Black River Asset Management LLC

Holdings History for Pampa Energy Inc. - Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs") (PAM)

Symbol: PAM on NYSE
Investment type: Equity / Common Shares, par value Ps.1.00 (the "Pampa Shares") American Depositary Shares, each representing 25 Pampa Shares (the "Pampa ADSs")

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
30 Jun 2015		-0.12%	$0	0	-10,000	-100%	$83.52	Q2 2015
31 Mar 2015	0.12%	+0.12%	$177,000	10,000	+10,000	NEW	$17.70	Q1 2015
30 Sep 2014		-1.5%	$0	0	-119,825	-100%	$83.52	Q3 2014
30 Jun 2014	1.5%	+1.5%	$1,174,000	119,825	+119,825	NEW	$9.80	Q2 2014

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.