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I. Uruguay is on track to complete its 15th year of uninterrupted economic growth 8 Real GDP Growth (Annual Change, in %) 7 18.000 16.000 CO 6 14.000 Avg. 2005-2017: 4.5% 12.000 5 4 3 2 1 10.000 8.000 3.0 3.0 6.000 4.000 2.000 GDP per Capita compared to LATAM (2017, in current USD) 0 0 2005 2007 2009 2011 2013 2015 2017 2018P BOL Source: Central Bank of Uruguay for historical data; projections from Ministry of Economy and Finance 17,250 PAR COL PERU MEX BRA ARG CHILE PAN URU EĽ Source: International Monetary Fund (WEO October 2017) 4

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