Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 26

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 26
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 the main objectives of
this regime is to encourage both domestic and foreign "Large Investments" in the country, strengthen competitiveness and economic
sector development, increase exports, foster job creation, and ensure a predictable and stable environment for investors.

The RIGI is designed for projects
in sectors such as forestry industry, tourism, infrastructure, mining, technology, steel industry, energy, oil, and gas, provided they
comply with the regime's requirements. VPUs have a two-year period from the effective date of the Bases Law to adhere to the regime, with
the possibility of a one-time extension for an additional year.

Requirements for a "Large Investment"
under RIGI

To qualify as a "Large Investment" under
RIGI, a project must meet the following conditions:

  Minimum Investment Amount: The project must meet a minimum investment threshold in eligible assets, varying  

  Investment Execution Timeline: Within the first two years after the approval of the investment plan, the                           

  Long-Term Nature: A project is considered long-term if the present value of its expected cash flow, relative  

Special Regime for “ Strategic Long-Term Export
Projects”

The RIGI also includes a specific
framework for "Strategic Long-Term Export Projects", aimed at positioning Argentina as a long-term supplier in international
markets where it currently holds little presence. These projects require a minimum investment of U. S.$ 2 billion, which may be executed
in U. S.$ 1 billion stages. While they receive special benefits, they must also meet the general requirements of the RIGI.

Tax, Customs, and Foreign Exchange Incentives

Projects qualifying under the RIGI will benefit from
a range of tax, customs, and foreign exchange incentives, including:

  A reduced corporate income tax rate of 25% for VPUs.  

  The ability for VPUs to pay VAT (including withholdings) on purchases, construction of fixed assets, or  

  The option to fully offset the Tax on Bank Debits and Credits against corporate income tax.  

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  Exemption from export duties during the first three years of the project.  

  Partial exemption from the requirement to settle foreign currency earnings from exports in the local exchange                                  

Current Project Applications under RIGI

As mentioned, both the Vaca Muerta
Oil Sur Project and the FLNG Project have applied for RIGI under the Strategic Long-Term Export Projects category. Vaca