Investor Presentaiton

Investment has been falling and employment lags the cyclical recovery Gross Fixed Capital Investment (Last 12 months, in % of real GDP) 25 20 20 15 10 5 Labour market indicators (Average of last 12 months, in %) 9.0 8.0 7.0 6.0 Employment Rate 62.0 Unemployment Rate 60.0 58.0 56.0 0 5.0 54.0 2011 2012 2013 2014 2015 2016 2017 2018Q2 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Source: Central Bank of Uruguay Source: National Bureau of Statistics 7

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