II Share Repurchase Program

Release

Buenos Aires, June 22, 2018. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; BYMA: PAMP) informs that, given it is almost close to reach the maximum amount to be invested under the previous share repurchase plan approved by Pampa’s Board of Directors on April 27, 2018, in addition that still remains a difference between the value of the Company’s assets and the quoted price of Pampa in the stock exchanges, which the latter does not reflect the value or the economic reality that currently hold nor its upside potential in the future, resulting in detriment of the Company’s shareholders interest, as well as the Company considers that holds a strong cash position and availability of funds, today the Board of Directors of Pampa approved the repurchase of own shares under the following terms and conditions, that will be effective once the previous repurchase plan approved on April 27, 2018 is completed:

1. Maximum amount: up to US$200 million or the lower amount that results of reaching the repurchase of 10% of Pampa’s capital stock;
2. Maximum quantity and price: repurchased shares in treasury shall not surpass the limit of 10% of Pampa’s capital stock (the Company currently holds 99.3 million repurchased shares equivalent to 5.12% of the capital stock) and up to a cap price of AR$62 per ordinary share listed at the Bolsas y Mercados Argentinos S.A. stock exchange (‘BYMA’) or US$55 per ADS listed the New York Stock Exchange (‘NYSE’);
3. Period in force: 120 calendar days as from the next business day following the disclosed repurchase date under this plan to the market and subject to any period renewal or extension decided by the Board of Directors, which will be duly informed; and
4. Internal communication: as long as the Company’s share repurchase program is in place, directors, syndicates and senior managers of Pampa are forbidden to sell their own shares —whether directly or indirectly held— while the period is in force.

For further information, please contact:

Gustavo Mariani – Vice-President
Ricardo Torres – Vice-President
Mariano Batistella – Planning, Strategy and Affiliates Executive Director
Lida Wang – Investor Relations Officer

The Pampa Energía Building
Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: +54 (11) 4344 6000
http://www.pampaenergia.com/ir
investor@pampaenergia.com