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Investor Presentaiton

2 Higher commodity prices and goods exports are lifting the agricultural sector; the government seeks to expand trade flows and trade agreements Uruguay remains firmly committed to international trade openness, integration and free flow of goods and services with the world Export of Goods (1) (YoY change in dollar value, in %) 110 Commodities Exports Prices (2) (Index base 100 = January 2017) 140 Exports to China 90 Total Exports 80.8 130 70 50 30 10 -10 -30 -50 Jan-20 (1) Source: Uruguay XXI. 120 17.2 110 Jul-20 Jan-21 Jul-21 Oct-21 100 لسر 130.3 90 Jan-17 Nov-17 Sep-18 Jul-19 May-20 Mar-21 Sep-21 9 (2) Source: CPA Ferrere, based on Bloomberg and National Institute of Meat of Uruguay (INAC). Weighted-average of soybeans, meat, rice, dairy products, and pulp exports
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