VII Share Buyback Program

Release

Buenos Aires, April 13, 2020. Pampa Energía S.A. (‘Pampa’ or the ‘Company’; NYSE: PAM; ByMA: PAMP) informs that the Board of Directors of Pampa approved today the program to repurchase own shares. To make this decision, the Board of Directors took into consideration the markets’ volatility and the 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. Also, the Board of Directors took into account the Company’s strong cash position and availability of funds.

Below it is described the terms and conditions for the new share repurchase program, which will be in force once the end of share repurchase program approved by the Board on March 9, 2020 is communicated to the market and as from the business day following the repurchase date is disclosed in the media to the market:

1. Purpose: to reduce the difference between the Company’s fair valuation based on its assets’ value and the quoted price from stock exchanges, by efficiently applying the Company’s strong cash position seeking to strengthen the share at the market. Moreover, some repurchased shares may be applied to the execution of specific plans approved within the stock compensation program for employees;

2. Maximum amount: up to US$20 million or the lower amount that reaches the repurchase of 10% of Pampa’s capital stock, and shall never surpass the limit referred to in item 5;

3. Maximum quantity and price: repurchased shares in treasury shall never surpass the limit of 10% of Pampa’s capital stock (currently the Company holds 4.4 million repurchased shares equivalent to 0.27% of the total issued capital stock, corresponding to the employee compensation plan), and up to a price of US$10 per American Depositary Receipt (‘ADR’) in the New York Stock Exchange (‘NYSE’) and up to US$0.40 equivalent in Argentine Pesos per ordinary share in the Bolsas y Mercados S.A. (‘ByMA’);

4. Daily limit of the transactions in the Argentine market: according to regulations of the Argentine Capital Markets Act, the daily quantity of shares to be repurchased in the Argentine market shall be up to 25% of the share’s average daily trading volume for the 90 prior business days;

5. Source of funding: realized and liquid earnings and/or the Company’s Voluntary Reserve, as per the Financial Statements as of December 31, 2019. It is noted that the Company has the liquidity necessary to perform the aforementioned acquisitions without affecting the Company’s solvency;

6. Period in force: 120 calendar days as from the entry into force of this share repurchase program, subject to any period renewal or extension decided by the Board of Directors, which will be duly informed; and

7. Internal communication: as long as the share repurchase program by the Company is in place, directors, statutory auditors and senior managers will be informed that they 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 – Chief Executive Officer
Ricardo Torres – Vice-President
Mariano Batistella – Planning, Strategy, Downstream and Affiliates Executive Director
Lida Wang – Investor Relations Officer

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