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Investor Presentaiton

Yield-curve arbitrage in local currency bonds portrend a reduction in long-term inflation expectations Nominal Peso Yield Curve (Par value, in %) 15 13 11 6 One year ago January 8.86 11th, 2018 9 LO 5 4 CPI-linked Yield Curve 3 (Par value, in %) 2.63 7 1 6M 1 2 3 4 5 67 8 9 10 1 5 10 15 20 20 Years Source: Bolsa Electronica de Valores del Uruguay (BEVSA) Annual average breakeven inflation of 6.23% over a 5-year horizon Years One year ago 25 January 11th, 2018 30 30 24 24

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