Investor Presentaiton

Sizable international reserves are an important backstop for external stability and key policy anchor International reserves (End-of-period) Current account balance compared with Latam (In % of GDP, 2019) 20 20 1 0.7 0 4 -2 -3 -4 -5 15 15 10 5 In USD billion in % of GDP (right axis) 35 15.6 30 29.2 25 20 15 0 10 2010 2012 2014 2016 2018 Jun-20 International reserves compared to LatAm (In % of GDP, 2019) 30 10 GN NW 25 20 15 -6 URY MEX ECU ARG PRY PER BRA BOL CHL COL PAN 0 Source: Central Bank of Uruguay; International Monetary Fund W PER URY PAR BRA COL BOL MEX CHL ARG PAN ECU 18

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