Investor Presentaiton

2 New Fiscal Framework Establishment of the Fiscal Advisory Council. Creation of the Expert Committee. Debt sensitivity analysis. Validation of Structural Balance. Fiscal Advisory Council On September 29, 2021, the Fiscal Advisory Council (FAC) was established. The FAC is a technical, honorary and independent body composed of three members. It is tasked with assessing the overall implementation of the fiscal rule. The Expert Committee (EC) was created on December 29, 2021. The EC has eleven members representing Universities, consulting firms and think tanks. Will provide technical parameters to the Ministry of Economy and Finance used for the calculations and projections of the structural fiscal balance. On June 2022, a debt sensitivity analysis was conducted to quantify the uncertainty associated with the baseline debt projections. Key variables that drive debt dynamics are exposed to random shocks. These shocks are based on the historical behavior of each variable. A range of debt-to-GDP trajectories are obtained, which allows for an evaluation of the risk distribution around specific projection in the baseline scenario. On July 7, 2022, the FAC concluded that the calculation of the structural fiscal balance presented in the 2021 Budget Review was in accordance with the official methodology. On February 22, 2023, the FAC publish the report with the review of the calculation of the Structural Fiscal Result. The deficit stood at 2.4% of GDP in 2022, 0.8 percentage points lower than effective, because the latter continued to be impacted by the cyclical position of the economy (negatively affected revenues and positively affected expenditures). Access the Executive Summary in English, in the following link: https://www.gub.uy/ministerio-economia- finanzas/politicas-y-gestion/informes-del-consejo-fiscal-asesor Implementation of the new fiscal institutional framework marks the first time that the Ministry of Economy and Finance has clear, well-defined metrics and indicative targets to assess its fiscal policy and promote accountability. Furthermore, estimates for unobservable values (structural fiscal balance) have the methodological validation of the independent Fiscal Advisory Council. Source: Ministry of Economy and Finance. 13

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