Pampa Energia : Corporate Reorganization Status

Release

Corporate Reorganization Status

Buenos Aires, April 20, 2018. Pampa Energía S.A. ('Pampa' or the 'Company'; NYSE: PAM; BCBA: PAMP) informs that, in relation to the release dated February 27, 2018 regarding the merger status between the Company and Petrobras Argentina S.A. ('Petrobras Argentina'),

Petrobras Energía Internacional S.A. and Albares Renovables Argentina S.A. (the 'Merger'),

yesterday, the Argentine Federal Criminal and Correctional Court No. 11, Secretary No. 22 (the 'Court') notified the Company that must "place in custody of this Court and as a precautionary measure the amount of twenty million US dollars or its equivalent in securities, guarantees or any other registrable good as a prior condition to void the order issued by this Court to the Argentine Securities Commission (the 'CNV') on August 25, 2017", in which resolved that CNV must hold from taking measures or final resolution regarding the Merger.

Consequently, the Company informs to the investment community, especially the 6,250 identified local and foreign shareholders of Petrobras Argentina awaiting to receive Pampa's shares, that subject to prior fulfillment of the Company with the Court's request and instruction from the Court to proceed, the CNV shall move forward with the registration of the Merger and therefore, Pampa shall proceed with the issuance of the corresponding shares of the Company in favor of the shareholders of Petrobras Argentina.

For further information, contact:

Gustavo Mariani - Vice-president Ricardo Torres - Vice-president

Mariano Batistella - Planning, Strategy and Affiliates Executive Director Lida Wang - Investor Relations Officer

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