Investor Presentaiton

Central Banks has intervened on both sides of the FX market to smooth out undue volatility Central Bank FX Intervention (In USD million) FX Sales through CB Bills Repurchase #REF! FX Purchases Average Monthly Nominal Exchange Rate 600 400 200 0 -200 -400 -600 -800 Jan-17 Stock of Central Bank Bills (In USD million) 10,000 8,000 34 33 6,000 32 32 31 4,000 30 29 29 28 28 2,000 8,148 27 27 0 Aug-17 Mar-18 Oct-18 Sep-12 Mar-14 Sep-15 Mar-17 Sep-18 Source: Central Bank of Uruguay 29

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