Investor Presentaiton

Despite significant compression, Uruguay's nominal yield remain relatively high among IG countries in EM Yield of 5-Year Local Currency Sovereign Bond (Nominal Fixed Rate) (mid-yield to maturity, in %) 6 6 3 8.79 7.54 7.24 7.00 5.76 5.65 4.53 3.89 0.92 URUGUAY MEXICO INDIA RUSSIA INDONESIA COLOMBIA PHILLIPINES PERU HUNGARY Source: Bloomberg 25 25

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