Investor Presentaiton

3 Inflation still above the upper ceiling of inflation target band, with monetary policy on a contractionary stance. Headline inflation (1) (YOY, in %) 12 8 Inflation target band 4 Interbank interest rate and Monetary Policy Rate (MPR) (1) (In %) 12 MPR 11 10 8,05 8 7 0 LO 5 4 Interbank interest rate (average) Implementation of the MPR regime 11,50 3 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Apr-20 Mar-21 Feb-22 Jan-23 (1) Source: National Institute of Statistics and Central Bank of Uruguay. (2) Source: Central Bank of Uruguay. Before September 2020, the monetary policy instrument was growth in M1' monetary aggregate. 17

View entire presentation