Investor Presentaiton

4 Inflation has been showing an uneven behaviour, still remaining slightly above inflation target Headline Inflation (1) (YOY, in %) 12 10 8 7.9 6 4 2 Nov-19 May-20 Nov-20 May-21 Nov-21 Inflation expectation (next 12 months) Tradable and Non-Tradable Inflation (2) (YoY, in %) 16 12 -Tradable inflation Non-tradable inflation 07.0 8 8.0 7.8 Oct-22 4 Nov-19 May-20 Nov-20 May-21 Nov-21 (1) Source: National Institute of Statistics and Central Bank of Uruguay. Median inflation expectations based on Central Bank's market survey as of November 2021. (2) Source: Central Bank of Uruguay. 20

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