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Investor Presentaiton

-2 O 3 Fiscal rule in 2021 has aimed to continue consolidating structural public finances Headline and Structural Balance (1) Primary Spending Net Indebtedness in 2021 (In % of GDP) (Annual real variation, in %) (US$ mm, projections) -3 -3.2 -4 Headline -5 -4.9 Structural -6 2020 2021 2022 2023 2024 2025 -2 ώ -4 -1 3 2.3 (1) Gross Borrowing 4,779 (Bonds + Loans) 2 Fiscal rule cap: 2,3% 1 (2) Amortizations (Bonds + Loans) 2,033 2020 2021 2022 2023 2024 2025 (3) Accumulated Financial Assets 13 - Net Indebtedness - (1) (2) (3) 2,732 The target for the structural fiscal balance in 2021 was set at -3.2% The cap for real expenditure growth was set at 2.3% for 2021 Legal limit on net indebtedness in 2021: US$ 2,990 (US$ 2,300 million + 30% safeguard clause invoked) Source: Ministry of Economy and Finance of Uruguay. (1) The Structural Balance is the fiscal balance that accounts for business cycle fluctuations and one-off/temporary spending and revenue items. The potential real economic growth means the growth rate calculated the output of the economy that implies the entire use of productive factors, both labor and capital. 17
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