Investor Relations
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Comparison between Local and NYSE Practices

Among the corporate governance principles that are applicable at Pampa Energía S.A. (‘Pampa’ or the ‘Company’) are several provisions of Argentine law, including, but without limitation: (i) the Argentine Organizations Law, No. 19,550, as amended (the ‘ABOL’); (ii) the Capital Markets Act, as amended (the ‘CMA’); and (iii) the regulations of the Argentine Securities and Exchange Commission (‘CNV’) approved on 2013, as amended (the ‘Regulations’).

In addition, we follow certain corporate governance guidelines and practices that prevail in the international markets and in international regulations applicable to us (sometimes mandatory), including United States law. On August 27, 2009, we registered with the Securities and Exchange Commission (‘SEC’) as a ‘foreign private issuer’ and began to trade American Depositary Shares on the New York Stock Exchange (‘NYSE’).

Thus, we are subject to the provisions of Section 303A.11 of the NYSE’s Listed Company Manual (‘LCM’) and Item 16.G of Form 20-F of the SEC, which require foreign issuers to disclose the differences existing between their corporate governance practices and the corporate governance requirements for U.S. domestic companies under their applicable listing standards. The following table provides the comparison required under the aforementioned Section 303A.11 of the NYSE LCM and Item 16.G of the SEC’s Form 20-F:

NYSE Requirements for Domestic Companies
Requirements and Our Practices
NYSE LCM: Section 303A.01

Independent directors must constitute the majority of a listed company’s board of directors.

Under Argentine law, the board of directors of a listed company need not be composed of a majority of independent directors. Nonetheless, the CML and the CNV’s Regulations require listed companies to have a sufficient number of independent directors to form the audit committee, which must be composed of a majority of independent members.

Although not required by Argentine law, and in accordance with our audit committee’s regulations, all the members of our audit committee must qualify as independent.

NYSE LCM: Section 303A.02
NYSE LCM: Section 303A.03
NYSE LCM: Section 303A.04
NYSE LCM: Section 303A.05
NYSE LCM: Section 303A.06
NYSE LCM: Section 303A.07
NYSE LCM: Section 303A.08
NYSE LCM: Section 303A.09
NYSE LCM: Section 303A.10
NYSE LCM: Section 303A.12