Pampa Energia : Approval of New Corporate Reorganization Process and Share Repurchase Program

Release

Buenos Aires, April 27, 2018. Pampa Energía S.A. ('Pampa' or the 'Company'; NYSE: PAM; BCBA: PAMP) informs two relevant events:

Shareholders' Approval of New Corporate Reorganization Process

In relation to the releases dated August 23, September 22 and December 21, 2017, on the date of today the Company informs that the General Extraordinary Shareholders' Meeting of the involved companies resolved to approve the merger of Pampa -as absorbing company- with Bodega Loma la Lata S.A., Central Térmica Güemes S.A., Central Térmica Loma de la Lata S.A., Eg3 Red S.A., Inversora Diamante S.A., Inversora Nihuiles S.A., Inversora Piedra Buena S.A., Pampa Participaciones II S.A. and Petrolera Pampa S.A. -as collapsed companies- in accordance with the terms of the Prior Merger Commitment agreement executed on December 21, 2017.

Share Repurchase Program

In light that there is a divergence between the valuation implied from the fair value of the Company's assets and the quoted price of Pampa in the stock exchanges, which the latter does not reflect the fair 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 funds availability, today the Board of Directors of Pampa approved the repurchase of own shares under the following terms and conditions:

• 1. Maximum amount: up to US$200 million;

• 2. Maximum quantity and price: repurchased shares booked at equity shall not surpass the limit of 10% of Pampa's capital stock (the Company currently holds 5,4 million of repurchased shares, equivalent to 0,29% of the capital stock, as a result of the repurchases to fund the compensation plan in shares benefiting the Company's key personnel) and up to a cap price of AR$50 per ordinary share listed at the Bolsas y Mercados Argentinos S.A. stock exchange or US$60 per ADS listed the New York Stock Exchange;

• 3. Period in force: 120 days as from the next business day following the disclosed repurchase date to the market and subject to any period 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, Pampa will inform its directors, syndicates and senior managers that they are forbidden to sell their own shares -whether directly or indirectly held- while the period is in force.

For further information, contact:

Gustavo Mariani - Vice-president Ricardo Torres - Vice-president

Mariano Batistella - Planning, Strategy and Affiliates Executive Director Lida Wang - Investor Relations Officer

Maipú 1, (C1084ABA), Buenos Aires, Argentina Phone: +54 (11) 4344 6000http://www.pampaenergia.com/irinvestor@pampaenergia.com