Investor Presentaiton

After enduring regional downturn, Uruguay faces improving growth prospects of its neighbours Cumulative Real GDP Growth (Index, Base 100=2011) 116 114 Uruguay 112 110 108 Brazil 106 104 102 100 98 Argentina Real GDP Change in Argentina and Brazil during 2017 (Q1, Q2 and Q3 of 2017, respectively, over same period last year, in %) 4,5 3,5 Cumulative Difference 2,5 1,5 0,5 96 96 -0,5 2011 2012 2013 2014 2015 2016 2017Q3 ARGENTINA BRAZIL Sources: Central Bank of Uruguay (BCU); Central Bank of Brazil (BCB); National Institute of Statistics and Censuses (INDEC) CO 6

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