Investor Presentaiton

Solid external buffers Current Account Balance compared to LATAM (Last 12 months to 2018Q2, in % of GDP) 2 1 0 -1 -2 -3 -4 -5 ווי International Reserves compared to LATAM (As of June 2018, in % of GDP) 35 30 50 25 20 15 10 -6 5 -7 -8 0 Uruguay Brazil Chile Peru Mex. Colombia Arg. Panama Uruguay Peru Brazil Colombia Mex. Chile Arg. Panama Source: Central Bank of Uruguay; Central Bank of Mexico and National Bureau of Statistics and Geography of Mexico; National Bureau of Statistics and Censuses (INDEC) of Argentina; Central Bank of Brazil; Central Bank of Colombia; Central Reserve Bank of Peru; Central Bank of Chile; National Bureau of Statistics and Censuses of Panama. 27 27

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