Investor Presentaiton

3 2 1 -1 Marked improvement of external accounts Current Account Balance of Uruguay (Last 12 months, in % of GDP) -2 -3 -4 120 Terms of Trade for Goods compared to LATAM (Average 2011=100) Uruguay 110 2.3 100 -5 2012 2013 2014 2015 2016 2017Q3 Source: Central Bank of Uruguay 90 90 80 60 70 70 60 2011 2012 2013 2014 2015 2016 2017(*) • Colombia Mexico Brazil Peru Chile ---Uruguay Source: International Monetary Fund. (*) Estimated for 2017 7

View entire presentation