Investor Presentaiton

3 and continue the consolidation of structural public finances, given the augmented net indebtedness limit. The structural deficit of Central Government is projected to decline around 1 p.p of GDP in 2021 Headline (1) and Structural Balance (2) Primary Spending (In % of GDP) (Annual real variation, in %) -1 -2 -3 -4 -5 -6 1.2 Fiscal rule cap: 2.3% P7 -3.2 -1 -2 Headline -4.9 -3 Structural -4 Net Indebtedness in 2021 (US$ mm, projected) งอ (1) Gross Borrowing 4,917 (Bonds + Loans) (2) Amortizations (Bonds + Loans) 2,003 (3) Accumulated Financial Assets 152 Net Indebtedness - (1) - (2) - (3) 2,762 2020 2021 2022 2023 2024 2025 The target for the structural fiscal balance in 2021 was set at -3.2% 2020 2021 2022 2023 2024 2025 The cap for real expenditure growth was set at 2.3% for each year Augmented legal limit on net indebtedness: US$ 2,990 million (1) Does not Include extraordinary inflows to the Social Security Trust. Fund. (2) The Structural Balance is the fiscal balance that accounts for business cycle fluctuations and one-off/temporary spending and revenue items. Source: Ministry of Economy and Finance of Uruguay. 24

View entire presentation