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Investor Presentaiton

20 40 Uruguay is the top global performer on ESG fundamentals in emerging markets and has the lowest sovereign risk premia in Latin America. Emerging Markets' ESG Score (1) (Index, 100 = best performance; as of end-September, 2023) Sovereign risk premia in LATAM (2) (EMBI spread, in bps; as of end-September, 2023) 80 Uruguay (#1) 60 Costa Rica Serbia Uruguay Romania Chile Jamaica Armenia Ukraine Bahrain Trinidad And Tobago Mexico Dominican Republic Jordan Georgia South Africa Kuwait Namibia Vietnam Izbekistan Chinam Sri Lan Papua New G Azerbaijan 800 MEX BRL COL -PER PAN -URY 650 -CHL 500 350 200 50 www Mar-20 May-21 Jul-22 Sep-23 1) 60 countries. Source: .P. Morgan Chase & Co. using data from Verisk Maplecroft, Sustainalytics and Climate Bonds Initiative. 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 2022 J.P. Morgan Chase & Co. All rights reserved." 2) Source: Bloomberg. Regional and country-specific information is aggregated or reported, as applicable. Each country's information may be calculated differently and aggregated by each source using various methodologies. Accordingly, this comparison is for illustrative purposes only and we do not purport to assert that the above information is actually comparable. wwUruguay 98 29 20
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