Investor Presentaiton

12 Headline inflation has fallen sharply (to its lowest level in 18 years), on the back of decelerating tradeable and non-tradable inflation, unwinding supply effects from the drought and a restrictive monetary policy. Headline inflation (1) (YOY, in %) Tradable inflation (2) (YOY, in %) Administered prices inflation (2) (YoY, in %) 16 Weight in CPI Basket: 40.6% Weight in CPI Basket: 22.8% 12.0 9 12 Headline inflation Core inflation 8 4 8.0 4.0 0.2 3.5 0.0 Sep-20 Sep-21 Sep-22 Sep-23 Sep-20 Sep-21 Sep-22 Sep-23 6 Non-tradable inflation (2) (YOY, in %) Fruits and vegetables inflation (2) (YOY, in %) 60 12 Weight in CPI Basket: 33.7% Weight in CPI Basket: 2.9% Inflation target band 3.87 3.30 3 40 7.0 18.5 8 4 20 Sep-20 Jun-21 Mar-22 Dec-22 Sep-23 -20 Sep-20 Sep-21 Sep-22 Sep-23 Sep-20 Sep-21 Sep-22 Sep-23 (1) Source: National Institute of Statistics and Central Bank of Uruguay. (2) Source: Central Bank of Uruguay. Core inflation excludes fruit and vegetables as well as administered prices. 13

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