Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 49

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 49
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 payments outside Argentina and to comply with
their obligations and duties may be affected.

The Argentine Government could
maintain a single official exchange rate or create multiple exchange rates for different types of transactions, substantially modifying
the applicable exchange rate at which we acquire currency to service our outstanding foreign currency-denominated liabilities or even
dollarize the economy, as the current President Milei has expressed during his presidential campaign. We cannot predict what the impact
of such policy would be on the Argentine economy or on our financial position should it be adopted.

Additional volatility, appreciation
or depreciation of the Peso against the U. S. dollar or reduction of the Central Bank’s reserves because of currency intervention
could adversely affect the Argentine economy and our ability to service our debt obligations and could affect the value of our ADSs and
our common shares. We cannot assure you that the official exchange rate will not fluctuate significantly in the future. Despite the current
administration’s intention to further eliminate restrictions, there can be no assurances regarding future modifications to exchange
controls or if they will be totally eliminated for the short or long term. In the future, the Argentine Government may introduce new exchange
controls and/or strengthen the existing ones, create restrictions on transfers to other countries, restrictions on capital movement or
other measures in response to an eventual capital flight, further inflation or a significant depreciation in the Peso, measures that could,
in turn, affect our ability to access the international capital markets.

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We cannot predict whether, and
to what extent, the value of the Argentine Peso may depreciate or appreciate against the U. S. dollar or other foreign currencies, and
how these uncertainties will affect our businesses. Existing and future measures may negatively affect Argentina’s international
competitiveness, discouraging foreign investments and lending by foreign investors or increasing foreign capital outflow, which could
have an adverse effect on economic activity in Argentina, and which in turn could adversely affect our business and results of operations.
We cannot predict how these conditions will affect our ability to meet our liabilities denominated in currencies other than the Argentine
Peso. Any limitations or restrictions on transferring funds abroad imposed by the government could undermine our ability to access international
capital markets, pay dividends on our ADSs or make payments (of principal or interest) under our outstanding indebtedness in U. S. dollars,
as well as to comply with any other obligation denominated in foreign currency, to import certain products or goods that we use as inputs
or