Investor Presentaiton

4 4 nflation has been trending significantly down, although remains slightly above inflation target Inflation hovering around the upper ceiling of target band in recent months: negative output gap has eased non-tradable inflation, while fuel prices exert temporary upward pressures Headline Inflation (1) (YOY, in %) Tradable and non-tradable inflation components (2) (YOY, in %) 12 10 16 12 8 Inflation expectation (yer-end) 7.3 97.2 8 σ 2 T Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Dec-21 4 Tradable Inflation Non-tradable Inflation Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 (1) Source: National Institute of Statistics and Central Bank of Uruguay. Median inflation expectations based on Central Bank's market survey as of August 2021.. (2) Source: Central Bank of Uruguay 27 7.7 6.6

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