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Investor Presentaiton

3 Inflation data is in line with the scenario projected by the Central Bank; July 2023 had the largest downward surprise inflation (-0.76) since 2012. Central Bank's projected inflation path and inflation expectations (2) (YoY, in %) 12 Estimated Surprise inflation component (2) (Difference between MoM headline inflation and MoM median inflation expectation for corresponding month, in %) 0.8 10 8 6 4 Inflation target band Central Bank's projected I 0.6 Inflation path as of I June 2023 L 0.4 0.2 Inflation Expectation by end-2023 6.25 0.0 -0.2 Monthly inflation above market expectation for that month -0.4 Monthly inflation below market -0.6 expectation for that month 2 -0.8 -0.76 Jun.-20 Sep.-21 Dec.-22 Mar-24 Jun-25 Jul-21 Mar-22 Nov-22 Jul-23 (1) Source: Source: Central Bank of Uruguay. Quarterly forecasts of the baseline scenario as of June 2023. Median inflation expectations based on Central Bank's market survey as of July 2023. (2) Source: Central Bank of Uruguay. 18
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