Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 76

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 10
Chunk 76
---
Item 10. Additional Information— Exchange
Controls

”). Future restrictions on the movement of capital to and from Argentina such as those that previously existed could,
if reinstated, impair or prevent the conversion of dividends, distributions, or the proceeds from any sale of shares, as the case may
be, from Pesos into U. S. Dollars and the remittance of such U. S. Dollars abroad. Also, certain of our indebtedness includes
covenants limiting the payment of dividends. The current administration promised it will abolish all currency restrictions after taking
office but, as of the date of this report, such restrictions still remain. We cannot assure you that the Argentine Government will not
take similar measures in the future. In such a case, the depositary for the ADSs may hold the Pesos it cannot otherwise convert for the
account of the ADS holders who have not been paid. In addition, any future adoption by the Argentine Government of restrictions on the
movement of capital out of Argentina may affect the ability of our foreign shareholders and holders of ADSs to obtain the full value of
their shares and ADSs and may adversely affect the market value of our shares and ADSs.

ADS holders’ ability
to receive cash dividends may be limited