Investor Presentaiton

4 Significant decline in FX volatility over the past few months, with a low correlation to external risk drivers The Central Bank has intervened as needed on both sides of the forex market to smooth out undue volatility Nominal Exchange Rate in Uruguay (pesos per dollar, as of August 31st, 2021) (1) Nominal Exchange Volatility in Latam (1) (Quarterly average of absolute value of daily percent changes) 48 44 40 36 36 32 1.6 42,4 1.2 0.8 0.4 Uruguay 28 0.0 Mar-18 Nov-18 Jul-19 Mar-20 Nov-20 Aug-21 1Q19 3Q19 1Q20 3Q20 1Q21 2Q21 (1) Source: Central Bank of Uruguay (2) Source: ECLAC, based on Bloomberg 28

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