Acquisition of Petrobras

Acquisition of Petrobras Argentina S.A.

Buenos Aires, May 3, 2016. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; Buenos Aires Stock Exchange: PAMP) informs that, in connection to the relevant events filed on March 2, 2016 and April 8, 2016, Petróleo Brasileiro S.A. and Pampa (the ‘Parties’) have finalized the negotiation of the main terms and conditions for the acquisition by Pampa of Petrobras Participaciones S.L. which in turn owns 67.2% of the capital and voting stock of Petrobras Argentina S.A. (‘PESA’) (the ‘Transaction’).

It is also informed that the base price for the Transaction amounts to US$892 million, which represents a value of US$1,327 million for 100% of the capital and voting stock of PESA.

Furthermore, it is informed that the Parties agreed that Petróleo Brasileiro S.A., or any of its affiliates, will have: (i) a share of 33.6% of the concession granted in the Río Neuquén Area, where significant investments will be made to increase production in the area, and (ii) 100% of the assets of Colpa Caranda in Bolivia, once all requirements established in the regulations in force and effect in Bolivia are met.

The definitive documentation of the Transaction, which was carried out through a competitive process, is subject to the approval of its final terms and conditions by the Board of Directors of the Company, the Executive Board and Administrative Council of Petróleo Brasileiro S.A.

Citigroup Global Markets Inc. is acting as exclusive financial advisor to Pampa in the Transaction.

For further information, contact:

Gustavo Mariani – Co-Chief Executive Officer
Ricardo Torres – 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