Investor Presentaiton

Strong rally in bond price, particularly after inclusion in Emerging Markets Government benchmark index Global UYU due 2022 (in USD million equivalent) 6000 ■ Exchange 5000 New Money 4000 Global UYU 2022 Yield evolution, since issuance (in %) 10,5 6,250 10,0 10.0 9,5 4.9 x 9,0 3000 2000 1,250 1000 8,5 8,0 Announcement of Index Inclusion 7.95 0 7,5 Allocation Demand 12-Jun 23-Jun 5-Jul 17-Jul 31-Jul 10-Aug 22-Aug 4-Sep Source: Bloomberg 20 20

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