Cablevision Holding S.A.

good morning and welcome to cable vision holdings conference call my name is mj 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 on the submit a question box on your screen today we will discuss cable vision holding second quarter 2023 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 SIG Corporate Communications following the call. I will now introduce our speakers. This is Samantha Olivieri, Head of Investor Relations, and Julian Paez, Senior Analyst. Additionally, Mr. Ignacio Joliet will be, excuse me, Executive Director and Chairman will also be available for today's question and answer session. The team will be discussing the results as per the earnings release distributed last Thursday, August 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. DBH has also posted a webcast presentation that can be found at www.cablevisionholding.com slash investors. Comments made by management may contain forward-looking statements about Cable Vision 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 the demand for Cablevision Holdings products and services, and the effects of more general factors, such as changes in the 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, MJ. Good morning, everyone, and thank you for joining us. 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. Having gone through the agenda for today's webcast, I will now pass the call to Julian for the macro overview.

Thank you, Samantha. Please move to slide four. Argentina's economic performance during the second quarter of 2023 followed the trend of the previous quarter with acceleration of the inflation rate and the gap between the official and financial exchange rates continuing to increase, now over 100%, heavily conditioned by the effects of one of the worst drops in our history and the uncertainty related to the presidential elections in the second half of the year. In the first six months of the year, the inflation index surpassed the three-digit mark reaching 115.6% year-over-year in June, while the number for the year-over-year inflation of June 2022 was 64%. This acceleration, the distortion of relative prices, and the gap in the official and financial exchange rates are symptoms of the economic imbalance, while the root of the problem lays with the worsening of the central bank's financials, which present negative net reserves, and a higher excess of pesos in the economy. The central bank's reserve position is being challenged by the effects of the severe drought affecting agricultural exports. The unprecedented drought, as well as the stronger pressure on the demand of dollars, hinders the ability to maintain the exchange rate parity, while it also affects the central bank's capacity of generating net reserves, further difficulting the compliance of the goals set by the IMF. The extended fund facility agreement with the IMF is currently off track as a consequence of a considerable discrepancy when comparing the economic variables to the plan for 2023 and the lack of compliance of the three rules set by said organism. IMF officers and the government authorities have reached a staff-level agreement on the reviews underway, upon which completion, Argentina will have access to a new disbursement, which was delayed in June, to help ease the effects of the drought. In the meantime, the policies by the enacting government have been focused on the stability not only of the exchange rates, but also of the current level of gap to the financial exchange rate. However, the constant need of interventions to sustain said parties push against the rising vulnerability in the net reserves and the schedule of debt services of the sovereign debt. On this last subject, it is worth mentioning that the end of June maturities of $2,700 million with the IMF were deferred by 30 days. The central bank's growth reserves are at a minimum of the current mandate in $24,000 million, as well as the lowest level since 2016, and present a decrease of close to $20,000 million since the beginning of the year, while net reserves are close to negative $10,000 million. Under these constraints, the unexpected PASO results create further uncertainty, and with the current dynamic, Argentina's economy will reach October in order conditions. Now, I will pass the call back to Samantha.