Investor Presentaiton

Impact of bond's inclusion in the GBI-EM was similar to the case of Colombia 5-Year Yield on Nominal Fixed Rate in Local Currency (change in bps, around moment T=0) 50 50 Announcement of Index Inclusion 10 -30 -70 -110 -150 -15 -10 -5 Source: Bloomberg 5 10 15 20 20 Days since index inclusion announcement COLOMBIA URUGUAY 25 30 21 21

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