Investor Presentation Disclaimer Pampa Energa 2 Who we are Pampa - PowerPoint PPT Presentation

Investor Presentation

Disclaimer Pampa Energía ⚫ 2

Who we are

Pampa is an Argentine company exclusively dedicated to the Argentine energy Key milestones of Pampa Energía 2020 Pampa Energía begins Integration in electricity Gas upstream Petrobras Argentina KEY PLAYER Shareholder base 2 36% 39% 25% Pampa Energía ⚫ 4

We are the largest independent integrated energy co. in Argentina Electricity Generation Transmission Distribution Oil & gas Upstream Midstream Petrochemicals Other affiliates Pampa Energía ⚫ 5

The main highlights of the quarter ✓ ✓ ✓ ✓ Aerial view of CTGEBA, 2020 Pampa Energía ⚫ 6

Pampa Energía at a glance Key financial figures Revenues 1,2 , US$ million Consolidated adjusted EBITDA 1,3 , US$ million 3,470 3,261 1,081 2,807 915 40% 38% 773 1, 002 36% 31% 34% 802 28% 28% 32% 602 30% 28% 402 26% 24% 202 22% 2 20% LTM Q2 20 LTM Q2 20 CapEx 4 , US$ million LTM consolidated adjusted EBITDA breakdown 3,5 Oil & Gas 883 000 1, 26% 725 900 107 800 700 116 462 271 % 600 179 500 81 230 400 191 97 Electricity 300 148 200 276 74% 240 136 100 0 LTM Q2 20 Pampa Energía ⚫ 7

Pampa Energía at a glance Key financial figures LTM as of Q2 20, US$ million Net debt 2 Market cap 3 Sales Adjusted EBITDA 2,807 773 1,523 678 Power generation 659 354 359 na 98.2% E&P 362 107 842 na 100% Petrochemicals 265 3 - na 100% Holding + intersegment (133) (2) (2) na 100% Electricity distribution 1,226 88 70 162 55.1% Power transmission 208 121 15 162 26.3% Gas midstream 667 321 264 723 27.6% M. Cebreiro wind farm 28 24 99 na 50% E. Barragán power plant 184 160 247 na 50% Pampa Energía ⚫ 8

Outstanding balance sheet to weather a challenging environment Key leverage figures, as of June 30, 2020 1 , US$ million Consolidated with Affiliates at ownership 3 Restricted Group Edenor affiliates at ownership After Q2 2020: Debt 2 1,591 150 416 2,158 ✓ Cash 393 81 161 635 ✓ Net debt 1,198 70 255 1,523 ✓ LTM adj. EBITDA 462 91 223 773 Net leverage 2.6x 0.8x 1.1x 2.0x Pampa Restricted Group principal debt profile and breakdown, net of repurchases 646 ECA 2% Int'l AR$ % % US$ Banks Bonds 11% 430 89% 9% 87% 293 Local bonds 2% 98 80 8 8 Pampa Energía ⚫ 9

Power generation

We are the largest independent power producer in Argentina Operating 15 power plants Argentina’s power generation across Argentina market share 1 Pampa 12% Gov't owned CEPU 28% 11% 133 4,944 MW installed capacity TWh ENEL + 295 MW under construction 4 10% 5,239 MW total capacity Other AES private Co. 9% YPF 25% 5% 59% 41% Pampa’s historical availability v. peers, in % 1 1 1 1 1 1 1 1 1 1 1 Pampa Energía ⚫ 11

Genelba Thermal Power Plant One of the most important milestones in Pampa Energía’s history COD on time despite COVID-19 pandemic Existing CCGT New CCGT Aerial view of CTGEBA, 2020 Pampa Energía ⚫ 12

Ensenada Barragán Thermal Power Plant Ensenada Barragán Thermal Power Plant Key infrastructure project for Argentina’s electricity supply Works resumed with the strictest protocols in place Aerial view of CTEB, 2019 Pampa Energía ⚫ 13

Oil & gas exploration & production

Pampa is a leading independent gas producer in the country Pampa is a key player in domestic gas 1 Argentina’s unconventional gas market share 1 #3 Pampa #2 6% 11% Production from 12 blocks: 47 kboepd 2 54 808 mcm/d 6 exploration blocks Natural gas: 7.1 mcm/252 mcfpd 87% 91% 97% Pampa’s proven reserves Crude oil Crude oil: 4.8 kbpd 10% 98% 57% ND 48% P1 reserves @ Dec 2019: 135 million boe % 1.3x 4/135m boe shale reserves Dev'd Gas Interest over 8% of Vaca Muerta’s 52% 90% shale gas acreage Pampa Energía ⚫ 15

Our strategy is to produce gas in the best areas in Argentina Neuquén basin blocks, in mcmpd This four areas jointly already produce ~10 mcm/345 mcfpd, 9% of Argentina’s total gas production 1 • • • • • • Parva Negra Este • • 3.7 3.6 4.2 4.2 3.3 3.0 Sierra Chata 2.5 2.8 2.5 2.1 2.1 1.5 El Mangrullo • • Las Rincón del Mangrullo Tacanas Río Neuquén • • Norte • • • • 1.4 1.3 1.3 1.3 1.2 4.9 4.7 1.0 3.6 2.3 2.2 1.5 Key Productive Blocks Key Exploration Blocks Pampa Energía ⚫ 16

Enormous upside potential from our presence in Vaca Muerta Seven blocks in Vaca Muerta play map 1 , represented 8% of Pampa’s 2019 production DRY WET GAS GAS VOLATILE BLACK OIL OIL Pampa Energía ⚫ 17

Utilities

Edenor is the largest electricity utility in Argentina Pampa Energía ⚫ 19

Transener operates the largest high voltage grid in Argentina Business overview • Transener operates, maintains and supervises 20,980 km of high-voltage electricity lines in Argentina, holding 85% of market share ▪ Transener was privatized in July 1993 with an exclusive 95- year concession, operates 12,383 km of lines and 50 substations, as well as supervises 2,106 km and 7 substations ▪ Transba was privatized in August 1997 with an exclusive 95- year concession, operates 6,491 km of lines and 104 substations Corporate structure Free float Pampa Energía ⚫ 20

TGS is the Argentine natural gas’ backbone Business overview Natural gas transportation The largest gas transportation company of Argentina and LatAm • Transports around 60% of the country’s total gas consumption • Concession until 2027, extendable for additional 10 years NGL processing #2 producer in Argentina, with +1m ton/year of capacity • Exports ~36% of production • Ethane is sold to Dow Chemical under a US$ contract Midstream BOT of Vaca Muerta gas gathering pipeline • 60 mcmpd capacity pipeline and 3 treatment & compression facilities Telecommunications Through Telcosur, provides data services using microwave & fiber optics Corporate structure Share of total gas production Sielecki Safra San Jorge 9% Austral % 26% Free 50% 50% 85 mcmpd Transportation capacity Neuquén CIESA 61% float 2.1% Pipeline length 9,231 km 51% 24.0% 22.9% Noroeste 76% LTM load factor 4% Direct ownership Indirect ownership Pampa Energía ⚫ 21

The development of Vaca Muerta : TGS’s projects under assessment Gas transportation @ Neuquina basin In mcm/bcf per day Capacity 2017 2018 2019 2020 Pampa Energía ⚫ 22

Bottom line

Pampa Energía: upsides and opportunities Oil & gas upstream Power generation Capital discipline Strong balance sheet Pampa Energía ⚫ 24

Back up

Reporting considerations Q2 2020 Q2 2019 Reporting How Pampa reports FC US$ FC US$ FC AR$ @ FC AR$ @ June 30, 2020 June 30, 2019 Inflation = 3% Inflation = 5% Devaluation = 9% Appreciation = 2% Pampa Restricted Group Pampa consolidated non-GAAP • • • • • • • Pampa Energía ⚫ 26

Q2 2020’s key takeaways Consolidated figures, in US$ million Revenues 1 Consolidated adjusted EBITDA 1 900 271 300 80% 723 900 221  800 70% 250 544  700 60%  200 600 50% 31% 30% 120   500 150 40% 400 30%  ✓ 300 100 20% 200 ✓ 22% 50 10% ✓ 100 0 0 0% Q2 20 Q2 20 Capex Pampa Restricted Group+Edenor Consolidated adjusted EBITDA breakdown 1,2 180 24% 180  160 140 % 120  67 63 100 80  60  40 76% 20 0 Q2 20 Pampa Energía ⚫ 27

Lockdown negatively impacted on Argentina’s GDP, although power generation proved resiliency Argentina’s net electricity demand, monthly average in MW Q2 Pampa Energía ⚫ 28

Power generation smoothly performed despite challenging environment Adjusted EBITDA 1 , in US$ million Generation performance, in GWh 4,608 114 100% 100 3,727  95 120 3,461 4, 500 90%   4, 000 100 71% 3, 500 80% 80 3, 000 ✓ ✓ 70% 2, 500 60 ✓ 2, 000 49% 68% ✓ 60% 40 1, 500 ✓ 1, 000 50% 20 ✓ 500 - 40% - Q2 20 Q2 20 Main news Availability performance, in % to installed capacity • 98.6% • 96.6% 95.3% ✓ Q2 20 Pampa Energía ⚫ 29

COVID-19 lockdown and fall season: a tough combination for gas Nation-wide gas demand, monthly average in bcf per day Q2 Pampa Energía ⚫ 30

Our production remained stable despite collapsing prices Adjusted EBITDA 1 , in US$ million Production performance, in kboe/d 48.5 53 46.0 43.7 140% 50 120% 29 100% 40 48% 80%  30 60% 40% ✓ 20 6 34% 20% 10 11% ✓ 0% - -2 0% Q2 20 Q2 20 Crude oil sales, in kbbl/d 20.8 5.3 4.9 6. 0 4.1 5. 0 4. 0  3. 0 2. 0  1. 0 ✓ - Q2 20 Pampa Energía ⚫ 31

Our production remained stable despite collapsing prices Gas sales, in mcf/d Weighted avg gas price for Pampa, in US$/MBTU 1 282 259 253 3.3 300 3.1 3.1 250  2.6 ✓ 200 2.0 150  100 50 ✓ - Q2 20 Q2 Main news Destination of our sales, YTD as of June • Gas tenders for power generation and pricing environment • Operating update Pampa Energía ⚫ 32

Q2 2020’s key takeaways Consolidated figures, in US$ million Q2 20 4 Net income to shareholders Q2 19 Q2 20 Pampa Energía ⚫ 33