Investor Presentaiton

Over the last decade, Uruguay's growth has decoupled from the regional downturn, by diversifying into other export markets Cumulative Real GDP Growth between 2011 and 2020 (1) Exports of Goods by destination (2) (In %) 15 2001 11.9 Argentina 15% 10 5 -5 -10 -12.1 -15 Argentina -1.3 Brazil Uruguay 119 countries Others 49% Brazil 22% Japan 1% United China 5% States 8% 2020 Argentina 5% 158 countries Brazil 15% Japan 0.4% Others 46% United States 7% China 27% (1) Sources: Uruguay: Central Bank of Uruguay. From 2016 to 2020, it uses National Accounts data with base year 2016. From 2011 to 2015, it uses retropolated data based on statistical splicing techniques, consistent with the National Accounts based on 2016. Disclaimer: The series obtained for the period 2011-2015, unlike that for the period 2016 onwards, cannot be considered a compilation of National Accounts, since it relies heavily on the use of statistical techniques. Argentina: National Institute of Statistics and Censuses of Argentina. Brazil: Central Bank of Brazil. (2) Source: Uruguay XXI.. Includes Free Trade Zones exports. 6

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