Investor Presentaiton

Inflation above target: shock to beef prices and FX depreciation pass-through partially offset by falling non-tradable inflation Headline Inflation (Annual, in %) 12 Tradable and non-tradable inflation components 1/ (Annual, in %) 16 11,1 First Covid-19 14 cases confirmed 10 8 6 on March 13 9,9 Inflation expectation 1/ 12 10 Inflation Target Band 6 4 Tradables 15,5 Tradables without Beef Non-Tradables 11,2 7,3 2 2 May-15 May-16 May-17 May-18 May-19 May-20 Dic-20 May-15 May-16 May-17 May-18 May-19 May-20 1/ Median expectation in Central Bank's market survey as of May 2020 Source: National Institute of Statistics (INE); Central Bank of Uruguay 1/ Excluding fruits and vegetables, and administred prices 16

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