Investor Presentaiton

5 Uruguay's robust ESG features has underpinned steadfast response to the pandemic, yet there is no room for complacency ESG-adjusted EMBI benchmark (Country weights for 74 countries, in %; as of June 30th, 2020) Uruguay • Trustworthiness of institutions: Very high public compliance with voluntary quarantine and adherence to social distancing measures. Strong democratic tradition meant citizens trusted public officials' guidance and health recommendations. 4 3 2 1 0 • • Socially stable country with relatively low inequality, low informality and a broad social insurance net: Efficient work of automatic stabilizers provide income and healthcare support, allowing Uruguayans to act on their commitment to voluntary distancing with no civil unrest aided by the country's low urban population density. Fiscal transparency and accountability and mature political system: Congress created by Law the "COVID-19 Solidarity Fund" (voted unanimously by all parties), to be managed by the Executive branch. The Fund clearly earmarks the resources and budgetary expenditures to address the emergency, keeping tabs of the Covid-related expenditures and where and how the money is spent. Saudi Arabia Uruguay Indonesia Brazil Kazakhstan Philippines Colombia Dominican Rep. Russia Poland Egypt Ghana Costa Rica China Croatia Hungary Romania Kenya Malaysia Guatemala Belarus Lithuania Senegal Cote D'Ivoire Bolivia Gabon Namibia Zambia Honduras Uzbekistan Tunisia Iraq Nigeria Suriname New Guinea Georgia Mozambique Source: J.P. Morgan Chase & Co. Disclaimer: "Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2020, J.P. Morgan Chase & Co. All rights reserved." 8

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