[PPT] - Investor Presentation Disclaimer Pampa Energa 2 Who we are Pampa PowerPoint Presentation

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Investor Presentation

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Disclaimer

Pampa Energía ⚫ 2

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Who we are

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Pampa Energía begins Integration in electricity Gas upstream Petrobras Argentina 2020 KEY PLAYER

Key milestones of Pampa Energía Shareholder base2

Pampa is an Argentine company exclusively dedicated to the Argentine energy

Pampa Energía ⚫ 4

36% 39% 25%

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Upstream Midstream Petrochemicals Other affiliates Generation Transmission Distribution

We are the largest independent integrated energy co. in Argentina

Pampa Energía ⚫ 5

Electricity Oil & gas

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Aerial view of CTGEBA, 2020 Pampa Energía ⚫ 6

The main highlights of the quarter

✓ ✓ ✓ ✓

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276 240 136 230 191 148

271 179 97 107 116 81

883 725 462

100 200 300 400 500 600 700 800 900 1, 000

1,081 915 773 31% 28% 28%

20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 2 202 402 602 802 1, 002

3,470 3,261 2,807

Consolidated adjusted EBITDA1,3, US$ million LTM consolidated adjusted EBITDA breakdown3,5 Revenues1,2, US$ million CapEx4, US$ million

Pampa Energía at a glance Key financial figures

Oil & Gas 26% Electricity 74%

%

LTM Q2 20

Pampa Energía ⚫ 7

LTM Q2 20 LTM Q2 20

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Power generation 659 354 359 na 98.2% E&P 362 107 842 na 100% Petrochemicals 265 3

na

100% Holding + intersegment (133) (2) (2) na 100% Electricity distribution 1,226 88 70 162 55.1% Power transmission 208 121 15 162 26.3% Gas midstream 667 321 264 723 27.6%

M. Cebreiro wind farm

28 24 99 na 50%

E. Barragán power plant

184 160 247 na 50% LTM as of Q2 20, US$ million

Pampa Energía at a glance Key financial figures

Pampa Energía ⚫ 8

Sales Adjusted EBITDA Net debt2 Market cap3

2,807 773 1,523 678

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Key leverage figures, as of June 30, 20201, US$ million Pampa Restricted Group principal debt profile and breakdown, net of repurchases

Outstanding balance sheet to weather a challenging environment

Pampa Energía ⚫ 9

After Q2 2020: ✓ ✓ ✓

80 98 8 430 8 646 293

AR$ 11% US$ 89%

%

Local bonds 2%

Int'l Bonds 87%

ECA 2%

Banks 9%

%

Restricted Group Edenor Affiliates at ownership3 Consolidated with affiliates at ownership

Debt2 1,591 150 416 2,158 Cash 393 81 161 635 Net debt 1,198 70 255 1,523 LTM adj. EBITDA 462 91 223 773 Net leverage

2.6x 0.8x 1.1x

2.0x

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Power generation

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Operating 15 power plants across Argentina

4,944 MW

installed capacity

+ 295 MW

under construction4

5,239 MW total capacity

Argentina’s power generation market share1

We are the largest independent power producer in Argentina

Pampa Energía ⚫ 11

Pampa’s historical availability v. peers, in % 59% 41%

Pampa

12%

CEPU 11% ENEL 10% AES 9% YPF 5% Other private Co. 25% Gov't

wned

28%

133 TWh

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Pampa Energía ⚫ 12

Genelba Thermal Power Plant One of the most important milestones in Pampa Energía’s history COD on time despite COVID-19 pandemic

Aerial view of CTGEBA, 2020

New CCGT Existing CCGT

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Pampa Energía ⚫ 13

Ensenada Barragán Thermal Power Plant Ensenada Barragán Thermal Power Plant Key infrastructure project for Argentina’s electricity supply

Aerial view of CTEB, 2019

Works resumed with the strictest protocols in place

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Oil & gas exploration & production

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Dev'd

52%

ND

48%

%

Pampa is a key player in domestic gas1

#3 #2 6%

Production from 12 blocks: 47 kboepd2

808 6 exploration blocks

Natural gas: 7.1 mcm/252 mcfpd

87% 91% 97%

Crude oil: 4.8 kbpd

98% 57%

P1 reserves @ Dec 2019: 135 million boe

1.3x 4/135m boe shale reserves

Interest over 8% of Vaca Muerta’s shale gas acreage

Pampa is a leading independent gas producer in the country

Argentina’s unconventional gas market share1 Pampa’s proven reserves

Gas 90% Crude oil 10%

Pampa Energía ⚫ 15

Pampa

11%

54 mcm/d

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2.2 4.7 4.9 3.6 2.3 1.5 1.3 1.3 1.4 1.3 1.2 1.0 2.1 2.1 2.5 2.8 4.2 4.2 1.5 2.5 3.3 3.7 3.6 3.0

Our strategy is to produce gas in the best areas in Argentina

This four areas jointly already produce ~10 mcm/345 mcfpd, 9% of Argentina’s total gas production1

Neuquén basin blocks, in mcmpd

Sierra Chata

Rincón del Mangrullo

Key Productive Blocks

Río Neuquén El Mangrullo Parva Negra Este Las Tacanas Norte

Key Exploration Blocks

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Enormous upside potential from our presence in Vaca Muerta

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Seven blocks in Vaca Muerta play map1, represented 8% of Pampa’s 2019 production

DRY GAS WET GAS VOLATILE OIL BLACK OIL

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Utilities

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Edenor is the largest electricity utility in Argentina

Pampa Energía ⚫ 19

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Transener operates, maintains and supervises 20,980 km of

high-voltage electricity lines in Argentina, holding 85% of market share

▪ Transener was privatized in July 1993 with an exclusive 95- year concession, operates 12,383 km of lines and 50 substations, as well as supervises 2,106 km and 7 substations ▪ Transba was privatized in August 1997 with an exclusive 95- year concession, operates 6,491 km of lines and 104 substations

Business overview

Transener operates the largest high voltage grid in Argentina

Corporate structure

Free float

Pampa Energía ⚫ 20

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Natural gas transportation The largest gas transportation company of Argentina and LatAm

Transports around 60% of the country’s total gas consumption
Concession until 2027, extendable for additional 10 years

NGL processing #2 producer in Argentina, with +1m ton/year of capacity

Exports ~36% of production
Ethane is sold to Dow Chemical under a US$ contract

Midstream BOT of Vaca Muerta gas gathering pipeline

60 mcmpd capacity pipeline and 3 treatment & compression facilities

Telecommunications Through Telcosur, provides data services using microwave & fiber optics

Business overview

TGS is the Argentine natural gas’ backbone

Transportation capacity 85 mcmpd Pipeline length 9,231 km LTM load factor 76%

Direct ownership Indirect ownership

CIESA Free float

50% 50% 51% 24.0% 22.9%

Sielecki Safra

2.1%

Corporate structure

Pampa Energía ⚫ 21

Noroeste

4%

Neuquén

61%

San Jorge

9%

Austral

26%

%

Share of total gas production

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The development of Vaca Muerta: TGS’s projects under assessment

Pampa Energía ⚫ 22

Gas transportation @ Neuquina basin

In mcm/bcf per day

Capacity 2017 2018 2019 2020

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Bottom line

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Pampa Energía: upsides and opportunities

Oil & gas upstream Power generation Strong balance sheet

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Capital discipline

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Back up

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Reporting considerations

Q2 2020 Q2 2019 Reporting How Pampa reports FC US$ FC US$ FC AR$ @ June 30, 2020 Inflation = 3% Devaluation = 9% FC AR$ @ June 30, 2019 Inflation = 5% Appreciation = 2% Pampa Restricted Group Pampa consolidated non-GAAP

Pampa Energía ⚫ 26

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180 63 67

20 40 60 80 100 120 140 160 180

271 221 120 30% 31% 22%

0% 10% 20% 30% 40% 50% 60% 70% 80% 50 100 150 200 250 300

900 723 544

100 200 300 400 500 600 700 800 900

Consolidated adjusted EBITDA1 Consolidated adjusted EBITDA breakdown1,2 Revenues1 Capex Pampa Restricted Group+Edenor

Q2 2020’s key takeaways Consolidated figures, in US$ million

Pampa Energía ⚫ 27

Q2 20

24% 76%

%

Q2 20 Q2 20

   ✓ ✓        ✓

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Q2

Argentina’s net electricity demand, monthly average in MW

Lockdown negatively impacted on Argentina’s GDP, although power generation proved resiliency

Pampa Energía ⚫ 28

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95.3% 96.6% 98.6% 3,727 4,608 3,461

500

1, 000 1, 500 2, 000 2, 500 3, 000 3, 500 4, 000 4, 500

100 114 95 49% 71% 68%

40% 50% 60% 70% 80% 90% 100%

20

40 60 80 100 120

Generation performance, in GWh

Availability performance, in % to installed capacity Adjusted EBITDA1, in US$ million Main news

Power generation smoothly performed despite challenging environment

Pampa Energía ⚫ 29

Q2 20 Q2 20 Q2 20

✓   ✓ ✓ ✓  ✓ ✓ ✓

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Q2

Nation-wide gas demand, monthly average in bcf per day

COVID-19 lockdown and fall season: a tough combination for gas

Pampa Energía ⚫ 30

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20.8

4.9 5.3 4.1

1.

2. 3. 4. 5. 6.

53 29 6 48% 34% 11%

2

0% 0% 20% 40% 60% 80% 100% 120% 140%

10

20 30 40 50

48.5 46.0 43.7

Production performance, in kboe/d Crude oil sales, in kbbl/d

Our production remained stable despite collapsing prices

Pampa Energía ⚫ 31

Q2 20 Q2 20 Q2 20

  ✓  ✓ ✓

Adjusted EBITDA1, in US$ million

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3.1 3.1 3.3 2.6

2.0

Q2

282 259 253

50

100 150 200 250 300

Weighted avg gas price for Pampa, in US$/MBTU1 Destination of our sales, YTD as of June Gas sales, in mcf/d

Gas tenders for power generation and pricing environment
Operating update

Main news

Our production remained stable despite collapsing prices

Pampa Energía ⚫ 32

Q2 20

 ✓  ✓

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Pampa Energía ⚫ 33

Q2 2020’s key takeaways Consolidated figures, in US$ million

4 Q2 19 Q2 20

Q2 20 Net income to shareholders

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3.09 3.12 3.13 4,849 5,203 4,791 72 45 (14) 16% 14%

2

0%

1

0% 0% 10% 20% 30% 40% 50% 60% 70% (3 0) (1 0) 10 30 50 70 90

Sales performance , in GWh

Main News

Adj. EBITDA, in US$ million

Number of end-Users, in million

Electricity distribution

Pampa Energía ⚫ 34

Q2 20 Q2 20 Q2 20

 ✓ ✓ ✓ ✓ ✓     ✓ ✓ ✓

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95 87 52

10

20 30 40 50 60 70 80 90 100

3 (2) 4 3% 10%

1

0%

5

% 0% 5% 10% 15% (3 ) (2 ) (1 )

1

2 3 4 5

Sales Performance, in thousand ton
Adj. EBITDA, in US$ million

Main News

Petrochemicals

Pampa Energía ⚫ 35

Q2 20 Q2 20

741

✓ ✓    ✓

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2 5 (2) 142 96 79 47 29 28 44 35 29

(1 0)

10

20 30 40 50 60

▪

▪

▪

Main News

Adj. EBITDA2, in US$ million

Affiliates’ EBITDA Performance @ 100% Ownership, in US$ million

Holding & Others

Pampa Energía ⚫ 36

Q2 20

Q2 20 Q2 20 Q2 20   ✓ ✓     ✓ ✓ ✓

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Contact information