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Investor Presentaiton

Uruguay's credit rating performance Evolution of Uruguay's sovereign credit ratings Baa1/BBB+/BBB+ Baa2/BBB/BBB -Moody's S&P Fitch Investment Grade Baa3/BBB-/BBB- Ba1/BB+/BB+ Ba2/BB/BB Ba3/BB-/BB- B1/B+/B+ B2/B/B 2006 2008 2010 2012 2014 2016 2018 2020 Sources: Moody's, S&P, R&I, DBRS and Fitch Latest credit rating actions STANDARD & POOR'S RATINGS SERVICES MCGRAW HILL FINANCIAL April 2020. Affirmed Uruguay's rating at BBB, outlook remained stable. Fitch Ratings at BBB- with Negative February 2020. Confirmed Uruguay's rating outlook. R&J February 2020. Affirmed Uruguay's rating at BBB, and changed outlook to Positive from Stable. DBRS January 2020. Confirmed Uruguay's rating at BBB (low) with Stable trend. MOODY'S INVESTORS SERVICE August 2019. Uruguay's rating affirmed at Baa2 with Stable outlook. 25 25
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