Investor Presentaiton

免責条項 This material has been prepared by the Oriental Republic of Uruguay (the "Republic") for information purposes only and is not intended to contain any information that may be necessary to assess the Republic or its financial status. The accuracy and completeness of the information and opinions contained in this material are not expressly or implicitly represented or guaranteed by or on behalf of the Republic. This material is not, or does not constitute, an offer to purchase or solicitation to purchase any security, nor does this material, in whole or in any part, form or be relied upon in the determination or commitment of any contract or investment. This material includes forward-looking statements. The words "believe," "may," "will," "aim," "estimate," "continue," "anticipate," "intend," "assume,” “budgeted," "target," "expect," "forecast" and similar words are intended to identify forward-looking statements. These statements are based on Republic's current plans, estimates, assumptions and project ions. Therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. Many important factors could cause the Republic's actual economic results to differ substantially from those anticipated in forward-looking statements presented herein. These factors include, but are not limited to: (i) adverse external factors, such as changes in international prices, high international interest rates and recession or low economic growth in Republic's trading partners, (ii) changes in international prices and high international interest rates could increase Republic's current account deficit and budgetary expenditures, (iii) recession or low economic growth in Republic's trading partners could decrease exports (including manufactured goods) from Republic, reduce tourism to Republic, induce a contraction of the Republican economy and, indirectly, reduce ta x revenues and other public sector revenues and adversely affect the country's fiscal accounts; (iv) adverse domestic factors, such as a decline in foreign direct and portfolio investment, increases in domestic inflation, high domestic interest rates and exchange rate volatility and a further deterioration in the health of the domestic banking system, which could lead to lower economic growth or a decrease in Republic's international reserves and (v) other adverse factors, such as climatic or political events, international hostilities and the effects of pandemics or epidemics and any subsequent mandatory regulatory restrictions or containment measures. This material also contains estimates made by independent parties relating to macroeconomic metrics and other data. These estimates involve a number of assumptions and limitations and you are cautioned not to give undue weight on such estimates. Such information is presented for illustrative purposes only and we do not purport to assert that such information is comparable across countries or regions or indicative of future performance. We have not independently verified the accuracy or completeness of such information and we do not take any responsibility with the accuracy or completeness of such information. Republic, its advisors and agents and their respective officers, affiliates, agents, directors, partners and employees shall not have any obligation, for any reason, to update or to revise any forward-looking statements because of new information, future events or other factors. In light of the risks and uncertainties described above, the future events and circumstances discussed in this material might not occur and are not guarantees of future performance. Because of these uncertainties, you should not make any investment decision based upon these estimates and forward-looking statements. This document is not an offer, solicitation or sale of securities in the United States or any other state or jurisdiction, and there shall not be any offer, solicitation or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 2

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