Investor Presentaiton

2 Leading economic indicators suggest that the economic recovery continued into the fourth quarter of 2021, with a positive impact on fiscal revenues Gasoline Demand (1) (Rolling 4-week average, YoY change, in %) 108 - Peak Manufacturing Production (2) (YoY real change, in %) 30 60 60 20 20 20 10 6.9 -10 -20 -20 -60 -30 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Aug-21 Nov-21 Jan-19 Aug-19 Mar-20 Oct-20 May-21 Oct-21 Investment in Machinery and Equipment (3) (Index, in physical volume, base 100 = Jun-17) 140 120 100 80 Sep-17 Sep-18 Tax Revenue Collection (4) (YoY real change, in %) 133 20 10 -10 11.1 تسال -20 Sep-19 Sep-20 Sep-21 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Nov-21 9 (1) Source: Ministry of Economy and Finance. (2) Source: National Statistics Institute (3) Source: Chamber of Industries of Uruguay (4) Source: Tax General Directorate, Ministry of Economy and Finance

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