Pampa Energía S A : Letter dated December 1st, 2021, addressed to Comisión Nacional de Valores and Bolsas y Mercados Argentinos S.A., entitled “Relevant Event. Acquisition of own Shares in the terms of art. 64 of the Capital Market Law and the National Securities Commission regulations.” - Form 6-K

We are addressing to you, in accordance with article 11 of Chapter I, Title II and article 2, Chapter I, Title XII of the National Securities Commission ("Comisión Nacional de Valores" or "CNV") Regulations (AR 2013), to inform that, on the date hereof, the Board of Directors of Pampa Energía S.A. (the "Company" or "Pampa") approved the repurchase of own shares, in accordance with Article 64 of Law 26.831 and the CNV Regulations. Below it is described the terms and conditions:

1. Purpose: Contribute to the reduction of the difference between the Company's fair value based on its assets value and the quoted price from stock exchange, seeking to strengthen the market by efficiently applying the Company's strong cash position; and/or to the delivery of shares as payments under the Stock-based Compensation Plan approved by Pampa's Board of Directors on February 8, 2017 and ratified by the Shareholders Meeting on April 7, 2017.

2. Maximum amount to repurchase: US$30,000,000 (Thirty million United States Dollars) or the lower amount that reaches the repurchase of 10% of Pampa's capital stock. The repurchase amount shall never surpass the limit referred to in item 6.

3. Maximum amount of Pampa shares or maximum percentage of Pampa's capital stock subject to the repurchase: Repurchased shares in treasury shall never surpass the limit of 10% of Pampa's capital stock. In accordance with Article 64 of Law 26.831, the shares to be acquired will be fully paid-in.

4. Daily limit of the transactions in the Argentine Market: According to regulations, 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 trading days, calculated from the stock markets that the Company is listed.

5. Price to be paid per share: Up to US$19 (Nineteen United States Dollars) per ADR in the New York Stock Exchange and up to AR$167 (Sixty-Seven Hundred Argentine Pesos) per share in the Bolsas y Mercados S.A.

6. Source of funding: Realized and liquid earnings and/or the Company's Voluntary Reserve, as per the Financial Statements as of September 30^th, 2021. It is noted that the Company has the liquidity necessary to perform the aforementioned acquisitions without affecting the Company's solvency.

7. Period in which the acquisitions will be carried out: The Company will be repurchasing ordinary shares for a 120-day period as from the start of this Plan, and subject to any period renewal or extension decided by the Board of Directors, which will be duly informed.

8. Internal communication: As long as the share repurchase plan 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.

Sincerely yours,

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María Agustina Montes

Head of Market Relations