Investor Presentaiton

2 Higher commodity prices and goods exports are lifting the agricultural sector Tailwinds from higher commodities prices and increased extra-regional competitiveness, although increasing oil prices have tempered improvement in terms of trade Commodities Exports Price Index(1) (Index base 100 = January 2020) Real Effective Exchange Rate of Uruguay vis-à-vis Other Regions or Countries (2) (Index base 100 = January 2017) 130 125 120 115 110 105 100 95 140 126.4 120 100 Real Depreciation 80 Real Apreciation Rest of the World Overall لسد Argentina Warazi Brazil 90 60 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20 Oct-20 Jul-21 Jan-17 Sep-17 May-18 Jan-19 Sep-19 May-20 Jan-21 Jun-21 16 (1) Source: CPA Ferrere based on Bloomberg and National Institute of Meat of Uruguay (INAC). Includes soybeans, meat, rice, dairy products, and pulp weighted by incidence in exports. (2) Source: Central Bank of Uruguay

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