Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 40

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 40
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 daily rates in the month.  

  (3)      Represents the average of the lowest and highest daily rates from April 1 through April 15, 2025.  

Pursuant to Argentine law,
in the case that we pay dividends, we are required to determine the amount in Pesos. Exchange rate fluctuations will affect the U. S. Dollar
amounts received by holders of American Depositary Shares, on conversion by us or by the depositary of cash dividends on the shares represented
by such ADSs. Fluctuations in the exchange rate between the Peso and the U. S. Dollar will affect the U. S. Dollar equivalent of the Peso
price of our shares on the BASE and, as a result, can also affect the market price of our ADSs.

   6  

  Table of Contents  

RISK FACTORS

The following summarizes some,
but not all, of the risks provided below. Please carefully consider all of the information discussed in this Item 3. D. “ Risk
Factors” in this annual report for a more thorough description of these and other risks:

Risks Related to Argentina

  Our business, operational results                                                                          

  The policies or measures adopted                                                                                              
  by the Argentine Government from time to time may adversely affect the Argentine economy and the sectors in which we operate  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Exchange rate volatility may            
  adversely affect the Argentine economy  
 ──────────────────────────────────────────

  Inflation could adversely affect                   

  Argentina’s ability to                                                                                                                      
  obtain financing from international markets could be limited, which may impair its ability to implement reforms and foster economic growth  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Argentine corporations may be                                                             
  restricted from making payments in foreign currencies or from importing certain products  
 ────────────────────────────────────────────────────────────────────────────────────────────

  Argentine public expenditure                                  
  may generate negative consequences for the Argentine economy  
 ────────────────────────────────────────────────────────────────

  Failure to adequately address                                                                                                    
  actual and perceived risks of institutional deterioration and corruption may adversely affect Argentina’s economy and financial  
  condition                                                                                                                        
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

  Our operating costs could increase                                                                                               

  Government intervention in the                                                                                      
  electricity sector