Pampa Energía S A : IX Share Buyback Program

Release

Buenos Aires, March 1, 2021. Pampa Energía S.A. ('Pampa' or the 'Company'; NYSE: PAM; ByMA: PAMP) informs that the repurchase of own shares plan approved on October 30, 2020, amended on December 28, 2020 is about to expire, and that the Board of Directors of Pampa approved the program to repurchase own shares. To make this decision, the Board of Directors took into consideration the existence of 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.

Below it is described the terms and conditions for the new share repurchase program, which will be in force as from the business day following this repurchase program 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 liquidity seeking to strengthen the share at the market;

2. Maximum amount: up to US$30 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, and up to a price of US$16 per American Depositary Receipt ('ADR') in the New York Stock Exchange ('NYSE') and up to AR$92.16 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 September 30, 2020. 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 - CEO
Gabriel Cohen - CFO
Lida Wang - IR and sustainability officer

The Pampa Energía Building
Maipú 1, (C1084ABA), Buenos Aires, Argentina
Phone: [phone]
ri.pampaenergia.com/en
[e-mail]