Extract (with a PortableApps folder at the device's root) and run PandoPortable.
Drag'n drop Pando file in window to open Pando files.
You can also drag'n drop the Pando file on PandoPortable: it will launch Pando and open the file.
Don't forget to exit (right-click in systray) before shutting down Windows.
Settings of installed Pando should be preserved.

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