Cablevision Holding S.A.

Good morning and welcome to Cablevision Holdings conference call. My name is Anthony and I will be your conference operator today. After the speaker's remarks, there will be a question and answer session. You may submit your questions throughout the event by clicking in the submit a question box on your screen. Today, we will discuss Cablevision Holdings full year and last quarter 2022 results. This call is for investors and analysts only. Therefore, questions from the media will not be taken at this time. However, if you are a member of the media and have questions, please contact FIG Corporate Communications following the call. I will now introduce our speakers, Mrs. Samantha Olivieri, Head of Investor Relations, and Julian Paez, Senior Analyst. Additionally, Mr. Ignacio D'Aulet, Executive Director and Chairman, will also be available for today's Q&A session. The team will be discussing the results as per the earnings released distributed last Friday, March 10th. If you have not received the report or need any assistance during today's call, please contact FIG Corporate Communications in New York at 917-691-4047 or the company in Buenos Aires, at 5411-4309-3417. EVH has also posted the webcast presentation that can be found at www.cablevisionholding.com forward slash investors. Comments made by management may contain forward-looking statements about Cablevision Holdings' future performance plans, strategies, and targets. Such statements are subject to uncertainties that could cause Cablevision Holdings' actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of the impact and duration of Eastern Europe conflict, new or ongoing industry and economic regulations, possible changes in demand for Cablevision Holdings products and services, and the effects of more general factors such as changes in general market, economic, or in regulatory conditions. Please refer to the disclaimer in the earnings report or presentation for additional information regarding forward-looking statements. It is now my pleasure to turn the call over to Mrs. Samantha Olivieri. Please go ahead.

Thank you, Anthony. Good morning, everyone, and thank you for joining us. Before we begin our presentation, I'd like to take a moment to welcome Ignacio DeLolet. Ignacio took office as chairman of CBH and member of Telecom's board and executive committee, following Sebastian Bardengo's resignation last year for personal reasons. Ignacio has a long trajectory with Grupo Clarín, has been a member as the board of Cablevision SA, and before joining CBH, was corporate director of strategy at Grupo Clarín. He will certainly be a valuable addition to the company. We also wish Sebastián Bardengo success in his new endeavor. Today's call will begin with a brief macro overview and continue with a review of the company's income statements and operating results, followed by a review of the financial position. Before discussing our results for the quarter, let me share with you some highlights for the year of 2022 on slide four. During 2022, we collected dividends in kind from our subsidiaries for an equivalent of 12.4 billion pesos. We applied the bonds collected to pay dividends in kind to our shareholders, resulting in a gross dividend equivalent to approximately 64.23 pesos per share, and a gross dividend of 0.2116 U.S. dollars per GDR. We maintained a healthy cash position with most of the liquidity at CVH level in U.S. dollar accounts. As a result of an impairment of goodwill assets generated by the merger of Telecom and Caolevision, we ended the year with a negative net income. Consolidated net income attributable to equity shareholders amounted to a negative

hundred point seven billion pesos having gone with the overview for 2022 i will now pass the call to julian for the macro overview thank you samantha please move to slide five argentina's economic performance during 2022 was once again constrained by a significant uncertainty generated by the fiscal imbalance growing indebtedness for the public sector weak reserves an acceleration of the inflation rate and the gap between the official and financial exchange rates. This uncertainty was worsened by the Russian invasion of Ukraine at the end of February. The disruptions in the supply chain had a strong impact on the international prices, mainly in the food and energy industries, which resulted in a noticeable increase in the inflation rate globally. When we analyze 2022 at a local level, there are two main things to consider. The extended fund facility agreement with the IMF, International Monetary Fund, for 30 months and $44 billion, and the significant decline in the trade surplus position on the external front. Although the objectives agreed upon with the IMF of lower fiscal deficits at a primary level, lower direct assistance to the Treasury by the central bank and the accumulation of net reserves were accomplished, the high inflation at a global level triggered doubts about the ability to comply with the program, which also revealed itself as very sensitive to external shocks. This accelerated the loss of reserves, which difficulted reaching the goals set by the agreement and generated a disruption in the Treasury's access to financing in pesos. In addition, a double succession of authorities in the economic cabinet in July, with Silvina Matakis taking the place of Martin Guzman and later being replaced by Sergio Maza, who up until then had been the president of the Chamber of Deputies, meant a turn towards more restrictive policies. In 2022, the inflation index rose to close to three digits, twice the 2021 index. to which there was no similar record since 1991. This acceleration took place with no correlation to the official exchange rate parity and with lack relative prices, such as utility tariffs, monetary base, and wages and pensions adjusting below the price index. Despite the price acceleration, the GDP closes the year with an increase of around 5.5% to 6%, recording two years of recovery. This register impacted by a significant statistical drag clearly exhibits symptoms of deceleration in the last months of the year. The printing of pesos turned out to be more, turned out to be significant despite the cut agreed of treasury, treasury financing . The monetary authority in interest from its remunerated liabilities direct and indirect financing of the treasury and purchase of foreign currency from the private sector have sunk close to the equivalent of 8,000 million. The sterilization of such a high number of pesos, for which demand is continuously declining, from the stock of remunerated liabilities of the central bank mainly to end the year close to 10 billion, approximately 12% of the GDP, which represents more than twice the monetary base, more than double the figures of the end of 2021 and exceeds by 8.5 times the amount at the beginning of the presidential mandate, end of 2019. Finally, the external front presented a significant decline in surplus position despite registering the best terms of trade in Argentina's history. It is worth mentioning that the good commercial surplus will end the year close to $7,000 million, which is 53 below the $15,000 million of 2021. This compression is explained in part by a significant leap of energy imports, 120% more than in 2021, and paradoxically takes place even with the new record that the goods exports are expected to reach, close to $89,000 million, 70% higher than 2021. Argentina enters 2023 with no tailwind. Brazil is expected to decelerate, while given the weak estimates for harvest, China's expected growth won't be taken advantage of. The unprecedented drought hurts the economy and tends to enhance the macro imbalances, in turn questioning the strict adherence to the goal set with the IMF, and it is the size of the negative inheritance that the coming government will face. to the traveling beginning of the year must be added the political and economic uncertainties of a year in which presidential elections will take place. Project projections for 2023 are again less optimistic than official projections and are currently being revised downwards. A noticeable deceleration of activity to null or negative in the worst case scenario is expected and an inflationary dynamic similar to the one registered in 2022 or higher fueled in part by ongoing adjustments to certain relative prices, such as utility and transport tariffs, is also expected. In this complex setting, the continuity of current policies seems guided fundamentally to the compliance of the goals with the IMF and managing the economic imbalances, among them the new three-digit inflationary regime, close to surpass the 100% year-over-year measurement. Now I will pass the call back to Samantha.