Investor Presentaiton

7 By end-2022, Uruguay reached its highest-ever investment grade rating and lowest EMBI in its history. Uruguay's sovereign credit ratings (1) (As of January 31, 2023) Baa1/BBB+ /BBB (high) Baa2/BBB /BBB Baa3/BBB- /BBB (low) Sovereign risk premia (2) (EMBI spread, in bps. As of January, 2023) 800 Investment Grade 650 500 350 200 -MEX BRL COL PER PAN -URY CHL Uruguay 50 R&I DBRS S&P Moody's Fitch 105 Outlook: (Stable) (Stable) (Stable) (Stable) (Stable) Apr-19 Jan-20 Oct-20 Jul-21 Apr-22 Jan-23 (1) Source: Moody's, S&P, R&I, DBRS-Morningstar and Fitch (2) Source: Bloomberg 41

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