Investor Presentaiton

Compression in Rates and Shape of Yield Curve Portend Lower Long-term Inflation Expectations Nominal Peso Yield Curve (Par value, in %) 15 14.35 One year ago 14 13 12 11 10 6 January 11th, 2018 8.86 8.88 EM Currencies Performance vs USD (Spot change in 2017, in %) South African Rand Malaysian Ringgit Chilean Peso Chinese Renminbi Indian Rupee Russian Ruble Mexican Peso Peruvian Sol Uruguayan Peso Colombian Peso Indonesian Rupiah Depreciation against USD Appreciation against USD 1.7% 8 Brazilian Real Turkish Lira Argentine Peso 7 6M 1 2 3 4 5 Years 6789 10 -15 -10 -505 10 15 Source: Bolsa Electronica de Valores del Uruguay (BEVSA) Source: Bloomberg 23 23

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