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Investor Presentaiton

2 Higher commodity prices and goods exports are lifting the agricultural sector; the government seeks to expand trade flows and trade agreements Uruguay remains firmly committed to international trade openness, integration and free flow of goods and services with the world Export of Goods (1) (YoY change in dollar value, in %) 110 Total Exports 90 Exports to China 70 50 30 10 -10 -30 UT -50 Jan-20 Jul-20 Jan-21 65.4 65.0 Jul-21 Nov-21 Commodities Exports Prices (2) (Index base 100 = January 2017) 140 133.0 130 120 مساد 110 100 90 T Jan-17 Nov-17 Sep-18 Jul-19 May-20 Mar-21 Nov-21 (1) Source: Uruguay XXI, based on data from the Uruguayan Customs Office (exports from Free Trade Zones to the rest of the world are not included). (2) Source: CPA Ferrere, based on Bloomberg and National Institute of Meat of Uruguay (INAC). Weighted-average of soybeans, meat, rice, dairy products, and pulp exports 10
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