Corporate Reorganization Process

Buenos Aires, December 21, 2017. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; BCBA: PAMP) informs that today the Board of Directors of Pampa, Petrolera Pampa S.A. (‘Petrolera Pampa’), Central Térmica Loma de la Lata S.A. (‘CTLL’) and Central Térmica Güemes S.A. (‘CTG’) (together, the ‘Companies’) approved the merger by absorption between Pampa, as the absorbing company, and Petrolera Pampa, CTG, CTLL, EG3 Red S.A., Bodega Loma de la Lata S.A., Inversora Diamante S.A., Inversora Nihuiles S.A., Inversora Piedra Buena S.A., and Pampa Participaciones II S.A. as absorbed companies, all subject to the corresponding assembly and regulatory resolutions (the ‘Merger’).

The Merger will be effective as of October 1, 2017, subject to the corresponding registration of the Merger and dissolution without liquidation of the companies absorbed before the Public Registry.

Moreover, the Companies‘ Board decided to approve, among other items and subject to the corresponding corporate and regulatory approvals, the following merger exchange ratios:

For further information, contact:

Gustavo Mariani – Vice-President

Ricardo Torres – Vice-President

Mariano Batistella -Planning, Strategy and Affiliates Executive Director

Lida Wang – Investor Relations Officer

Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000