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Investor Presentaiton

Uruguay's credit rating has improved steadily, and in 2021 achieved the lowest sovereign risk spread in LatAm Evolution of Uruguay's sovereign credit ratings (1) Sovereign Risk Premia (2) (EMBI spread in bps, as of August 30th, 2021) A3/A- -Moody's S&P Fitch R&I Baa1/BBB+ Baa2/BBB Investment Grade Baa3/BBB- Ba1/BB+ Ba2/BB Ba3/BB- B1/B+ 2006 2009 2012 2015 2018 2021 (1) Source: Moody's, S&P, R&I, and Fitch. (2) Source: Bloomberg 400 300 200 100 DALIES ∞

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