Investor Presentaiton

Inflation has hovered around the upper ceiling of inflation target band Inflation (Annual, in %) 12 10 10 8 6 4 Inflation Target Band Tradable and Non-Tradable Inflation (Annual, in %) Headline inflation 12 Core inflation 10 8,3 8,1 8 6 4 Non Tradable Sector Tradable Sector 8.6 7.6 2 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Source: National Bureau of Statistic & Central Bank of Uruguay 32

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