PAMPA ENERGIA S A : New Share Buyback Program

Release

New Share Buyback Program

Buenos Aires, August 12, 2019. 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:

1. Purpose: to reduce the gap 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;
2. Maximum amount: up to US$50 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 84.8 million repurchased shares equivalent to 4.5% of the total issued capital stock, including 5.0 million shares corresponding to the employee compensation plan), and up to a price of US$25 per American Depositary Receipt ('ADR') in the New York Stock Exchange ('NYSE') and up to US$1 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 June 30, 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 business day following the repurchase date is disclosed in the media to the market and 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 more information, please contact:

Gustavo Mariani - CEO

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: [phone] ri.pampaenergia.com/en [e-mail]