Cash & Debt Overview

Resumen de Caja y Deuda

Cash and Debt, by Segment (in AR$ million)

Cash as of June 30, 2018⁽¹⁾	Consolidated Financial Statements	Ownership Adjusted
Power generation	1,036	652
Electricity distribution	8,157	4,219
Refining & distribution	10	10
Petrochemicals	–	–
Holding and others	9,262	9,262
Oil and gas	10,492	10,487
Total	28,958	24,630

Bank and Financial Debt as of June 30, 2018	Consolidated Financial Statements	Ownership Adjusted
Power generation⁽²⁾	24,302	24,302
Electricity distribution	9,641	4,987
Refining & distribution	–	–
Petrochemicals	–	–
Holding and others	–	–
Oil and gas	50,465	50,464
Total	84,408	79,753

Note: (1) It includes cash and short-term investments. (2) It does not include regulatory liability held against CAMMESA for AR$4,119 million.

Listed Debt Securities (In Million)

Company	Security	Maturity	Amount Issued	Amount Outstanding	Coupon
In US$
Transener¹	CB Series 2	2021	101	99	9.75%
Edenor	CB par at fixed rate	2022	300	176	9.75%
TGS¹	CB at discount at fixed rate	2025	500	500	6.75%
Pampa Energía	CB Series 4 US$-Link^2,3	2020	34	34	6.25%
	CB Series T at discount at fixed rate	2023	500	500	7.375%
	CB Series I at discount at fixed rate	2027	750	750	7.5%
In AR$
Pampa Energía	CB Series A³	2018	282	282	Badlar Privada
Pampa Energía	CB Series E³	2020	575	575	Badlar Privada

Note: (1) Affiliates are not consolidated in Pampa’s FS, according to the IFRS standards. (2) CB dollar-link, with initial FX rate of AR$8.4917 /US$. (3) Debt securities issued by CTLL, a power generation subsidiary merged by absorption to Pampa Energía.

Credit Ratings

	Foreign Currency	Domestic Currency
Fitch	B	–
Moody’s	B2	–
S&P Global	B	AA-

Information updated as of December 1, 2018.