YPF Sociedad Anonima

Good afternoon, ladies and gentlemen. Welcome and thank you for joining us in this special day. Today we celebrate the 30th anniversary of YPF on New York Stock Exchange. Before we start, I would like to point that you have some paper and pens on your table in case that you have any questions, we will collect it at the end. is an integrated energy company which generates energy efficiently and reliably through the development and production of conventional and non-conventional gas and oil and renewable sources such as wind, sand, land and water. With the development of Vaca Muerta Geological Formation, YPF is a leader in the production of unconventional hydrocarbons in Latin America. And through three industrial complexes located in La Plata, Lujan de Cuyo, and Plaza Huincul, it generates fuel, petrochemicals, and lubricants, offering a full range of products with a strong commercial presence in retail, agriculture, industries and LPG. YPF has as well a logistic network to supply more than 1,500 service stations across the country. And because of that, it has become the network with the largest coverage in Argentina. YPF is a leader in the fuel market. Its products ensure performance, adequate protection for each engine design, sustainability and environmental care. It provides electric power to Argentina, with thermal generation plants a renewable energy source, as well as fertilizers and special products to the entire Argentinian countryside. In addition, starting this year, YPF has embarked on the search and exploitation of lithium in the country, together with CONICET, the National Scientific and Technical Research Council. They formed Y-Tech, a technological innovation and development company for energy production. And now, yes, it's the moment to hear from the director and chairman on the board of the directors, Pablo Gonzalez. And later on, the CFO, Alejandro Leo, along with the CEO, Pablo Juliano, are going to share with us the annual results for 2022. Thank you.

Good morning to everyone present. Thank you very much for joining us on this day so important for YPF and I would say for Argentina. You know that YPF has a social composition of 51% of the national state. Of that 51%, 26% is the national state and another 25% of the production provinces. And the other 49% is listed here, in the New York Stock Exchange. That is why I want to thank the New York Stock Exchange for lending us the place to be able to celebrate our 30 years of entry to the stock exchange. I want... there are many friends, I hope, surely some will forget me, but I'm going to try to name those who are with us today and who are with us with their presence. First to the Argentine ambassador to the United States, to my friend, my dear personal friend Jorge Arguello, a person who is permanently close to YPF and helping YPF. And many of the achievements that we are going to tell you now that we have had fundamentally last year and the previous one, Jorge is also part of this. To Flavia Rollón, to the Energy Secretary, who accompanies us and who also obviously works with us on a daily basis. Agustín Jerez, the president of Narsa, who is doing an uncomfortable task with Mr. Kirchner's gas station. among others, among others of his works, the product that will be finalized on June 20. I also want to thank the presence of the Consul of Santiago Villalba, I want to thank Carlos Raimundi, to you Carlos, thank you for being here. I also want to thank the journalists who have come to Argentina to accompany us, to cover this event. Thank you for being here. And I want to thank the workers and the workers of YPF. I also want to thank the unions related to our activity. They are the ones who have achieved what we are now going to announce, much of which was announced yesterday when the Directorate approved the balance of last year, but the projects that we are going to tell you now can only be carried forward by what is the most valuable thing that IPF has, which are not its reserves, but its people, its workers and its workers who have managed to reverse a situation that in the year of the pandemic determined to lose a billion dollars to this reality of growth that today that we are here to tell you. I would also like to thank the trust of the President of the Nation and the trust of the Vice President of the Nation, who had the vision in 2012 to create, to recover YPF and create this associative system between the public and the private that is bearing fruit. Yesterday the Directorate approved the memory of the financial state of the year 2022. I'm going to give you two or three more data because the rest will be explained better than me, Pablo and Alejandro. The 7.2% production jump in equivalent barrels is indeed the most important organic jump in the last 25 years. Compared to 2014, there was a higher interannual organic drop, but it was due to an absorption. At that time, in 2014, the Apache company was bought, and you know that it is not the same as drilling wells and putting them in production, that buying a company with wells in production. I say this for something that I have read today in some medium of my country. 7.2%. In equivalent barrels we have grown last year. Last year we had revenues of 18,757 million dollars. And we had expenses of 13,682 million dollars. We had an EBITDA of 4,947 million dollars. It is one of the highest EBITDAs in the company's history. It is one of the highest EDIPTAs in the history of the company. And you know that when I talk about EDIPTA, I am talking about the development of wells, I am talking about efficiency, I am talking about work, I am talking about a growth both in oil and gas, which is the heart of YPF, which was not registered many years ago. In CAPEX, we, post-pandemic, We had a year of 2,700 million dollars. Last year, the Directorate approved a CAPEX of 3,700 million dollars. Look, at the end of the year we corrected it to 4,100 million dollars. And this year, the Directorate has approved a budget of 5,500 million dollars. We have prudently reduced it a little to see the financial year and the context as it tells us to continue, but it is a year of growth. Evidently and absolutely it is a year of growth. In terms of gas, you know that the dead cow reserves are 308 trillion cubic feet and Argentina consumes 1.8 trillions of cubic feet per year, with which we have reserves for 170 years at this level of consumption. What is IPF doing? It is carrying out an associative process with one of the largest projects of the last few years, which means nothing more and nothing less than monetizing those gas molecules and exporting GNL to the world. We are waiting for the National State to refer to the National Congress the Marco Law and from there a different work begins. Every three months we have committees of work with Petronas. Two days ago we were with the CEO of Petronas and Houston. It was a very good talk and the truth is that The final reflection of the last committee... Of course, I am a lawyer. The final reflection of the last committee was... All of them, both the executives of Petronas and YPF, said, well, the work of lawyers and accountants is over, and now the work of engineers begins. That is, we have been carrying out a process that will determine, tomorrow, export 25 million tons annually, at the peak of the project. That means approximately 460 ships. We are going to make a gas pipeline, very similar to the one here, it helps us a lot, the expertise that Enarsa has had and how Enarsa has led that process. Once this gas pipeline is finished, there will be a Petronas ship and from there the platforms will be built. Also today we are going to tell you that one of the objectives that we are going to have is to see how we get, we associate ourselves to be able to exploit the reserves that the australian basin has in Palermo-Aique. When I told you that the reserves of Vaca Muerta were of 308 trillion cubic feet, we thought that the potential of Palermo-Aique is in the 130 trillion cubic feet. This is a challenge that we have already started to talk with our partners, with the IPF partners that have accompanied us during these years. In terms of oil, you know that Vaca Muerta has 16 billion barrels of reserves. IPF production has been growing last year in non-conventional, interannual oil, and IPF has grown by 47% of production. Still, conventional oil produced by IPF is superior to non-conventional oil. But it won't take long, obviously, for it to surpass it in gas. It is already surpassing it. In gas. Non-conventional gas from IPF is already surpassing the production of conventional gas. 38 million cubic meters. We believe that it is time to also look at the Moaiq in oil where we think that there may be 6.6 billion barrels to be able to exploit. We have also advanced with offshore and we have the possibility to carry out a potentiality that I do not say that it will be similar to Permian, but it also gives it great possibilities of IPF. There are about 7.5 trillion barrels that are believed to be there. We have had a meeting with Equinor about 48 hours ago. It is the first time that the highest authorities of the IPF meet with the highest authority of Equinor, where we are willing to keep moving forward. Always respecting environmental standards, always investing in energy transition, always enhancing IPF-Luz. In 15 days we are going to inaugurate the first solar part of YPF in San Juan, a project called the Sonda. It is an investment of 300 million dollars and we are about to add 200 million dollars more. We have incorporated, we are incorporating a new wind farm to YPF Levalle in Córdoba with an investment of 150 million dollars and today YPF is the second producer of renewable energy in Argentina with 400 mega. Therefore, while the heart of YPF is oil and gas, YPF will continue to invest in renewable and clean energy as well as lithium YPF and will continue to project a new Argentina through ITEC. I wanted to give you some data, nothing more. The rest will be explained by Pablo and Alejandro. I have to thank the director of YPF I have to thank everyone who permanently collaborates with us. Last year, a journalist told me, what you are saying is very good. We see that investors do not gain confidence. Something is happening. The numbers indicated that we were growing in production, that we had very good standard of efficiency, that we are close to Permian in our levels of efficiency, that our people have learned, that this cost of development is a cost of development that has taken us ten years. We have gone from a conventional exploitation in decline to a non-conventional exploitation that marks the future of Argentina. From this talk with this journalist, here. In the New York Stock Exchange, where I suppose that, let's say, something is understood, the financial system of the capital market, the IPO share has grown 130% in dollars. So, I thank you for your presence here. I ask you to continue to accompany us in these growth challenges. that we keep thinking and we all believe that this public-private system does work. It does work. And here are the numbers that they will explain to you much better than I do. So, to those who are listening to us in Argentina, happy 30 years, to the IPF workers, and thank you very much for joining us. Have a good day. Thank you very much. I give the floor to Pablo and Alejandro. We always joke with Pablo since IPF's CEO, the share price has increased by 130%. So I want to thank the work of all IPF in the name of Thank you all for coming.

Both of you listening on the live streaming, thank you for joining us. And all of you here coming to downtown Manhattan on a Friday afternoon. I know it's a lot of effort, so thank you very much for being here with us today. In terms of the financial release for the 2022 fiscal year and also the fourth quarter, we decided to spare you from the trouble of listening to us for like 30 or 40 minutes. So we decided to modernize ourselves and put it together in a 10-minute video, which we believe is going to be much more comfortable than listening to us. And after the video, Pablo and myself, we go through a strategic outlook presentation, which we believe is important. it's going to be also even more relevant for you to listen to us on that and, of course, into Q&A. So, if you can please go ahead with the video.