República Oriental del

Institutional Investor Presentation June 2020 Timeline of key recent political and economic developments

• March 1st, 2020: the new President Lacalle Pou takes office for a 5-year term, leading a five-party political coalition with majority in Congress.

• March 11th, 2020: Presidential decree introduces fiscal austerity measures, including expenditure cuts across Ministries.

• March 13th, 2020: first cases of COVID-19 reported in Uruguay; the Government declares sanitary emergency and launches swift policy response.

• April 16th, 2020: first Committee of the new Central Board, announcing enhancements to the monetary policy framework and communication strategy.

• April 23rd, 2020: Government submits to Congress a bill that includes key structural reforms, including a new fiscal rule, changes to the governance of state-owned enterprises and a roadmap for pension reform.

• May 15th, 2020: Finnish company UPM and the Government signed an MoU confirming commitment to ongoing construction of the pulp mill.

2 Government’s strategy for virus containment after Covid-19 onset in Uruguay

• To slow the spread of the virus, the Government did not enforce a countrywide lockdown or mandatory house confinement; rather, it trusted citizens to adhere to voluntary social distancing and follow hygiene protocols, by appealing to “individual freedom with social responsibility”.

• In parallel, the Government took early and decisive action and sealed off land borders, closed air traffic except to chartered repatriation flights, suspended all public events and school classes, limited visits to nursing homes and encouraged citizens to stay home and telework.

• Effective coordinated response between public and private sector and scientific community: o strengthening the health care system and facilities, and medical equipment o extensive randomized testing and community tracing in outbreak areas (border with Brazil, nursing homes) and in reopening sectors (e.g. construction, shopping centers). o developing a roadmap for re-opening the economy in consultation with scientific experts and private sector representatives.

3 So far, Uruguay is holding up well in the face of adversity: contagion curves are flattening and death toll remains subdued…

Spread of infection Covid 19-related deaths per million th (As of June 16 , 2020) (As of June 16th, 2020) 6 240 Brazil Ecuador

Peru Peru Chile Brazil Mexico 5 200 Colombia Ecuador Argentina Chile Panama 4 Bolivia 160 Mexico

3 120 Panama

Uruguay 2 80

Bolivia

Nº of infected Log scale (base 10) scale (base Log of infected Nº 1 40 Colombia

Argentina

0 0 0 10 20 30 40 50 60 70 80 90 100 10-Mar 5-Apr 1-May 27-May 16-Jun Days since first confirmed case Uruguay As of June 19th, 2020, the number of active cases in Uruguay had dropped to 15 patients.

Source: Johns Hopkins University; Our World in Data 4 …while ensuring an elevated number of daily tests and contact tracing protocols, enabling the country to react to potentially new bouts in the near future

Share of daily Covid-19 tests that are positive (Rolling 7-day average, as of June 15th, 2020)

Uruguay

Source: Our World in Data 5 Government and the implemented policy measures to mitigate the economic and social fallout

Fiscal policy measures Credit and liquidity support

Protect household income and human capital through Preserve the financial health and credit quality of micro, direct income transfers, expanded unemployment and small and medium-sized enterprises (SMEs) to ensure health insurance, tax relief and deferral of mortgage functioning payment systems and supply chains between obligations. producers, suppliers, intermediaries and creditors.

• Income transfers to vulnerable households to cover • State-owned development bank (BROU) introduced food expenses and basic needs. more flexible loan repayment and financing terms. • Targeted temporary deferrals in payroll, VAT and other • Capitalization of the National Guarantee System income taxes, and partial reduction of mortgage (SIGa) to leverage banking system loans to SMEs, obligations in state-owned mortgage bank. reducing the commission charged by the guarantee system. • Expanded social safety net for unemployment and health insurance: • The National Development Agency launched direct credit program for micro-entrepreneurs at subsidized more flexible terms for unemployment claims, o rates. allowing firms to place employees in part-time schedules. • The Central Bank deployed countercyclical monetary policy tools: o provision of unemployment benefit to self- employed workers. o reduced commercial ´ local currency reserve requirements to inject additional liquidity Extensions of sick leave benefits for all workers o into the financial system. 65+ years old, in both the public and private sector. o eased bank regulations, authorizing financial institutions to defer companies´ loan payments coming due for up to 180 days.

6 Banks’ strong capitalization and liquidity position supports credit measures of the Central Bank; no spillovers to financial system from Argentina

Solvency and liquidity of the banking system Banking system´s balance sheet exposure to Argentina (To the non-financial sector, % of total)1/

Nº of times the minimum Liquid assets Deposits regulatory capital in % of total* 50 2,0 40 41,5 40 30 1,9 20 35 10,7 10 1,8 0 2001 2020*

1,7 30 Loans

20 18,1 1,6 15 25 10 1,5 5 1,4 0 1,4 20 2001 2020* Mar-18 Sep-18 Mar-19 Sep-19 1/ End-period; data for deposits includes only private non-financial sector (*) Liquid assets are those avaiilable within 30 days (*) As of April

Source: 7 Uruguay’s robust ESG features has underpinned steadfast response to the pandemic, yet there is no room for complacency

ESG-adjusted EMBI benchmark (Country weights for 73 countries, in %; as of April 30th, 2020) • Trustworthiness of institutions: Very high public compliance with voluntary quarantine and Uruguay adherence to social distancing measures. Strong 5 democratic tradition meant citizens trusted public officials´ guidance and health recommendations.

4 • Socially stable country with relatively low inequality, low informality and a broad social insurance net: Efficient work of automatic stabilizers provide income and healthcare 3 support, allowing to act on their commitment to voluntary distancing with no civil unrest─ aided by the country´s low urban population density. 2

• Fiscal transparency and accountability and mature political system: Congress created by 1 Law the “COVID-19 Solidarity Fund” (voted unanimously by all parties), to be managed by the Executive branch. The Fund clearly earmarks the resources and budgetary expenditures to address 0 the emergency, keeping tabs of the Covid-related Peru India Qatar Brazil Egypt expenditures and where and how the money is Oman Belize Kenya Bolivia Ghana Kuwait Gabon Angola Zambia Belarus Bahrain Georgia Ethiopia Senegal Vietnam Panama Armenia Morocco Malaysia Lithuania Sri Lanka Sri Paraguay Suriname

Cameroon spent. Costa Rica Costa El Salvador El Kazakhstan South Africa South Saudi Arabia Saudi Cote D'Ivoire Cote Uruguay Dom. Republic Dom.

Source: J.P. Morgan Chase & Co. 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 2020, J.P. Morgan Chase & Co. All rights reserved.” 8 Uruguay remains a bastion of institutional, political and social stability in Latin America

Strongest political stability and full democracy 1/ 2/ Highest adherence to the rule of law 3/ 100 “Full Democracies” 0,8 80 0,6 60

0,4 40

20 0,2

0 0 URU CHL PAN ARG ECU PRY BOL PER BRA MEX COL URY CHL ARG PAN BRA COL PER ECU MEX BOL

Lowest civil unrest 4/ Lowest corruption perception 5/

10 80

8 60

6 40 4 20 2

0 0 CHL MEX COL PRY ECU PER BRA ARG PAN URY PAR MEX BOL BRA PAN PER COL ECU ARG CHL URY

Sources: 1/ Worldwide Governance Indicators, World Bank (2019); 2/ The Economist Intelligence Unit (2020); 3/ World Justice Project (2020); 4/ Verisk Maplecroft (first quarter of 2020); Transparency International (2020) 9 Low informality and broad social safety net ensures efficient work of automatic stabilizers

Labour market formality compared to Latam Unemployment and sickness insurance (Contributors to social security system as % of workforce) (In thousands)

80 120 Jobless claims per month 60 70 100 Number of health insurance beneficiaries 60 as of each month (left axis) 50 80 50

40 60 40

30 40

20 30 20 10

0 0 20 URY CHL BRA ARG PAN ECU COL MEX PER PRY BOL Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jun-20* 1/ Latest data available through April 2020. (*) As of June 14th • Given the COVID-19 containment measures, both sickness and unemployment insurance became a crucial policy instrument to broadly and orderly cope with the health emergency and its fallout. Developed welfare system for working-age people in Uruguay consists of near-universal access to healthcare, unemployment insurance, sickness insurance, and child and familiy benefits.

• The sharp increase in health insurance beneficiaries in March was mainly driven by the government's proactive policy of providing wage compensation through sick leave to all elderly workers (over 65 years old) in the public and private sector, so that could stay at home.

Source: International Labour Organization – Regional Office for Latin America and Caribean (2015); Social Security Bank, Ministry of Economy and Finance 10 Low and declining virus incidence has allowed for faster renormalization of business and social activities

Leading indicators suggest that economic downdraft may have bottomed-out, and a gradual recovery is underway: Electricity demand per day Fuel demand per day (YoY change, in %) (Rolling 7-day, YoY change, in %)

First Covid-19 cases 30 confirmed on March 13 40 First Covid-19 cases confirmed on March 13 20 20

10 0

0 -20

-10 -40

-20 -60

-30 -80 1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun 1-Mar 19-Mar 6-Apr 24-Apr 12-May 30-May 16-Jun

Source: Ministry of Economy and Finance 11 Challenges before Covid-19 outbreak: decelerating economy, persistent fiscal deterioration and increasing debt burden

Real GDP Real gross fixed capital investment (Annual change, in %) (Annual change, in %) 8 30

6 20

4 10

2 0,2 0 0 -10

-2 -1,4 -20 2005 2008 2011 2014 2017 2020Q1* 2005 2008 2011 2014 2017 2020Q1*

(*) YoY (*) YoY

Central Government fiscal balance 1/ Central Government debt (In % of GDP) (In % of GDP, end of period)

Primary Balance Interests Overall Balance 80 1 Gross Debt Net Debt 60 54,4 -1 -1,7 49,6 40 -3 -2,7

20 -5 -4,4 2015 2016 2017 2018 2019 Apr-20* 0 1/ Does not Include inflows of funds to the Social Security Trust, of 1.2% of GDP 2005 2007 2009 2011 2013 2015 2017 2018 2019 2020Q1 (*) Last 12 months

Sources: Central Bank of Uruguay; Ministry of Economy and Finance of Uruguay 12 The new government moved promptly on its pledge to tackle the fiscal deficit through expenditure cuts

Fiscal austerity measures introduced through a Presidential decree on March 11th, that have remained in place despite Covid-19:

• Reduction of discretionary spending and more efficient budget execution: ministries must save 15% on operating, investment and administrative expenses.

• Restrictions on public sector hiring: only one third of personnel vacancies in the central government can be filled during the year, except for teachers, health and security personnel.

• Reduction in tax expenditures: reduced VAT exemptions on credit and debit cards purchases.

13 The government is forging ahead with an ambitious reform agenda backed by political majority in Congress

Despite the Covid-19 outbreak, the Government moved forward and submitted to Parliament an omnibus bill (“Urgent Consideration Law”), including a spate of structural and fiscal reforms:

• new fiscal framework to ensure sustainable finances over the medium term: fiscal rule to account for business cycle (structural balance) and government spending capped by potential GDP growth.

• new governance policies for public enterprises;

• establishment of a commission of experts to make proposals for a comprehensive pension reform;

• microeconomic reforms to boost potential GDP and improve business climate and competitiveness (changes in the regulatory framework for energy markets and promotion of competition in non-tradable sectors).

14 Milestones and timing of political & budget process

Urgent Accountability Law: 2020-2025 Budget Consideration Law Fiscal Performance Law Report for 2019

• Submitted to Congress on • Must be submitted to Congress • Must be submitted to April 23rd by June 30th Congress by August 31st • Draft bill containing the fiscal • 90-day discussion performance report for year (approx). 2019 • 120-day discussion (approx.) • 90-day discussion (approx.) • Senate approved it on June 5th (of the 501 articles proposed, 476 were enacted). The Chamber of Representatives will have 30 days to discuss it.

15 Inflation above target: shock to beef prices and FX depreciation pass-through partially offset by falling non-tradable inflation

Headline Inflation Tradable and non-tradable inflation components1/ (Annual, in %) (Annual, in %)

12 16 Tradables 11,1 15,5 Tradables without Beef First Covid-19 14 10 cases confirmed Non-Tradables on March 13 9,9 Inflation expectation1/ 12 11,2 8 10

6 8 7,3

Inflation Target Band 6

4

4

2 2 May-15 May-16 May-17 May-18 May-19 May-20 Dic-20 May-15 May-16 May-17 May-18 May-19 May-20

1/ Median expectation in Central Bank´s market survey as of May 2020 1/ Excluding fruits and vegetables, and administred prices

Source: National Institute of Statistics (INE); Central Bank of Uruguay 16 Enhancements to monetary policy framework under the inflation targeting regime

• Once the epidemic recedes, the Central Bank will focus on disinflation strategy as its overriding objective, planning to: o tighten monetary policy to anchor inflation expectations within inflation target. o re-assess the policy instrument with the possibility to revert to the short term reference rate to improve signals to economic agents.

• Monetary authority`s commitment to break inflation expectations inertia and new wage-setting guidelines for the private sector that prioritize employment creation, should reinforce disinflation pressures as softer economic activity cools down price increases.

17 New communication strategy and developing the FX derivative markets

• In the Monetary Policy Committee in April, 2020, the Central Bank introduced innovations to its communication and transparency strategy: o Doubled the frequency of its Monetary Policy Committee (MPC) meetings to better react to rapidly evolving conditions. o Started publishing minutes of the MPC to provide more clarity. o Relaunch of the economic expectations survey, significantly increasing the number of respondents.

• Further actions to develop the FX derivative market: create repository of OTC transactions to provide more transparency, availability and efficient price discovery on FX hedging markets.

18 Floating exchange as a shock absorber; Central Bank intervenes on both sides of the market to smooth out undue volatility

Currency performance vs USD since Covid-19 world outbreak Exchange rate and Central Bank FX intervention (Percent change since February 19th, as of June 16th, 2020) Year-end market Spot market interventions (in expectation 1/ Mexican Peso USD millions) 150 46 Brazilian Real Nominal exchange rate (pesos per dollar, right axis) 44.9 13,1 44 Turkish Lira 100 Argentine Peso 42 Colombian Peso Dollar Purchases Russian Ruble 50 40 Indian Rupee Indonesian Rupiah 38 Peruvian Sol 0 Malaysian Ringgit 36 Chinese Renminbi

Singapore Dollar -50 34 New Zealand Dollar

Chilean Peso 32 Australian Dollar -100 Japanese Yen Dollar Sales 30 Euro

-10 -5 0 5 10 15 20 25 -150 28 Jan-18 Aug-18 Mar-19 Oct-19 May-20 Dic-20 Apreciation Depreciation 1/ Median expectation in Central Bank´s market survey as of May 2020

Source: Bloomberg; Central Bank of Uruguay 19 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 USD billion in % of GDP (right axis) (In % of GDP, 2019) 20 35

15,9 30 1 0,7 15 29,2 25 10 0 20

5 15 -1 0 10 2010 2012 2014 2016 2018 Apr-20 -2 International reserves compared to LatAm -3 (In % of GDP, 2019) 30

-4 25 20

-5 15

10

-6 5 URY MEX ECU ARG PRY PER BRA BOL CHL COL PAN 0 PER URY PAR BRA COL BOL MEX CHL ARG PAN ECU

Source: Central Bank of Uruguay; International Monetary Fund 20 Largest-ever private investment in the country proceeding as scheduled: Uruguay poised to receive large FDI inflows

Construction of new pulp mill

• Finnish company UPM will build a second cellulose plant in the country • Overall investment: approx. USD 3 billion (5% of GDP) • Will have a material positive impact on GDP growth, employment and Balance of Payments • World-class design with proven high environmental performance • UPM and the new Government of Uruguay have signed a MoU on pending items related to UPM’s growth project in Uruguay that will further strengthen the implementation of UPM's growth project and existing operations in the country as well as the local economy.

Railway infrastructure project

• Central Railway will run from city of Paso de los Toros to the port of (273 km long)

UPM II • Public-Private-Partnership (PPP) modality UPM I

• USD 1,000 million investment

Source: https://www.upm.uy/crecimiento/; Ministry of Economy and Finance 21 Central Government’s funding needs and financing strategies

Flow of funds for 2020 1/ (In USD million)

FINANCING NEEDS 4,649

Amortization of Bonds and Loans 1,618

Interest Payments 1,529 Estimated overall deficit of 6,7% of GDP, given a projected Primary Deficit (a) 1,501 real GDP contraction of 3% in 2020.

FUNDING SOURCES 4,649

Multilateral Loans 1,520 Year-to-date: 43% (USD 1612 million) of total estimated Domestic and External Bond Issuance 3,750 bond issuance for 2020 has been completed (through domestic auctions in local currency Treasury Notes). Net Others 128

Use of Assets (b) -750

Memo Item: Net Bond Issuance 2,132 • For the rest of 2020, the Government will strive to rebalance currency mix in international debt market 1/ Projections. (a) Excludes extraordinary transfers to the public Social Security Trust Fund. issuances: will aim to develop the global local currency (b) Negative figure indicates an accumulation of Central Government liquid assets. curve (in CPI-linked and/or nominal fixed-rate), to the extent that borrowing costs in local currency remain consistent with sustainable debt dynamics and fiscal restraint. Otherwise, does not rule out re-tapping international debt market in dollars.

Source: Debt Management Unit, Ministry of Economy and Finance 22 Government’s sizable international reserves and liquidity buffers mitigate risks to external debt sustainability; dollar credit spreads remain subdued and clustered among higher-rated Latam peers

Liquidity buffers and short term debt service obligations Change in sovereign risk premium since COVID-19 outbreak (In USD million, as of end-May 2020) (EMBI spread, in bps)

4.000

Foreign Currency 500 MEX Local Currency

3.000 Available redit Lines 400 from BRA Multilaterals

2.000 PRY 300 COL June 16, 2020 URY Liquid 1.000 Assets 200 CHL PAN PER

100 0 Debt service 100 200 300 400 500 LiquidityColumna1 buffer Columna2 over next 12 months February 19, 2020 1/ Debt service includes amortization plus interest payments (pre-Covid 19)

Source: Debt Management Unit, Ministry of Economy and Finance; Bloomberg 23 Disclaimer

THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION OR AN INDUCEMENT TO ENTER INTO INVESTMENT ACTIVITY. THIS PRESENTATION HAS BEEN PREPARED BY THE REPUBLIC OF URUGUAY (“URUGUAY”) SOLELY FOR INFORMATION PURPOSES. THIS PRESENTATION DOES NOT CONTAIN ALL THE INFORMATION THAT IS MATERIAL TO AN INVESTOR. NO PART OF THIS PRESENTATION, NOR THE FACT OF ITS DISTRIBUTION, SHOULD FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, ANY CONTRACT OR COMMITMENT OR INVESTMENT DECISION WHATSOEVER. THIS PRESENTATION IS NOT FINANCIAL, LEGAL, TAX OR OTHER PRODUCT ADVICE.

NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THE INFORMATION OR ANY OPINION CONTAINED HEREIN. THE INFORMATION CONTAINED IN THIS PRESENTATION SHOULD BE CONSIDERED IN THE CONTEXT OF THE CIRCUMSTANCES PREVAILING AT THE TIME AND WILL NOT BE UPDATED TO REFLECT MATERIAL DEVELOPMENTS THAT MAY OCCUR AFTER THE DATE OF THE PRESENTATION. NEITHER URUGUAY NOR ANY OF ITS AFFILIATES, AGENTS, DIRECTORS, EMPLOYEES, OFFICIALS OR ADVISORS SHALL HAVE ANY LIABILITY WHATSOEVER (IN NEGLIGENCE OR OTHERWISE) FOR ANY LOSS ARISING FROM ANY USE OF THIS PRESENTATION OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS PRESENTATION.

The presentation may contain statements that reflect Uruguay’s beliefs and expectations about the future. These forward-looking statements are based on a number of assumptions about the future, some of which are beyond Uruguay’s control. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Uruguay does not undertake any obligation to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

24 ANNEX

25 Economic pressures in Argentina have spilled through inbound tourism, yet exports of other services picked up some of the slack

Real effective exchange rate vis-à-vis other countries and regions Exports of services (Index base 100 = January 2017) (In USD million)

6.000 Tourism Other/1 130 Real Depreciation 120 Rest of the World

110 4.000

Overall 100

90 Brazil 2.000 Real Appreciation 80

Argentina 70

0 2012 2014 2016 2018 2019 60 Jan-17 Sep-17 May-18 Jan-19 Sep-19 Apr-20 1/ Software, transport, logistics, maintenance, financial, personal and professional and consultancy services

Source: Central Bank of Uruguay 26 Government`s proactive debt management strategy: reduce roll- over risk and FX exposure in short term debt

Currency and maturity structure of Government debt Government debt maturing in next 12 months (End-period) (in % of total of total debt outstanding, as of end of each period)

Debt in Foreign Currency(in % of GDP) (% of total) Average Time to Maturity (in years, RHS) 100 15 14,4 15.5 Foreign Currency

Local Currency 75

12 57,6

50

9 4.5 25

0 6 2005 2008 2011 2014 2017 2020Q1 2005 2020Q1

Source: Debt Management Unit, Ministry of Economy and Finance 27 Uruguay’s credit rating performance

Evolution of Uruguay’s sovereign credit ratings Latest credit rating actions

Moody's S&P Fitch April 2020. Affirmed Uruguay's rating at Baa1/BBB+/BBB+ BBB, outlook remained stable.

Baa2/BBB/BBB February 2020. Confirmed Uruguay´s rating Investment Grade at BBB- with Negative outlook. Baa3/BBB-/BBB-

Ba1/BB+/BB+ February 2020. Affirmed Uruguay’s rating at BBB, and changed outlook to Positive from Stable. Ba2/BB/BB

January 2020. Confirmed Uruguay’s rating Ba3/BB−/BB− at BBB (low) with Stable trend.

B1/B+/B+ August 2019. Uruguay´s rating affirmed at B2/B/B Baa2 with Stable outlook.

2006 2008 2010 2012 2014 2016 2018 2020

Sources: Moody’s, S&P,R&I, DBRS and Fitch 28 Uruguay has been widely recognized for the transformation of its energy matrix over the past decade away from fossil fuels, and is often referred to as a global “Green Energy Leader”

Electricity generation by wind energy Electricity generation by source (In % of total) (In % of total, year 2019)

35

Fossil Fuel 30 2% Biomass 15% Solar 25 3%

20 Wind Hidroelectric 30% 50%

15

10

5

• Uruguay is 4th in the world in wind and solar 0 generation, and 1st in Latin America 2007 2009 2011 2013 2015 2017 2019

Source: National Energetic Preliminary Balance 2019, Ministry of Industry, Energy and Mining; The International Energy Agency 29 Top performer amongst developing economies in Energy Transition Index: low air pollution and carbon footprint

Energy Transition Index (ETI) in 2020 (Ranking position)

80 Uruguay Developing economies 70

Advanced economies 60

50

40

30

20

10

0 Iran Italy Haiti UAE Peru India Chile Israel Malta Brazil Qatar Spain Egypt Benin China Nepal Latvia Japan Oman Kenya Serbia Bolivia Kuwait Ghana Ireland Turkey Russia Jordan Austria France Poland Algeria Cyprus Mexico Nigeria Iceland Croatia Tunisia Finland Greece Estonia Albania Zambia Norway Bahrain Ukraine Canada Georgia Sweden Belgium Ethiopia Bulgaria Namibia Senegal Portugal Panama Ecuador Armenia Jamaica Uruguay Hungary Moldova Slovenia Morocco Thailand Pakistan Australia Lebanon Malaysia Romania Denmark Mongolia Lithuania Germany Viet Nam Tanzania Colombia LankaSri Tajikistan Paraguay Argentina Indonesia Honduras Botswana Singapore Cambodia Nicaragua Zimbabwe Cameroon Azerbaijan Venezuela Philippines Costa Rica Guatemala BruneiDar. El SalvadorEl Switzerland U. U. Kingdom CzechRep. Kazakhstan Bangladesh Korea, Rep. Montenegro Netherlands SlovakRep. KyrgyzRep. South Africa Luxembourg Saudi Arabia Mozambique NewZealand UnitedStates Dominican Rep. Bosniaand Herz. Trinidad and Tob.

Source: World Economic Forum 30