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Investor Presentaiton

7 Uruguay's is an investment grade, low-beta country Uruguay's sovereign credit ratings (As of December 2021) Baa2/BBB /BBB Baa3/BBB- /BBB (low) Investment Grade Latest credit rating action (2) December 2021. Confirmed Uruguay's Fitch Ratings rating at BBB-, and improved outlook DBRS to stable from negative. November 2021. Uruguay's rating affirmed at BBB (low), and improved the outlook to positive from stable. MOODY'S INVESTORS SERVICE August 2021. Affirmed Uruguay's rating at Baa2, outlook remained stable. R&I June 2021. Confirmed Uruguay's rating at BBB with positive trend. Moody's R&I S&P DBRS Fitch Outlook: (Stable) (Positive) (Stable) (Positive) (Stable) STANDARD & POOR'S RATINGS SERVICES MCGRAW HILL FINANCIAL April 2021. Affirmed Uruguay's rating at BBB with stable trend. (1) Source: Moody's, S&P, R&I, DBRS-Morningstar and Fitch. 32
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