Investor Presentaiton

Challenges before Covid-19 outbreak: decelerating economy, persistent fiscal deterioration and increasing debt burden Real GDP (Annual change, in %) 8 Real gross fixed capital investment (Annual change, in %) 30 50 6 4 20 10 10 2 0 0 -10 T 0.2 -2 -1.4 -20 2005 2008 2011 2014 2017 2020Q1* 2005 2008 2011 2014 2017 2020Q1* (*) YoY (*) YoY Central Government fiscal balance 1/ (In % of GDP) 1 -1 -3 -5 2015 Central Government debt (In % of GDP, end of period) Primary Balance Interests Overall Balance 80 2016 2017 2018 2019 60 -2.2 40 40 Gross Debt Net Debt 54.4 49.6 -2.7 20 20 -4,9 May-20* 0 2005 2007 2009 2011 2013 2015 2017 2018 2019 2020Q1 1/ Does not Include inflows of funds to the Social Security Trust, of 1.2% of GDP (*) Last 12 months Sources: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay 11

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