Exercise of Pampa Energía Warrants

Exercise of the Warrants Granted in 2006 by the Opportunities Assignment Agreement

Buenos Aires, November 23, 2015. Pampa Energía S.A. (“Pampa” or the “Company”; NYSE: PAM; Buenos Aires Stock Exchange: PAMP) informs that has received on this date a notice from Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Attorney-in-fact”) pursuant to which, acting on behalf of the holders of the Purchase Option (the “Holders”), the Attorney-in-fact formally informed us of the decision to exercise, subject to certain conditions, the Purchase Option in full, for a total of 381,548,564 new common shares of the Company, once payment of the strike price for the above mentioned Purchase Option has been made.

Therefore, on or before December 1, 2015, and in compliance with the obligations under the Purchase Option mentioned above, in consideration of payment of US$ 103,018,112.28, corresponding to a strike price of US$ 0.27 per common share, or its equivalent in AR$ (pesos) in accordance with the terms and conditions of the Purchase Option, the Company shall proceed to issue to the Attorney-infact a total of 381,548,564 new common shares of Pampa in the form of American Depositary Shares (“ADS”) that will be (i) partially sold in a proposed public offering by the Atorney-in-fact who will act as underwriter, and (ii) the remaining ADSs will be delivered to the Holders. If the payment is not made, the Company will not issue any shares and the Purchase Option shall remain in full force and effect under the current terms and conditions if the above mentioned payment is not made.

The new common shares will represent 22.5% of Pampa‘s capital stock and votes after the issuance by the Company is perfected. Furthermore, the Company capital stock shall be comprised of a total of 1,695,859,459 book entry shares, with a nominal value of AR$ 1 each and one vote per share. The capital increase, as well as the public offering and listing of the shares to be issued, in respect to the proposed public offering described above, has been duly authorized by the Argentine National Exchange Commission and the Buenos Aires Stock Exchange, respectively.

For further information, contact:

Ricardo Torres – Co-Chief Executive Officer

Gustavo Mariani – Co-Chief Executive Officer

Mariano Batistella – Special Projects Manager and Investor Relations Officer

Lida Wang – Chief of Investor Relations

3302 Ortiz de Ocampo, Building #4
(C1425DSR) Ciudad Autónoma de Buenos Aires, Argentina
Phone: +54 (11) 4809 9500
http://www.pampaenergia.com/ir
investor@pampaenergia.com