Investor Presentaiton

3 despite real exchange rate appreciation; large international reserve buffers are a significant external backstop Real Effective Exchange Rate of Uruguay (Index base 100 = average 2017) 140 -Multilateral excluding Arg and Bra 130 -Multilateral -Regional 120 110 m 100 90 80 my т 100,9 International reserves in Latam (2) (As of end 2022, in % of GDP)* 30 20 10 89,1 78,7 70 Jan-17 Mar-18 May-19 Jul-20 Sep-21 Dec-22 (1) Source: Central Bank of Uruguay. (2) Source: International Monetary Fund. (*) Projected GDP 21,2 22 22

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