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Code of Market-Related Policies and Practices CODE OF MARKET- RELATED POLICIES AND PRACTICES Petrobras Energía Participaciones and Petrobras Energía (the Company) commit themselves to comply with guidelines applicable to Companies engaged in the Public Offering of Negotiable Securities, and its Administrators commit themselves to exercise their powers and functions for the achievement of the Company`s goals and interests by serving the Company with loyalty and diligence and protecting investors by giving them equal treatment. To that effect, we have adopted adequate Corporate Governance policies and practices according to the provisions set forth in the following “Code of MarketRelated Policies and Practices”. The Policies and Practices included in this Code refer to all Negotiable Securities issued by the Company, whether they are traded in Stock Exchanges and Securities Markets or any other trading environment. I. Disclosure of Information to the Market Transparency in communications is one of the principles guiding the conduct of the Company’s business. The Company considers that a proactive communication policy, based on principles including “full disclosure”, “transparency”, “efficiency”, “investor protection”, and “equal treatment among investors”, is the condition required to generate value, reduce capital costs, broaden the investor base, consolidate and maintain the trust of investors and other information users, and comply with all applicable formal and regulatory requirements. In addition to the information that must be disclosed to the pertinent regulatory agencies (e.g., Stock Exchanges, National Securities Commission (Comisión Nacional de Valores, etc.) or within the framework of informative and legal requirements, the Company shall disclose–in a straightforward, trustworthy, sufficient, timely, clear and consistent manner– all information deemed relevant. Information regarded as relevant by the Company is any information regarding facts or situations that, due to their significance, may substantially affect the placement of Company Negotiable Securities and their market trading course or influence investor decisions. Relevant information shall be disclosed by means of a Press Release sent to all communications media and posted on the Web page. Whenever possible, the Company shall avoid the disclosure of relevant information during trading hours in the markets where its securities are listed. The Company has established Procedures for the Disclosure of Information to the Markets related to criteria, scopes and processes, including the creation of a Disclosure Committee as a permanent internal body whose mission is to ensure that the process of generation and disclosure of information to the market is based on principles stated above in the proactive communications policy. In compliance with the guidelines of the Public Offering Transparency Regime, the Company designates, through a resolution issued by the Board of Directors, one or more individuals to act as “Market-Relations Responsible Party” in charge of the communication and disclosure of information regarding relevant facts or situations according to such guidelines. The Disclosure Committee Secretary shall perform the duties of the “Market-Relations Responsible Party”. II. Negotiable Securities Trading Any person who, by reason of his/her office or position, or delegation of responsibilities to employees at different company level or by reason of a temporary or accidental relationship with the Company may have access to privileged information, shall keep such information confidential and shall not use it to obtain for themselves or for others advantages arising from the purchase or sale of securities of the Company or its Controlled and/or Affiliate Companies. Privileged information is defined as information that, although relevant, has not been publicly disclosed. In addition, these individuals shall not trade securities of the Company or its Controlled and/or Affiliate Companies prior to disclosure to the market of relevant facts or situations related to the company’s businesses. Regular and alternate Directors, Administrators, Statutory Auditors and Managers designated by the Board of Directors as well as Controlling Shareholders shall inform the NATIONAL SECURITIES COMMISSION (COMISION NACIONAL DE VALORES) (CNV) and self-regulating entities, under the form of a sworn statement and according to the provisions established by supervisory control agencies, the number and class of Company securities held by them. According to the provisions established by the Argentine supervisory control agencies, the Company shall furnish the list of individuals subject to this obligation. It shall also comply with the Securities and Exchange Commission (SEC) regulations on matters related to the inclusion in their annual report of information related to securities held by such individuals. Individuals with access to privileged information shall abide by the Guideline approved by the Company in order to establish an information disclosure mechanism related to ownership and movement of securities. III. Conduct of Company Members All employees of Petrobras Energía and its Controlled Companies have the obligation of loyalty and diligence to the latter and its controlling company Petrobras Energía Participaciones and must therefore conduct themselves in such a manner to avoid situations that may somehow result in a conflict of interests or affect their businesses and operations, acting according to the provisions established in the Company’s Code of Business Conduct and Ethics IV. Investor Relations The Company shall provide transparent and accurate information to the entire market on a timely and consistent manner for the entire investing community. The Company’s Investor Relations Management shall be responsible for furnishing information to investors (main institutional and individual investors, market analysts, etc.). Should an error be detected on the information disclosed, the Company commits to correct such information. If the error detected is material or relevant, correction thereof shall be disclosed through the same media used to disclose the original information. If the error is otherwise considered immaterial or irrelevant, it will be corrected on the information furnished through the Web page. The Company may provide reasonable forward-looking information to enable the market to evaluate the Company`s outlook appropriately and shall update such information where necessary. The Company shall not comment on market rumors unless they may affect the price of the Company’s securities, in which case the Company will evaluate the possibility of issuing a Press Release confirming or denying such rumors. The Company will initially adopt the policy to neither support recommendations on investments submitted by analysts nor comment on their conclusions or projections, which must reflect independent opinions. As regards analyst reports, when deemed appropriate, the Company shall be restricted to correcting historical fact errors or clarifying misconstrued press releases, as well as pointing out information omissions which are of public domain. V. Transactions among Related Parties Acts performed or agreements entered into by the Company with a Related Party shall have the same treatment as those performed or entered into on an arm`s length basis. Acts performed or agreements entered into by the Company with a Related Party and involving a relevant amount shall be supported at least by a grounded opinion issued by the Audit Committee, which shall recommend whether the terms and conditions of the transaction may be reasonably considered adequate under regular and customary market conditions. In addition to the Audit Committee’s opinion, the Company might request the opinion of two independent rating agencies. A transaction made with a Related Party shall be deemed to involve Directors or Executives, members of the Supervisory Committee, companies holding control over or a significant interest in the Company or in its Controlling Company, Companies under the control of its Controlling Company, or Companies where any of the above may, directly or indirectly, have a significant interest.