information about Pampa and/or any of its affiliates.

This Policy applies to Pampa and its subsidiaries’ employees deemed ‘covered individuals’, including, but not limited to, directors, members of the Supervisory Committee, and Senior Management lines.