Investor Presentaiton

Decoupling in the midst of a regional downturn Cumulative Real GDP Growth (Index base 100=2011) 120 116 Uruguay 112 108 Brazil 104 100 2018Q2 Real GDP Growth (YoY change, in %) 3 +19.6% 2.5 2 1 0 -1 -2 +0.6% -3 1.0 -4 Argentina -1.7% -4.2 96 -5 2011 2013 2015 2017 2018Q2 Uruguay Brazil Argentina Sources: Central Bank of Uruguay (BCU); Central Bank of Brazil (BCB); National Institute of Statistics and Censuses (INDEC, Argentina). 12

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