Rejection of Merger Exchange Ratio by the CNV

Buenos Aires, December 15, 2016. Pampa Energía S.A. (‘Pampa‘ or the ‘Company‘; NYSE: PAM; BCBA: PAMP) informs that the Board of Directors of the CNV (the ‘Board‘) disclosed in its resolution dated December 19, 2016 (the ‘Resolution‘) that has rejected the exchange ratio approved by the board of directors of the Company and Petrobras Argentina S.A. (‘Petrobras Argentina‘), for the merger by absorption between the Company, as the surviving party, and Petrobras Argentina, Petrobras Energía Internacional S.A. and Albares Renovables Argentina S.A., as the absorbed parties.

As of the date of release of this announcement, the Company has no knowledge of the technical grounds based for said Resolution. Once the Company learns about said arguments, it will proceed to analyze and determine what course of action to take.

For further information, contact:

Gustavo Mariani – Vice-President and Co-Chief Executive Officer
Ricardo Torres – Vice-President and Co-Chief Executive Officer
Mariano Batistella – Planning, Strategy and Affiliates Director
Lida Wang – Investor Relations Officer

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