Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 44

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 5
Chunk 44
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 10, 2023. Once in office, President Milei announced various “shock” measures
and policies, including the Decree 70/2023, which initiated a comprehensive series of measures designed to reform both the State and Argentine
economy. The decree made various amendments in several areas, such as economic, labor, foreign trade, energy and legal policy, often with
the goal of repealing relevant regulations. Additionally, significant adjustments were implemented in the Argentine Civil and Commercial
Code, mainly focused on foreign currency obligations, as well as easing of regulation of contracts and restrictions to judicial authority
in contractual intervention.

Although Decree No. 70/2023 became
effective as of December 29, 2023, it remains subject to congressional and judicial review. Decree No. 70/2023 was rejected by the Senate
on March 14, 2024, but, as of the date of this report, the House of Representatives (Cámara de Diputados) has yet to expedite
about the Decree. Also, legal actions are underway questioning Decree’s No. 70/2023’s constitutionality.

Concurrently with Decree 70/2023,
President Javier Milei submitted an “ Omnibus Law” bill to the National Congress, that included liberal economic measures and
a strong fiscal adjustment. The bill aimed to deregulate the economy, modernize the state by reducing ministries and structures of the
National Government, ease labor laws, and privatize state-owned companies. On February 6, 2024, the lower house sent back the Omnibus
Law bill to a legislative committee for consideration due to a lack of consensus, marking a major setback for the bill. Later, in April
2024, the National Executive Branch sent a new version of the Omnibus Law bill, with a more limited scope to the National Congress. On
June 27, 2024 the bill was approved by the National Congress, enacting the Bases Law.

Moreover, with mid-term congressional
elections taking place in 2025, the political and economic uncertainty remains high, and this may influence the ability of the National
Congress and the Executive Power to apply new political and economic measures, and affect those already in force, which may have a negative
effect on the Argentine economy and, therefore, may have unfavorable consequences for Pampa.

We cannot assure you that the
reforms spearheaded by President Milei will be sustained in the long term.