Monetary Policy Framework Enhancement

7 Uruguay's is an investment grade, low-beta country, with lowest sovereign risk spread in LATAM Uruguay's sovereign credit ratings (1) (As of November 11th, 2021) Baa2/BBB /BBB Baa3/BBB- /BBB (low) Moody's RI S&P DBRS Fitch __Investment Grade Outlook: (Stable) (Positive) (Stable) (Stable) (Negative) Last update: Aug-21 Jun-21 Apr-21 Jan-21 Jun-21 (1) Source: Moody's, S&P, R&I, DBRS-Morningstar and Fitch. (2) Source: Bloomberg Sovereign Risk Premia (2) (EMBI spread in bps, as of November 11th, 2021) 1,7391 400 300 200 100 136 HE 111 20 29

View entire presentation