Investor Presentaiton

Comfortable external liquidity position International Reserves 18.000 In USD million 15.000 in % of GDP (right axis) 12.000 9.000 6.000 3.000 0 2005 35 30 30 27.5 25 20 20 15 10 5 0 2007 2009 2011 2013 2015 2017 Source: Central Bank of Uruguay 8

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