Investor Presentaiton

Uruguay's sovereign risk premium performance has been below better-rated peers JP Morgan EMBI Index (in bps) 440 390 340 290 240 190 140 -Colombia Mexico Peru Uruguay Panama 136 90 ene-16 mar-16 may-16 jul-16 sep-16 nov-16 ene-17 mar-17 may-17 jul-17 sep-17 nov-17 ene-18 Source: Bloomberg 31

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