Cash & Debt Overview

Resumen de Caja y Deuda

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

As of March 31, 2020, in US$ million	Cash¹		Financial Debt		Net Debt
Consolidated in FS	Ownership Adjusted	Consolidated in FS	Ownership Adjusted	Consolidated in FS	Ownership Adjusted
Power generation	165	140	515	515	350	375
Electricity distribution	69	38	168	93	99	55
Petrochemicals	–	–	–	–	–	–
Holding and others	48	48	–	–	(48)	(48)
Oil and gas	160	160	1,098	1,098	938	938
Total	443	386	1,782	1,706	1,339	1,320
Affiliates at ownership	134	134	423	423	289	289
Total with affiliates	577	521	2,205	2,129	1,627	1,608
Total Restricted Group²	373	348	1,613	1,613	1,240	1,265

Note: FS: Financial Statements. 1 It includes cash and cash equivalents, financial assets at fair value with changing results and investments at amortized cost; it excludes Plan Gas’ bonds pending of collection. 2 Consolidated figures excluding Edenor and affiliates, according to the definition in Pampa Energía’s debt indenture.

Listed Debt Securities (In Million)

Company	Security	Maturity	Amount Issued	Amount Outstanding	Coupon
In US$
Transener¹	CB Series 2	2021	101	91	9.75%
Edenor	CB par at fixed rate	2022	300	137	9.75%
TGS¹	CB at discount at fixed rate	2025	500	482	6.75%
Pampa Energía	CB Series T at discount at fixed rate	2023	500	424	7.375%
	CB Series I at discount at fixed rate	2027	750	646	7.5%
	CB Series III at discount at fixed rate	2029	300	293	9.125%
In AR$
Pampa Energía	CB Series E²	2020	575	575	Badlar Privada
	CB Series IV³	2020	1,238	1,238	Badlar Privada +3%
	CB Series V³	2020	565	565	Badlar Privada +5%

Note: Updated as of June 1, 2020. 1 Affiliates are not consolidated in Pampa’s Finacial Statements (FS), according to the International Financial Reporting Standards (IFRS). 2 Debt security issued by Loma De La Lata Thermal Power Plant (CTLL), a subsidiary merged to Pampa Energía. 3 Issued on April 30, 2020.

Credit Ratings

	Foreign Currency	Domestic Currency
S&P Global	CCC+	–
Moody’s	Caa3	–
Fitch	CCC+	AA-

Information updated as of May 12, 2020.