Price Adjustment for the Mandatory Cash and Voluntary Exchange Offerings

Mandatory Cash Tender Offer and Public Offering for the Voluntary Exchange of Shares: Price Adjustment

Buenos Aires, September 7, 2016. Pampa Energía S.A. (‘Pampa‘ or the ‘Company‘; NYSE: PAM; Buenos Aires Stock Exchange: PAMP) informs that in relation to the offerings disclosed in the relevant events on May 20, 2016 and July 27, 2016, on the date hereof, the Board of Directors of the Company decided that, in order to speed up and facilitate the procedure before the regulatory body and to move forward in a way that will benefit both the shareholders of Petrobras Argentina S.A. and the shareholders of Pampa, to increase the price to be offered in the Mandatory Cash Tender Offer to be made for the shares of Petrobras Argentina S.A.

Therefore, and subject to the approval of the corresponding regulatory body, Pampa will offer to the shareholders of Petrobras Argentina S.A. a price per ordinary share equivalent to US$0.6825 that, converted into Argentine Pesos at the official exchange rate at the closing of the transaction, it amounts to AR$10.3735 per ordinary share.

For further information, contact:

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

Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000
http://www.pampaenergia.com/ir
investor@pampaenergia.com