Pampa Energia Group Initiation

The Pampa Energia Group provides investors with exposure to the full energyvalue chain in Argentina, making it one of the most unique energy companiesin Latin America with a seasoned management team that managed to stayafloat when the regulatory regime in Argentina was adverse and is now set tothrive following energy reforms. The Group is set to benefit from unheard of (inrecent Argentine history) pricing visibility across all its segments at the veryleast through the medium term. Positively, the group is undergoing areorganization that is set to simplify its complex corporate structure; this willbring the vast majority of its consolidated cash flow generators under theparent company (which used to operate in a more holding company fashion)..