Investor Presentaiton

8 while keeping borrowing costs contained; Uruguay has the lowest sovereign risk spread in LATAM Central Government cost of debt (1) (Average interest rate on outstanding debt, in %, end-period) Sovereign Risk Premia (2) (EMBI spread in bps, as of December 23rd, 2021) 1,753 14.0 7.4 Dollars Fixed-rate 13.0 pesos (RHS) 6.6 5.8 12.0 400 11.0 300 10.0 5.0 CPI-linked 4.7 200 9.0 8.9 4.2 100 8.0 3.4 3.4 7.0 2006 2009 2012 2015 2018 2021Q3 (1) Source: Debt Management Unit, Ministry of Economy and Finance of Uruguay. (2) Source: Bloomberg H 129 35 555

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