Common use of Obligation of the Underwriters for Purposes of Uruguayan Law Clause in Contracts

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Name: Xxxxxx Xxxxx Title: Director of Debt Management Unit The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Underwriting Agreement dated: July 13, 2016 Indenture: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 Bonds: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 of each year, beginning October 27, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York City

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening SecuritiesBonds, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxx Title: Director Minister (Interim) of Debt Management Unit Economy and Finance, República Oriental del Uruguay The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL ITAU BBA USA SECURITIES, INC. By: /s/ Xxxxxx Xxxxxxx Xxxxx Xxxx Name: Xxxxxx Xxxxxxx Xxxxx Xxxx Title: Managing Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Xxxx X. Xxxxxxxx Name: Xxxxx Xxx Xxxx X. Xxxxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director Director SCOTIA CAPITAL (aUSA) Reopening 2027 BondsINC. By: /s/ Xxxx Xxxxxxxxx Name: Xxxx Xxxxxxxxx Title: Managing Director & Head Underwriting Agreement dated: July 13January 15, 2016 2019 Indenture: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. Itau BBA USA Securities, Inc. 000 Xxxxxxx Xxxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 10153 United States of America Fax No: +0 (000-) 000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Liability Management Group X.X. Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES Securities LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Scotia Capital (USA) Inc. 000 Xxxxx Xxxxxx New York, New York 10281 United States of America Fax No: +0 (000) 000-0000 Email: XX.Xxxxx@xxxxxxxxxx.xxx Attention: Debt Capital Markets Title and description of Reopening 2027 Bonds: U.S.$400,000,000 U.S.$1,250,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 0000 Xxxxxxxxx principal amount: U.S.$400,000,000 U.S.$1,250,000,000 Interest payable from: April 27January 23, 2016 Interest payment dates: April 27 and October 27 of each year, beginning October 27, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. 2019 Maturity date: October 27January 23, 2027 2031 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27January 23, 20252029, October 27January 23, 2026 2030 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each Interest Rate 4.375% per year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York City.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent of the Republic, and the UnderwritersUnderwriter. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Axxxx Xxxxxxxxx Name: Xxxxxx Xxxxx Axxxx Xxxxxxxxx Title: Director Division Manager By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Adviser BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Adviser Accepted, on behalf of Debt Management Unit The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL themselves CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Cxxxxxxxxxx Xxxxxxx Name: Xxxxxx Cxxxxxxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC ABN AMRO Incorporated By: /s/ Xxx Xxxxx-Klarish Pxxxx Xxxxxxxxx Name: Xxx Xxxxx-Klarish Pxxxx Xxxxxxxxx Title: Executive Director (a) Reopening 2027 BondsDirector By: Underwriting Agreement dated/s/ Cxxxxx Xxxxxx Name: July 13, 2016 IndentureCxxxxx Xxxxxx Title: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. Vice President The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax NoFax: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Cxxxxxxxxxx Xxxxxxx ABN AMRO Incorporated 50 Xxxx 00xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, XX 00000 Fax No.: (000) 000-0000 Attention: Cxxxxx Xxxxxx Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds Title: Devaluation – Protected Notes due 2027 (to constitute a further issuance of, be consolidated, form a single series, 2000 Xxxxxxxxx principal amount of Securities and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015)Additional Securities: Ps. Aggregate principal amount: U.S.$400,000,000 7,358,700,000 Interest payable from: April 27August 5, 2016 2004 Interest payment dates: April 27 February 4 and October 27 August 4 of each year, beginning October 27February 4, 2016, with a final interest payment on the maturity date, which will be October 27, 20272005. Maturity date: October 27February 4, 2027 Payment of 2006 Principal: Principal will be repaid Payable in three nominally two equal semi-annual installments on October 27August 4, 2025, October 27, 2026 2005 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. maturity date Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian forwith, and registered in the name of a nominee of The Depository Trust Company of, the common depositary for Euroclear and Clearstream and in denominations of U.S.$1.00 and Ps.100,000 or integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.0950.60% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest $3,376.9322 per bond (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% Uruguayan pesos into U.S. dollars of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York CityPs.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the UnderwritersUnderwriter. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Axxxxxx Xxxxx Name: Xxxxxx Axxxxxx Xxxxx Title: Director Manager BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Axxxxxx Xxxxx Name: Axxxxxx Xxxxx Title: Manager Accepted, on behalf of Debt Management Unit The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL themselves CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Cxxxxxxxxxx Xxxxxxx Name: Xxxxxx Cxxxxxxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX UBS SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Mxxxxxx Xxxxxx Name: Xxx Xxxxx-Klarish Mxxxxxx Xxxxxx Title: Executive Director (a) Reopening 2027 BondsManaging Director By: Underwriting Agreement dated/s/ Rxxxxx Xxxxxxxxxxx Name: July 13, 2016 IndentureRxxxxx Xxxxxxxxxxx Title: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. Director The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 388 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax NoXxx: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Cxxxxxxxxxx Xxxxxxx UBS Securities LLC 677 Xxxxxxxxxx Xxxx Xxxxxxxx, XX 00000 Xxx No.: 200-000-0000 Attention: Fixed Income Syndicate Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: Maturity date: 10.50% UI Bonds Due 2006. Ps. 5,589,500,000. October 20, 2003. April 27 20 and October 27 20 of each year,beginning April 20, beginning 2004. October 2720, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. 2006 Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and Ps.100,000 or integral multiples of U.S.$1.00 in excess thereof. Underwriting CommissionCommission 0.60% Purchase Price: 0.095% $198,800,000 (using the exchange rate for conversion of the aggregate principal amount Uruguayan pesos into U.S. dollars of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Ps. 27.9475 per U.S. dollar) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. $200,000,000 Manner of payment: Wire transfer of immediately available funds funds. Closing Date, time and location: 10:00 a.m. 10 A.M. (New York City time) on July October 20, 2016 2003 in New York City. Listing: Application has been made to list the bonds on the Luxembourg Stock Exchange. Citigroup Global Markets Inc. Ps. 5,310,100,000 UBS Securities LLC Ps. 279,400,000

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Axxxx Xxxxxxxxx Name: Xxxxxx Xxxxx Axxxx Xxxxxxxxx Title: Director of Debt Management Unit Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. Citigroup Global Markets Inc. By: /s/ Xxxxxx M. Cxxxxxxxxxx Xxxxxxx Name: Xxxxxx M. Cxxxxxxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: For itself and the other several Underwriters, if any, named on Schedule II to the foregoing Agreement. Underwriting Agreement dated: July 13May 10, 2016 2005 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. trustee The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax NoFax: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Cxxxxxxxxxx Xxxxxxx Xxxxxxx Lynch, Pierce, Fxxxxx & Sxxxx Incorporated 4 Xxxxx Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 9.25% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 U.S.$300,000,000 Interest payable from: April 27May 17, 2016 2005 Interest payment dates: April 27 May 17 and October 27 November 17 of each year, beginning October 27November 17, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. 2005 Maturity date: October 27May 17, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. 2017 Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 US$100,000 and integral multiples of U.S.$1.00 US$1,000 in excess thereof. thereof Underwriting Commission: 0.095Commission 0.30% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) 99.70% per bond Initial public offering price: 107.295100.00% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. per bond Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M (New York City time) on July 20May 17, 2016 2005 in New York CityCity Listing: Application has been made to list the Securities on the Luxembourg Stock Exchange Underwriters Securities Citigroup Global Markets Inc. $ 294,000,000 Mxxxxxx Lynch, Pierce, Fxxxxx & Sxxxx Incorporated $ 6,000,000

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxx Name: Xxxxxx Xxxxx Xxxxxx Title: Director Minister of Debt Management Unit Economy and Finance, República Oriental del Uruguay The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL XXXXXXX SACHS & CO. LLC By: /s/ Xxxx Xxxxxx Name: Xxxx Xxxxxx Title: Managing Director SANTANDER INVESTMENT SECURITIES INC. By: /s/ Xxxxxx Xxxxxxx X. Xxxxxx, Xx. Name: Xxxxxx Xxxxxxx X. Xxxxxx, Xx. Title: Executive Director BNP PARIBAS SECURITIES CORPBy: /s/ Xxxxxxxx Xxxxxxxx Name: Xxxxxxxx Xxxxxxxx Title: Managing Director SCOTIA CAPITAL (USA) INC. By: /s/ Xxxxx Xxx Xxxx XxXxxxx Name: Xxxxx Xxx Xxxx XxXxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director& Head (a) Reopening 2027 2031 Bonds: Underwriting Agreement dated: July 13, 2016 Indenture: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 Bonds: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 of each year, beginning October 27, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York City:

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c8(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Hxxxxx Xxxxx Name: Xxxxxx Hxxxxx Xxxxx Title: Director of Debt Management Unit The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Xxxxxxx Bxxxx X. Xxxxxxxxx Name: Xxxxxx Xxxxxxx Bxxxx X. Xxxxxxxxx Title: Director BNP PARIBAS Managing director HSBC SECURITIES CORP(USA) INC. By: /s/ Xxxxx Xxx Lxxx Xxxxxxxx Name: Xxxxx Xxx Lxxx Xxxxxxxx Title: Vice President ITAU BBA USA SECURITIES, INC. By: /s/ Bxxxx Xxxx Name: Bxxxx Xxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Jxxx X. Xxxxxxxx Name: Xxx Xxxxx-Klarish Jxxx X. Xxxxxxxx Title: Executive Director (a) Reopening 2027 Bonds: Managing Director Underwriting Agreement dated: July 13October 19, 2016 2015 Indenture: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. 000 Xxxxxxx Xxxxxx, 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 +0-000-000-0000 Attention: Syndicate Registration BNP PARIBAS General Counsel HSBC SECURITIES CORP(USA) INC. 000 Xxxxxxx 400 Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 +0-000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Transaction Management Group ITAU BBA USA SECURITIES, INC. 700 0xx Xxx., 00xx El. Nxx Xxxx, Xxx Xxxx 00000 United States of America Xxxxxx Xxxxxx xx Xxxxxxx Fax No: +0 (+0-000) -000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 Title: Aggregate principal amount: Interest payable from: Interest payment dates: Maturity date: 4.375% USD Bonds due 2027 (to constitute a further issuance ofU.S.$1,700,000,000 October 19, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: 2015 April 27 and October 27 of each year, beginning October April 27, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October April 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 BondsSecurities. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 1,685,380,000 (less U.S.$ 380,0001,615,000) Initial public offering price: 107.29599.140% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on any, from October 27, 2016. 2015) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10:00a.m. (New York City time) on July 20October 27, 2016 2015 in New York CityCity Listing: Application has been made to admit the Securities to the Luxembourg Stock Exchange and to have the Securities admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. Trustee: The Bank of New York Mellon Underwriters Securities Citigroup Global Markets Inc. U.S.$ 566,667,000 HSBC Securities (USA) Inc. U.S.$ 566,667,000 Itau BBA USA Securities, Inc. U.S.$ 566,666,000 Selling Restrictions

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Title: Director Ministry of Debt Management Unit Economy and Finance Underwriting Agreement for Reopening The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL By: /s/ Xxxxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxxxxx Title: Managing Director, Latin America Credit Markets HSBC SECURITIES (USA) INC. By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx X. Xxxxx Name: Xxxxx Xxx X. Xxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Authorized Signatory Underwriting Agreement for Reopening 2027 Bonds: Underwriting Agreement dated: July 13December 12, 2016 2011 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. 000 Xxxxxxx XxxxxxXxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx, Xxx Xxxx 00000 United States Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS General Counsel HSBC SECURITIES CORP(USA) INC. 000 Xxxxxxx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Transaction Management Group Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 Title: Aggregate principal amount: 4.375% USD UI Global Bonds due 2027 (to constitute a further issuance of, 2028 Ps.5,470,000,000 The Securities will be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD UI Global Bonds due 2027 2028 to be issued on October 27December 15, 2015)2011 pursuant to the final prospectus supplement dated December 5, 2011. Aggregate principal amount: U.S.$400,000,000 After giving effect to both offerings, the total amount outstanding of the Republic’s 4.375% UI Global Bonds due 2028 will be Ps.25,376,000,000. In addition, the Securities will be consolidated, form a single series, and be fully fungible with the Republic’s 4.375% UI Global Bonds due 2028 to be issued on December 15, 2011 pursuant to the prospectus supplement dated December 6, 2011 relating to the Republic’s exchange offer. Interest payable from: April 27, 2016 Interest payment dates: April 27 December 15, 2011 June 15 and October 27 December 15 of each year, beginning October 27June 15, 20162012, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27December 15, 2027 2028 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27December 15, 20252026, October 27December 15, 2026 2027 and at maturity. The nominal principal amount repaid in each installment will be adjusted to reflect Uruguayan inflation from the Closing Date to the applicable repayment date and will be converted to and paid in U.S. dollars. For this purpose, the Calculation Agent will multiply the outstanding principal amount of the Securities being repaid in Uruguayan pesos by a fraction the numerator of which is the value of one UI in Uruguayan pesos as of such repayment date and the denominator of which is Ps.2.3121, being the value of one UI expressed in Uruguayan pesos on the Closing Date. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 June 15 and October 27 December 15 of each year, commencing on October 27June 15, 20162012. Each of the interest payments will be payable at an annual rate of 4.375% on the outstanding principal amount of the Reopening 2027 BondsSecurities as adjusted to reflect Uruguayan inflation from the Closing Date through the relevant interest payment date. For this purpose, The Bank of New York Mellon, as the Calculation Agent, will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction, the numerator of which is the value of one UI expressed in Uruguayan pesos as of the relevant interest payment date and the denominator of which is Ps.2.3121, being the value of one UI expressed in Uruguayan pesos on the Closing Date. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Conversion of Payment Amounts All amounts due in respect of principal and interest will be paid in US dollars, calculated by the Calculation Agent by exchanging the Uruguayan peso amounts into U.S. dollars at the average interbank exchange rate for the conversion of Uruguayan pesos into US dollars as published by Banco Central del Uruguay as the bid-side rate for the period of twenty business days ending two business days prior to the relevant payment date. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 Ps.1.0 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest US$274,640,843.30 (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Uruguayan pesos into U.S. dollars of Ps.19.8980 per U.S. dollar) Initial public offering price: 107.295% of the principal amount US$274,902,000.20 (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27any from December 15, 2016. 2011) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20December 15, 2016 2011 in New York CityCity Listing: Application will be made to admit the Securities to the Official List of the United Kingdom Listing Authority and to the regulated market of the London Stock Exchange. Calculation Agent The Bank of New York Mellon Underwriters Securities % Citigroup Global Markets Inc. Ps. 2,735,000,000 50 % HSBC Securities (USA) Inc. Ps. 2,735,000,000 50 % Total Ps. 5,470,000,000 100 %

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx /s/Xxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxx Title: Director Minister of Debt Management Unit Economy and Finance The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED By: /s/ Xxxxxxx Xxxxxxxx Name: Xxxxxxx Xxxxxxxx Title: Managing Director XXXXXX XXXXXXX & CO. LLC By: /s/ Yurij Slyz Name: Yurij Slyz Title: Executive Director SANTANDER INVESTMENT SECURITIES INC. By: /s/ Xxxxxx Xxxxxxx Xxx Xxxxxxxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Xxxxxxxxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Xxxxxxx X. Xxxxxx, Xx. Name: Xxx Xxxxx-Klarish Xxxxxxx X. Xxxxxx, Xx Title: Executive Director (a) Reopening 2027 Bonds: Senior Vice President Underwriting Agreement dated: July 13February 23, 2016 2015 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx XxxxxxXXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED 00 Xxxxxxxxxxx Xxxxx XX0-000-00-00 Xxx Xxxx, Xxx Xxxx 00000 10020 United States of America Fax NoFacsimile: +0 (000-) 000-0000 AttentionAttn: Syndicate Registration BNP PARIBAS SECURITIES CORPHigh Grade Debt Capital Markets XXXXXX XXXXXXX & CO. 000 Xxxxxxx Xxxxxx LLC 0000 Xxxxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax NoFacsimile: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 AttentionAttn: Latin LATAM Fixed Income Capital Markets Desk SANTANDER INVESTMENT SECURITIES INC. 00 Xxxx 00xx Xxxxxx-00xx Xxxxx Xxx Xxxx, Xxx Xxxx 10022 United States of America Facsimile: (000) 000-0000 Attn: Debt Capital Markets Department Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375U.S.$1,200,000,000 5.100% USD Bonds due 2027 2050 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the RepublicUruguay’s outstanding U.S.$1,700,000,000 4.375U.S.$2,000,000,000 5.100% USD Bonds due 2027 2050 issued on October 27June 18, 20152014). Aggregate principal amount: U.S.$400,000,000 U.S.$1,200,000,000 Interest payable from: April 27December 18, 2016 2014 Interest payment dates: April 27 June 18 and October 27 December 18 of each year, beginning October 27June 18, 20162015, with a final interest payment on the maturity date, which will be October 27June 18, 20272050. Maturity date: October 27June 18, 2027 Payment 2050 Payments of Principal: Principal Principal will be repaid in three nominally equal installments on October 27June 18, 20252048, October 27June 18, 2026 2049 and at maturity. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 June 18 and October 27 December 18 of each year, commencing on October 27June 18, 20162015. Each of the interest payments will be payable at an annual rate of 5.100% on the outstanding principal amount of the Reopening 2027 BondsSecurities. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities payable in United States Dollars. Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000U.S.$1,216,728,000, plus accrued interest of U.S.$ 4,034,722.22 U.S.$11,560,000 from April 27December 18, 2016 2014 (less U.S.$ 380,000) U.S.$1,140,000). Initial public offering price: 107.295101.394% of the principal amount (plus accrued interest interest, if any from (and including) April 27December 18, 2016 2014 to (but excluding) July 20February 26, 20162015, the date the Republic expects to deliver the Reopening 2027 BondsSecurities, and any additional interest from July 20February 26, 20162015, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds Securities will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27June 18, 20162015. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20February 26, 2016 2015 in New York City. Listing: Application will be made to admit the Reopening Securities to the Luxembourg Stock Exchange and to have the Reopening Securities admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. Trustee The Bank of New York Mellon Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated. .......................................... Xxxxxx Xxxxxxx & Co. LLC.......................................... Santander Investment Securities Inc. ………………….. U.S.$ 400,000,000 U.S.$ 400,000,000 U.S.$ 400,000,000 Selling Restrictions General By their purchase and acceptance of the Reopening Securities issued under this Agreement to which these selling restrictions are scheduled, the Underwriters represent, warrant and agree that they will observe all applicable laws and regulations in any jurisdiction in which they may offer, sell or deliver Reopening Securities; and they will not directly or indirectly offer, sell, resell, reoffer or deliver Reopening Securities or distribute any prospectus, circular, advertisement or other offering material in any country or jurisdiction except under circumstances that will result in compliance with all applicable laws and regulations, and all actions or measures so taken shall be at the sole expense of the Underwriters. The Underwriters also acknowledge and agree that they are not authorized to give any information on or to make any representation not contained in the Final Prospectus or the Disclosure Package in connection with the offer and sale of the Reopening Securities. No action has been or will be taken by the Underwriters or the Republic that would permit a public offering of the Reopening Securities or possession or distribution of the Final Prospectus, the Disclosure Package, or any other offering or publicity material relating to the Securities, in any country or jurisdiction in which action for that purpose is required (other than the United States). Except for registration under the Securities Act and compliance with the rules and regulations thereunder and the qualification of the Reopening Securities for offer and sale under the laws of such jurisdictions as the Underwriters and the Republic may agree to pursuant to Section 7(A)(f) hereof, the Republic shall not have any responsibility for obtaining, and the Underwriters agree with the Republic that they and their respective affiliates will obtain, any consent, approval or authorization required for the purchase, offer, sale or delivery by them of any of the Reopening Securities under the laws and regulations in force in any jurisdiction to which they are subject or in or from which they make such purchase, offer, sale or delivery of any of the Reopening Securities. The United States of America The Underwriters, on behalf of themselves and their affiliates that participate in the distribution of the Reopening Securities, represent and agree that they and each such affiliate have complied with all applicable provisions of the Securities Act, the Exchange Act, and applicable Blue Sky or state securities laws. This prospectus has been prepared on the basis that any offer of Bonds in any Member State of the European Economic Area will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Bonds. Accordingly any person making or intending to make an offer in that Member State of Bonds which are the subject of the offering contemplated in this prospectus supplement may only do so in circumstances in which no obligation arises for Uruguay or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither Uruguay nor the underwriters have authorized, nor do they authorize, the making of any offer of Bonds in circumstances in which an obligation arises for Uruguay or the underwriters to publish a prospectus for such offer. In relation to each Member State of the European Economic Area, with effect from and including the date on which the Prospectus Directive was implemented in that Member State (the “Relevant Implementation Date”), an offer to the public of any Bonds which are the subject of the offering contemplated by this prospectus supplement (the “Securities”) may not be made in that Member State except that an offer to the public in that Member State may be made at any time with effect from and including the Relevant Implementation Date under the following exemptions under the Prospectus Directive: A. to any legal entity which is a qualified investor as defined in the Prospectus Directive; B. to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representative[s]; or C. in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of Securities shall require Uruguay or the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive. For the purpose of the above provisions, the expression “an offer to the public” in relation to any Bonds in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe the Bonds, as the same may be varied in the Member State by any measure implementing the Prospectus Directive in the Member State and the expression “Prospectus Directive” means Directive 2003/71/EC (as amended) and includes any relevant implementing measure in the Member State. This EEA selling restriction is in addition to any other selling restrictions set out in this prospectus supplement. This document is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Xxx 0000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Xxx 0000 (the “FSMA”)) in connection with the issue or sale of any Bonds may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons Each underwriter has represented, warranted and agreed that: A. it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Securities in circumstances in which Section 21(1) of the FSMA does not apply to Uruguay; and B. it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom. This prospectus supplement does not constitute an issue prospectus pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations and the notes will not be listed on the SIX Swiss Exchange. Therefore, this prospectus supplement may not comply with the disclosure standards of the listing rules (including any additional listing rules or prospectus schemes) of the SIX Swiss Exchange. Accordingly, the notes may not be offered to the public in or from Switzerland, but only to a selected and limited circle of investors who do not subscribe to the notes with a view to distribution. Any such investors will be individually approached by the underwriters from time to time. This prospectus supplement relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (“DFSA”). This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for the prospectus supplement. The notes to which this prospectus supplement relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the notes offered should conduct their own due diligence on the notes. If you do not understand the contents of this prospectus supplement you should consult an authorized financial advisor. Pricing Term Sheet República Oriental del Uruguay 5.100% USD Bonds due 2050 (the “Bonds”) Final Terms and Conditions As of February 23, 2015 Issuer: República Oriental del Uruguay Title: 5.100% USD Bonds due 2050 (principal repaid on June 2048, June 2049, and on Maturity Date). Principal Amount: U.S.$1,200,000,000 (to constitute a further issuance of, be consolidated, form a single series and be fungible on the settlement date with the Republic’s outstanding 5.100% USD Bonds due 2050 originally issued on June 18, 2014 in the original aggregate principal amount of U.S.$2,000,000,000). Maturity Date: June 18, 2050 Pricing Date: February 23, 2015 Settlement Date: February 26, 2015 Public Offering Price: 101.394% of the principal amount, plus accrued interest, if any, from (and including) December 18, 2014 to (but excluding) February 26, 2015, the date the Republic expects to deliver the Reopening Securities, and any additional interest from February 26, 2015, if settlement occurs after that date. Purchasers of the Reopening Securities will be entitled to receive the full amount of the next semi-annual regular interest payment on June 18, 2015. Yield to Average Life: 5.014% Benchmark Treasury: 3.00% due November 2044 Benchmark Treasury Price and Yield: 106-28; 2.664%

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxx Arbeleche Name: Xxxxxx Xxxxx Xxxxxxx Arbeleche Title: Director of Debt Management Unit The foregoing Director Underwriting Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Xxxxxxx X. Xxxxxxx Name: Xxxxxx Xxxxxxx X. Xxxxxxx Title: Director BNP PARIBAS Managing Director, Latin America Credit Markets HSBC SECURITIES CORP(USA) INC. By: /s/ Xxxxx Xxx X. Xxxxx Name: Xxxxx Xxx X. Xxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Senior Vice President Underwriting Agreement Underwriting Agreement dated: July 13December 5, 2016 2011 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. 000 Xxxxxxx XxxxxxXxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx, Xxx Xxxx 00000 United States Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. General Counsel 000 Xxxxxxx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Transaction Management Group Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 Maturity date: 4.375% UI Global Bonds due 2028 Ps.19,906,000,000.00 December 15, 2011 June 15 and October 27 December 15 of each year, beginning October 27June 15, 20162012, with a final interest payment on the maturity datedate December 15, which will be October 27, 2027. Maturity date: October 27, 2027 2028 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27December 15, 20252026, October 27December 15, 2026 2027 and at maturity. The nominal principal amount repaid in each installment will be adjusted to reflect Uruguayan inflation from the Closing Date to the applicable repayment date and will be converted to and paid in U.S. dollars. For this purpose, the Calculation Agent will multiply the outstanding principal amount of the Securities being repaid in Uruguayan pesos by a fraction the numerator of which is the value of one UI in Uruguayan pesos as of such repayment date and the denominator of which is Ps.2.3121, being the value of one UI expressed in Uruguayan pesos on the Closing Date. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 June 15 and October 27 December 15 of each year, commencing on October 27June 15, 20162012. Each of the interest payments will be payable at an annual rate of 4.375% on the outstanding principal amount of the Reopening 2027 BondsSecurities as adjusted to reflect Uruguayan inflation from the Closing Date through the relevant interest payment date. For this purpose, The Bank of New York Mellon, as the Calculation Agent, will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction, the numerator of which is the value of one UI expressed in Uruguayan pesos as of the relevant interest payment date and the denominator of which is Ps.2.3121, being the value of one UI expressed in Uruguayan pesos on the Closing Date. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Conversion of Payment Amounts All amounts due in respect of principal and interest will be paid in US dollars, calculated by the Calculation Agent by exchanging the Uruguayan peso amounts into U.S. dollars at the average interbank exchange rate for the conversion of Uruguayan pesos into US dollars as published by Banco Central del Uruguay as the bid-side rate for the period of twenty business days ending two business days prior to the relevant payment date. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 Ps.1.0 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest US$999,451,668.51 (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Uruguayan pesos into U.S. dollars of Ps.19.8980 per U.S. dollar) Initial public offering price: 107.295% of the principal amount US$1,000,402,050.46 (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27any from December 15, 2016. 2011) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20December 15, 2016 2011 in New York CityCity Listing: Application will be made to admit the Securities to the Official List of the United Kingdom Listing Authority and to the regulated market of the London Stock Exchange. Calculation Agent The Bank of New York Mellon Underwriters Securities % Citigroup Global Markets Inc. Ps. 9,953,000,000 50 % HSBC Securities (USA) Inc. Ps. 9,953,000,000 50 % Total Ps. 19,906,000,000.00 100 %

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxx Title: Director Head of Debt Management Unit Office The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL ABN AMRO INCORPORATED By: /s/ Xxxxx Xxxxxxxxx Name: Xxxxx Xxxxxxxxx Title: Managing Director By: /s/ Xxxxxx Xxxxxx Name: Xxxxxx Xxxxxx Title: Managing Director DEUTSCHE BANK SECURITIES INC. By: /s/ Xxxxxxx Xxxxxx Name: Xxxxxxx Xxxxxx Title: Managing Director By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Underwriting Agreement dated: July 13June 21, 2016 2007 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx ABN AMRO Incorporated 00 Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx 00xx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 XXX Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Fixed Income Capital Markets – Latin America Fax: Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx XX 00000 United States of America Fax No: +0 (000) 000-0000 XXX Attention: Latin America Debt Capital Markets Fax: (000) 000-0000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 Maturity date: 3.70% UI Bonds due 2037 Ps. 11,933,750,000 June 26, 2007 June 26 and October 27 December 26 of each year, beginning October 27December 26, 20162007, with a final interest payment on the maturity datedate June 26, which will be October 27, 2027. Maturity date: October 27, 2027 2037 Payment of Principal: Principal Principal, as adjusted to reflect Uruguayan inflation from June 26, 2007 to its repayment date, will be repaid made in three nominally equal installments on October 27June 26, 20252035, October 27June 26, 2026 2036 and at maturity. Principal will be converted to and payment of principal will be made in United States dollars. For this purpose, the calculation agent will multiply the outstanding principal amount of the Bonds being repaid in Uruguayan pesos by a fraction the numerator of which is the value of one UI in Uruguayan pesos as of the repayment date and the denominator of which is Ps. 1.6846, being the value of one UI expressed in Uruguayan pesos on the date of issuance of the Bonds. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016arrears. Each of the interest payments will be payable at an annual rate of 3.70% on the outstanding principal amount of the Reopening 2027 BondsSecurities as adjusted to reflect Uruguayan inflation from the Closing Date through the relevant interest payment date. For this purpose, The Bank of New York, as the Calculation Agent, will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction the numerator of which is the value of one UI expressed in Uruguayan pesos as of the relevant interest payment date and the denominator of which is Ps. 1.6846 the value of one UI expressed in Uruguayan pesos on the Closing Date. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Conversion of Payment Amounts All amounts due in respect of principal and interest will be paid in United States dollars, calculated by the Calculation Agent by exchanging the Uruguayan peso amounts into United States dollars at the applicable exchange rate on the applicable rate calculation date. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and Uruguayan pesos 1,000 or integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095Commission 0.025% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest US$ 499,875,000 (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Uruguayan pesos into U.S. dollars of Ps. 23.8675 per U.S. dollar) Initial public offering price: 107.295% of the principal amount US$ 500,000,000 (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. any) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20June 26, 2016 2007 in New York City

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Axxxx Xxxxxxxxx Name: Xxxxxx Xxxxx Axxxx Xxxxxxxxx Title: Director of Debt Management Unit Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. Citigroup Global Markets Inc. By: /s/ Xxxxxx M. Cxxxxxxxxxx Xxxxxxx Name: Xxxxxx M. Cxxxxxxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC Mxxxxx Sxxxxxx & Co. Incorporated By: /s/ Xxx Xxxxx-Klarish Cxxxxxx Xxxxx Name: Xxx Xxxxx-Klarish Cxxxxxx Xxxxx Title: Executive Director (a) Reopening 2027 Bonds: Director Underwriting Agreement dated: July 13May 26, 2016 2005 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. trustee The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax NoFax: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Cxxxxxxxxxx Xxxxxxx Xxxxxx Sxxxxxx & Co. Incorporated 1000 Xxxxxxxx Xxx Xxxx, XX 00000 Attention: Emerging Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 9.25% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 U.S.$200,000,000 Interest payable from: April 27May 17, 2016 2005 Interest payment dates: April 27 May 17 and October 27 November 17 of each year, beginning October 27November 17, 2016, with a final interest payment on the maturity date, which will be October 27, 2027. 2005 Maturity date: October 27May 17, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. 2017 Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 US$100,000 and integral multiples of U.S.$1.00 US$1,000 in excess thereof. thereof Underwriting Commission: 0.095Commission 0.30% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus 102.783% per bond (inclusive of accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000interest) Initial public offering price: 107.295103.083% per bond (inclusive of the principal amount (plus accrued interest from (and includinginterest) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M (New York City time) on July 20June 1, 2016 2005 in New York CityCity Listing: Application has been made to list the Securities on the Luxembourg Stock Exchange Underwriters Securities Citigroup Global Markets Inc. $ 100,000,000 Mxxxxx Sxxxxxx & Co. Incorporated $ 100,000,000

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Cxxxxx Xxxxxxx Name: Xxxxxx Xxxxx Cxxxxx Xxxxxxx Title: Director of Director, Debt Management Unit Office The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Cxxxx Xxxxxxx Name: Xxxxxx Cxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX MXXXXX SXXXXXX & CO. INCORPORATED By: /s/ Fxxxxxxxx X. Xxxxx Name: Fxxxxxxxx X. Xxxxx Title: Managing Director UBS SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Mxxxxxx Xxxxxx Name: Xxx Xxxxx-Klarish Mxxxxxx Xxxxxx Title: Managing Director UBS SECURITIES LLC By: /s/ Hx Xxxx Name: Hx Xxxx Title: Executive Director (a) Reopening 2027 Bonds: Director Underwriting Agreement dated: July 13October 19, 2016 2006 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 XXX Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax NoGeneral Counsel Fax: +0 (000) 000-0000 1000 Xxxxxxxx Xxx Xxxx, XX 00000 XXX Attention: Latin America Global Capital Markets Fax: (000)-000-0000 600 Xxxxxxxxxx Xxxx Xxxxxxxx, XX 00000 XXX Attention: Debt Capital Markets Fax: (000)-000-0000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 7.625% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 US$500 million 7.625% Bonds due 2036 Interest payable from: April 27, 2016 Interest payment dates: April 27 Interest on the 2036 Bonds to be paid from September 21, 2006 and October 27 on March 21 and September 21 of each year, beginning October 27on March 21, 2016, 2007 with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 The 2036 Global Bonds will be calculated mature on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian forMarch 21, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York City2036.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Mxxxx Xxxxxxx Name: Xxxxxx Xxxxx Mxxxx Xxxxxxx Title: Director Vice Minister of Economy and Finance By: /s/ Cxxxxx Xxxxxxx Name: Cxxxxx Xxxxxxx Title: Director, Debt Management Unit Office The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Cxxxx Xxxxxxx Name: Xxxxxx Cxxxx Xxxxxxx Title: Managing Director BNP PARIBAS DEUTSCHE BANK SECURITIES CORPINC. By: /s/ Xxxxx Xxx Mxxxxxxx Xxxxxx Name: Xxxxx Xxx Mxxxxxxx Xxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Dxxxxxx Xxxx Name: Xxx Xxxxx-Klarish Dxxxxxx Xxxx Title: Executive Director (a) Reopening 2027 Bonds: Director Underwriting Agreement dated: July 13September 7, 2016 2006 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 XXX Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax NoGeneral Counsel Fax: +0 (000) 000-0000 Deutsche Bank Securities Inc. 60 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, XX 00000 XXX Attention: Latin America Debt Capital Markets Fax: (000) 000-0000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 5.00% USD UI Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 Ps. 9,560,000,000 Interest payable from: April 27September 14, 2016 2006 Interest payment dates: April 27 March 14 and October 27 September 14 of each year, beginning October 27March 14, 20162007, with a final interest payment on the maturity date, which will be October 27, 2027. date Maturity date: October 27September 14, 2027 2018 Payment of Principal: Principal Amounts due in respect of principal will be repaid paid in three nominally equal installments on October 27, 2025, October 27, 2026 and full at maturity. The redemption amount (or early redemption amount) will be equal to the outstanding principal amount of the Securities as adjusted to reflect Uruguayan inflation from the Closing Date through the maturity date or the date of such early redemption, as applicable. For this purpose, the Calculation Agent will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction the numerator of which is the value of one UI in Uruguayan pesos as of the applicable maturity or redemption date and the denominator of which is Ps. 1.5817, the value of one UI expressed in Uruguayan pesos as of the Closing Date. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016arrears. Each of the interest payments will be payable at an annual rate of 5.00% on the outstanding principal amount of the Reopening 2027 BondsSecurities as adjusted to reflect Uruguayan inflation from the Closing Date through the relevant interest payment date. For this purpose, The Bank of New York, as the Calculation Agent, will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction the numerator of which is the value of one UI expressed in Uruguayan pesos as of the relevant interest payment date and the denominator of which is Ps. 1.5817, the value of one UI expressed in Uruguayan pesos on the Closing Date. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Conversion of Payment Amounts All amounts due in respect of principal and interest will be paid in United States dollars, calculated by the Calculation Agent by exchanging the Uruguayan peso amounts into United States dollars at the applicable exchange rate on the applicable rate calculation date. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and Uruguayan pesos 10,000 or integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095Commission 0.125% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest US$399,500,000 (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Uruguayan pesos into U.S. dollars of Ps. 23.900 per U.S. dollar) Initial public offering price: 107.295% US$400,000,000 (inclusive of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. any) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M. (New York City time) on July 20September 14, 2016 2006 in New York CityCity Listing: Application has been made to admit the Securities to the Official List of the United Kingdom Listing Authority and to admit the Securities to trading on the regulated market of the London Stock Exchange. Calculation Agent The Bank of New York Underwriters Securities % Citigroup Global Markets Inc. Ps. 4,780,000,000 50 Deutsche Bank Securities Inc. Ps. 4,780,000,000 50 Total Ps. 9,560,000,000 100

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxx Arbeleche Name: Xxxxxx Xxxxx Xxxxxxx Arbeleche Title: Director of Debt Management Unit The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL HSBC SECURITIES (USA) INC. By: /s/ Xxxxxx Xxxxxxx Xxxx Xxxxx Xxxxxxxxx Name: Xxxxxx Xxxxxxx Xxxx Xxxxx Xxxxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Xxxxxx Xxxxxxxxx Name: Xxx Xxxxx-Klarish Xxxxxx Xxxxxxxxx Title: Executive Director (a) Reopening 2027 Bonds: Director Underwriting Agreement dated: July 13June 10, 2016 2014 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL HSBC SECURITIES (USA) INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk Transaction Management Group X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (+0-000) -000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: Aggregate principal amount: Interest payable from: Interest payment dates: Maturity date: 5.100% USD Bonds due 2027 (to constitute a further issuance of2050 U.S.$ 2,000,000,000 June 18, be consolidated, form a single series, 2014 June 18 and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 December 18 of each year, beginning October 27December 18, 20162014, with a final interest payment on the maturity date, which will be October 27June 18, 20272050. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27June 18, 20252048, October 27June 18, 2026 2049 and at maturity. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 June 18 and October 27 December 18 of each year, commencing on October 27December 18, 20162014. Each of the interest payments will be payable at an annual rate of 5.100% on the outstanding principal amount of the Reopening 2027 BondsSecurities. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 U.S.$1,993,200,000 (less U.S.$ 380,000U.S.$1,900,000) Initial public offering price: 107.29599.660% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27any from June 18, 2016. 2014) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20June 18, 2016 2014 in New York CityCity Listing: Application has been made to admit the Securities to the Luxembourg Stock Exchange and to have the Securities admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. Trustee The Bank of New York Mellon HSBC Securities (USA) Inc. X.X. Xxxxxx Securities LLC U.S.$1,000,000,000 U.S.$1,000,000,000 50% 50% Selling Restrictions General By their purchase and acceptance of the Securities issued under this Agreement to which these selling restrictions are scheduled, the Underwriters represent, warrant and agree that they will observe all applicable laws and regulations in any jurisdiction in which they may offer, sell or deliver Securities; and they will not directly or indirectly offer, sell, resell, reoffer or deliver Securities or distribute any prospectus, circular, advertisement or other offering material in any country or jurisdiction except under circumstances that will result in compliance with all applicable laws and regulations, and all actions or measures so taken shall be at the sole expense of the Underwriters. The Underwriters also acknowledge and agree that they are not authorized to give any information on or to make any representation not contained in the Final Prospectus or the Disclosure Package in connection with the offer and sale of the Securities. No action has been or will be taken by the Underwriters or the Republic that would permit a public offering of the Securities or possession or distribution of the Final Prospectus, the Disclosure Package, or any other offering or publicity material relating to the Securities, in any country or jurisdiction in which action for that purpose is required (other than the United States). Except for registration under the Securities Act and compliance with the rules and regulations thereunder and the qualification of the Securities for offer and sale under the laws of such jurisdictions as the Underwriters and the Republic may agree to pursuant to Section 7(A)(f) hereof, the Republic shall not have any responsibility for obtaining, and the Underwriters agree with the Republic that they and their respective affiliates will obtain, any consent, approval or authorization required for the purchase, offer, sale or delivery by them of any of the Securities under the laws and regulations in force in any jurisdiction to which they are subject or in or from which they make such purchase, offer, sale or delivery of any of the Securities. The United States of America The Underwriters, on behalf of themselves and their affiliates that participate in the distribution of the Securities, represent and agree that they and each such affiliate have complied with all applicable provisions of the Securities Act, the United States Securities Exchange Act of 1934, as amended, and applicable Blue Sky or state securities laws. Austria The information in the prospectus supplement does not constitute a public offering (öffentliches Angebot) to investors in Austria and must not be used in conjunction with a public offering pursuant to the Austrian Capital Market Act (Kapitalmarktgesetz) in Austria. No prospectus pursuant to the Austrian Capital Market Act (Kapitalmarktgesetz) has been or will be approved (gebilligt) by or notified (notifiziert) to the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde) and no such prospectus has been or will be published in Austria in any way which would constitute a public offering under Austrian law (whether presently or in the future), nor has or will such prospectus be deposited with the filing office (Meldestelle of Oesterreichische Kontrollbank AG. As no public offering will be made in Austria, no prospectus is required in accordance with Directive 2003/71/EC. Bahamas The Securities are being offered and sold only to Accredited Investors (as defined in the Securities Industry Regulations, 2012) and will be subject to the resale restrictions contained in Regulation 117. As a condition of the purchase of the Securities, each purchaser will be required to execute and deliver to Uruguay an affidavit attesting to the purchaser’s status as an Accredited Investor and acknowledging that the Bond purchased are subject to restrictions on resale. Canada The Securities may be sold only to purchasers purchasing as principal that are both “accredited investors” as defined in National Instrument 45-106 Prospectus and Registration Exemptions and “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Securities must be made in accordance with an exemption from the prospectus requirements and in compliance with the registration requirements of applicable securities laws. Denmark The prospectus supplement does not constitute a prospectus under Danish law and has not been filed with or approved by the Danish Financial Supervisory Authority as the prospectus supplement has not been prepared in the context of a public offering of securities in Denmark within the meaning of the Danish Securities Trading Act or any Executive Orders issued pursuant thereto. Accordingly, the prospectus supplement may not be made available to any other person in Denmark nor may the Securities otherwise be marketed and offered for sale in Denmark other than in circumstances which are exempt from the requirement to publish a prospectus in Denmark. European Economic Area The prospectus supplement has been prepared on the basis that the offer and sale of the Securities in any Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of securities. Accordingly, any person making or intending to make any offer in that Relevant Member State of the Securities, may only do so in circumstances in which no obligation arises for Uruguay or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive in relation to such offer. Neither Uruguay nor the underwriters have authorized, nor do they authorize, the making of any offer of Securities in circumstances in which an obligation arises for Uruguay or any of the underwriters to publish a prospectus for such offer. In relation to each Relevant Member State with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”), no offer to the public of the Securities has been or will be made in that Relevant Member State other than: (a) to any legal entity which is a qualified investor as defined in the Prospectus Directive (“Qualified Investors”); (b) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than Qualified Investors), as permitted under the Prospectus Directive subject to obtaining the prior consent of the representatives of Uruguay for any such offer; or (c) in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer shall require Uruguay or any underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Directive. For the purposes of this provision, the expression an “offer to the public” means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities so as to enable an investor to decide to purchase the Securities, as the same may be further defined in that Relevant Member State by any measure implementing the Prospectus Directive in that Member State. The expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in each Relevant Member State, and the expression “2010 Amending Directive” means Directive 0000/00/XX.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a16(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Axxxx Xxxxxxxxx Name: Xxxxxx Xxxxx Axxxx Xxxxxxxxx Title: Director of Debt Management Unit Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Manager Division By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. Deutsche Bank AG, London Branch By: /s/ Matthias von Tiesenhausen Name: Matthias von Tiesenhausen Title: Vice President & Senior Counsel By: /s/ Rxxxxxx Xxxxx Name: Rxxxxxx Xxxxx Title: Vice President & Senior Counsel UBS Securities LLC By: /s/ Mxxxxxx Xxxxxx Name: Mxxxxxx Xxxxxx Title: Managing Director By: /s/ Jxxxx Xxxxxxx Name: Xxxxxx Jxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. Commerzbank Aktiengesellschaft Fortis Bank nv-sa By power-of-attorney By: /s/ Rxxxxxx Xxxxx Xxx Name: Rxxxxxx Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Underwriting Agreement dated: July 1319, 2016 2005 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. trustee The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx XxxxxxDeutsche Bank AG, Xxx XxxxLondon Branch Winchester House, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 1 Great Wxxxxxxxxx Xxxxxx Xxxxxx of America Fax No: +0 000XX0X 0XX Xxxxxxx UBS Securities LLC 600 Xxxxxxxxxx Xxxx. Xxxxxxxx, XX 00000 XXX Commerzbank Aktiengesellschaft Kxxxxxxxxxxxx 00 00000 Xxxxxxxxx xx Xxxx Xxxxxxx Fortis Bank nv-000-sx Xxxxxxxx xx Xxxx 0 0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxxx Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 Maturity date: 6.875% Bonds due 2016 EUR300,000,000 July 26, 2005 July 26 of each year, beginning October 27July 26, 20162006, with a the exception of the final interest payment on coupon payable upon the maturity datedate January 19, which will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. 2016 Currency of payment: United States Dollars Euro Form(s) and denomination(s): One or more global securities deposited with a custodian forThe Bank of New York Depositary (Nominees) Limited, as common depositary, and registered in the name of a nominee of The Depository Trust Company the common depositary and in denominations of U.S.$1.00 EUR50,000 and integral multiples of U.S.$1.00 EUR1,000 in excess thereof. thereof Underwriting Commission: 0.095Commission 0.30% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus 99.70% per bond (inclusive of accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000interest) Initial public offering price: 107.295100.00% per bond (inclusive of the principal amount (plus accrued interest from (and includinginterest) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M (New York City time) on July 2026, 2016 2005 in New York CityCity Listing: Application has been made to admit the Securities to the Official List of the United Kingdom Listing Authority and to trading on the regulated market of the London Stock Exchange Underwriters Securities Deutsche Bank AG, London Branch EUR149,000,000 UBS Securities LLC EUR149,000,000 Commerzbank Aktiengesellschaft EUR1,000,000 Fortis Bank nv-sa EUR1,000,000

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening SecuritiesBonds, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxx Name: Xxxxxx Xxxxx Xxxxxx Title: Director Minister of Debt Management Unit Economy and Finance, República Oriental del Uruguay The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL BBVA SECURITIES INC. By: /s/ Xxxxxx Xxxxx Xxxxxxxxxxxxx Name: Xxxxx Xxxxxxxxxxxxx Title: Managing Director Latin America Debt Capital Markets BBVA Securities Inc. CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxx Xxxxxxx Name: Xxxxxx Xxxx Xxxxxxx Title: Director BNP PARIBAS HSBC SECURITIES CORP(USA) INC. By: /s/ Xxxxx Xxx Xxxx Xxxxxxxx Name: Xxxxx Xxx Xxxx Xxxxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx XxxxxVice-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: President Underwriting Agreement dated: July 13April 12, 2016 2018 Indenture: Indenture, dated as of October 27, 2015, among República Oriental del Uruguay, as Issuer and The Bank of New York Mellon, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx XxxxxxBBVA Securities Inc. 0000 Xxxxxx xx Xxxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 (000-) 000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC Legal Department Citigroup Global Markets Inc. 000 Xxxxxxx Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin General Counsel HSBC Securities (USA) Inc. 000 Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Debt Capital Markets Fax No: +0 (000) 000-0000 Attention: Transaction Management Group Title and description of Reopening 2027 Bonds: U.S.$400,000,000 4.375U.S.$1,750,000,000 4.975% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 0000 Xxxxxxxxx principal amount: U.S.$400,000,000 U.S.$1,750,000,000 Interest payable from: April 2720, 2016 2018 Interest payment dates: April 27 20 and October 27 20 of each year, beginning October 2720, 20162018, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27April 20, 2027 2055 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27April 20, 20252053, October 27April 20, 2026 2054 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) Initial public offering price: 107.295% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. (New York City time) on July 20, 2016 in New York City.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Cxxxxx Xxxxxxx Name: Cxxxxx Xxxxxxx Title: Debt Management Office Director BANCO CENTRAL DEL URUGUAY By: /s/ Axxxxxx Xxxxx Name: Xxxxxx Axxxxxx Xxxxx Title: Director of Debt Management Unit Division Manager By: /s/ Dx. Xxxxxx Xxxxxxxx Name: Dx. Xxxxxx Xxxxxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx /s/ Cxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Cxxxx Xxxxxxx Title: Managing Director X.X. XXXXXX UBS SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Jxxxx Xxxxxxx Name: Xxx Xxxxx-Klarish Jxxxx Xxxxxxx Title: Executive Director (a) Reopening 2027 BondsDirector By: /s/ Mxxxxxx Xxxxxx Name: Mxxxxxx Xxxxxx Title: Managing Director - Latin American - Debt Capital Markets Underwriting Agreement dated: July 1324, 2016 2006 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. trustee The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 United States of America Fax NoXXX Attention: +0 000General Counsel Fax: 600-0000000 UBS Securities LLC 600 Xxxxxxxxxx Xxxx. Xxxxxxxx, XX 00000 XXX Attention: Debt Capital Markets Fax: 200-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 Maturity date: 8.00% Bonds due 2022 US$500,000,000 May 18, 2006 November 18 and October 27 May 18 of each year, beginning October 27November 18, 20162006, with a final interest payment on the maturity datedate November 18, which 2022 Principal amounts: Principal amounts due will be October 27, 2027. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid paid in three nominally equal installments on October 27November 18, 20252020, October 27November 18, 2026 2021 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. maturity date Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 US$100,000 and integral multiples of U.S.$1.00 US$1,000 in excess thereof. thereof Underwriting Commission: 0.0950.20% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus 100.879% per bond (inclusive of accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000interest) Initial public offering price: 107.295101.079% per bond (inclusive of the principal amount (plus accrued interest from (and includinginterest) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M. (New York City time) on July 2027, 2016 2006 in New York CityCity Listing: Application will be made to admit the Securities to the Official List of the United Kingdom Listing Authority and to trading of the Securities on the regulated market of the London Stock Exchange. Underwriters Securities % Citigroup Global Markets Inc. US$ 250,000,000 50 UBS Securities LLC US$ 250,000,000 50 Total US$ 500,000,000 100

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Title: Director Minister of Debt Management Unit Economy and Finance The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL DEUTSCHE BANK SECURITIES INC. By: /s/ Xxxxxx Xxxxxxx Xxxxxx Name: Xxxxxx Xxxxxxx Xxxxxx Title: Director BNP PARIBAS Director, Debt Syndicate By: /s/ Xxxxxx Xxxxx Name: Xxxxxx Xxxxx Title: Director, Debt Syndicate HSBC SECURITIES CORP(USA) INC. By: /s/ Xxxxx Xxx Xxxx X. Xxxx Name: Xxxxx Xxx Xxxx X. Xxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Vice President Underwriting Agreement dated: July 13August 6, 2016 2013 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL DEUTSCHE BANK SECURITIES INC. 000 Xxxxxxx Xxxxxx, 00 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Debt Capital Markets Syndicate Registration BNP PARIBAS HSBC SECURITIES CORP(USA) INC. 000 Xxxxxxx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Transaction Management Group Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: Aggregate principal amount: Interest payable from: Interest payment dates: Maturity date: 4.500% USD Bonds due 2027 (to constitute a further issuance of2024 U.S.$2,000,000,000 August 14, be consolidated, form a single series, 2013 February 14 and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 August 14 of each year, beginning October 27February 14, 20162014, with a final interest payment on the maturity date, which will be October 27August 14, 20272024. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27August 14, 20252022, October 27August 14, 2026 2023 and at maturity. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 February 14 and October 27 August 14 of each year, commencing on October 27February 14, 20162014. Each of the interest payments will be payable at an annual rate of 4.500% on the outstanding principal amount of the Reopening 2027 BondsSecurities. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) U.S.$1,994,760,000 Initial public offering price: 107.29599.833% of the principal amount (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27any from August 14, 2016. 2013) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20August 14, 2016 2013 in New York CityCity Listing: Application has been made to admit the Securities to the Luxembourg Stock Exchange and to have the Securities admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. Trustee The Bank of New York Mellon Underwriters Securities % Deutsche Bank Securities Inc. U.S.$ 1,000,000,000 50 % HSBC Securities (USA) Inc. U.S.$ 1,000,000,000 50 % By their purchase and acceptance of the Securities issued under this Agreement to which these selling restrictions are scheduled, the Underwriters represent, warrant and agree that they will observe all applicable laws and regulations in any jurisdiction in which they may offer, sell or deliver Securities; and they will not directly or indirectly offer, sell, resell, reoffer or deliver Securities or distribute any prospectus, circular, advertisement or other offering material in any country or jurisdiction except under circumstances that will result in compliance with all applicable laws and regulations, and all actions or measures so taken shall be at the sole expense of the Underwriters. The Underwriters also acknowledge and agree that they are not authorized to give any information on or to make any representation not contained in the Final Prospectus or the Disclosure Package in connection with the offer and sale of the Securities. No action has been or will be taken by the Underwriters or the Republic that would permit a public offering of the Securities or possession or distribution of the Final Prospectus, the Disclosure Package, or any other offering or publicity material relating to the Securities, in any country or jurisdiction in which action for that purpose is required (other than the United States). Except for registration under the Securities Act and compliance with the rules and regulations thereunder and the qualification of the Securities for offer and sale under the laws of such jurisdictions as the Underwriters and the Republic may agree to pursuant to Section 7(A)(f) hereof, the Republic shall not have any responsibility for obtaining, and the Underwriters agree with the Republic that they and their respective affiliates will obtain, any consent, approval or authorization required for the purchase, offer, sale or delivery by them of any of the Securities under the laws and regulations in force in any jurisdiction to which they are subject or in or from which they make such purchase, offer, sale or delivery of any of the Securities. The Underwriters, on behalf of themselves and their affiliates that participate in the distribution of the Securities, represent and agree that they and each such affiliate have complied with all applicable provisions of the Securities Act, the United States Securities Exchange Act of 1934, as amended, and applicable Blue Sky or state securities laws. The information in the prospectus supplement does not constitute a public offering (öffentliches Angebot) to investors in Austria and must not be used in conjunction with a public offering pursuant to the Austrian Capital Market Act (Kapitalmarktgesetz) in Austria. No prospectus pursuant to the Austrian Capital Market Act (Kapitalmarktgesetz) has been or will be approved (gebilligt) by or notified (notifiziert) to the Austrian Financial Market Authority (Finanzmarktaufsichtsbehörde) and no such prospectus has been or will be published in Austria in any way which would constitute a public offering under Austrian law (whether presently or in the future), nor has or will such prospectus be deposited with the filing office (Meldestelle) of Oesterreichische Kontrollbank AG. As no public offering will be made in Austria, no prospectus is required in accordance with Directive 2003/71/EC. The Securities are being offered and sold only to Accredited Investors (as defined in the Securities Industry Regulations, 2012) and will be subject to the resale restrictions contained in Regulation 117. As a condition of the purchase of the Securities, each purchaser will be required to execute and deliver to Uruguay an affidavit attesting to the purchaser’s status as an Accredited Investor and acknowledging that the Bond purchased are subject to restrictions on resale. The Securities may be sold only to purchasers purchasing as principal that are both “accredited investors” as defined in National Instrument 45-106 Prospectus and Registration Exemptions and “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Securities must be made in accordance with an exemption from the prospectus requirements and in compliance with the registration requirements of applicable securities laws. The prospectus supplement does not constitute a prospectus under Danish law and has not been filed with or approved by the Danish Financial Supervisory Authority as the prospectus supplement has not been prepared in the context of a public offering of securities in Denmark within the meaning of the Danish Securities Trading Act or any Executive Orders issued pursuant thereto. Accordingly, the prospectus supplement may not be made available to any other person in Denmark nor may the Securities otherwise be marketed and offered for sale in Denmark other than in circumstances which are exempt from the requirement to publish a prospectus in Denmark.

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxx Title: Director of Director, Debt Management Unit Office The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED By: /s/ Xxxxx Xxxxxx Name: Xxxxx Xxxxxx Title: Authorized Signatory DEUTSCHE BANK SECURITIES INC. By: /s/ Xxxxxx Xxxxxxx Xxxxx Name: Xxxxxx Xxxxxxx Xxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Xxxxxxx Xxxx Name: Xxxxx Xxx Xxxxxxx Xxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Underwriting Agreement dated: July 13Xxxxx 00, 2016 Indenture0000 Xxxxxxxxx: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx XxxxxxLynch, Pierce, Xxxxxx & Xxxxx Incorporated Four World Financial Center, 7th Floor Xxx Xxxx, Xxx Xxxx XX 00000 United States of America Fax No: +0 000-000-0000 XXX Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of Latin America Fax NoCapital Markets Fax: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, XX 00000 XXX Attention: Latin America Debt Capital Markets Fax: (000) 000-0000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Title: Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: Maturity date: 4.25% UI Bonds due 2027 Ps. 12,135,000,000 April 27 3, 2007 April 5 and October 27 5 of each year, beginning October 275, 20162007, with a final interest payment on the maturity date, which will be October 27, 2027. Maturity date: October 27date April 5, 2027 Payment of Principal: Principal Principal, as adjusted to reflect Uruguayan inflation from April 3, 2007 to its repayment date, will be repaid made in three nominally equal installments on October 27April 5, 2025, October 27April 5, 2026 and at maturity. Principal will be converted to and payment of principal will be made in United States dollars. For this purpose, the calculation agent will multiply the outstanding principal amount of the Bonds being repaid in Uruguayan pesos by a fraction the numerator of which is the value of one UI in Uruguayan pesos as of the repayment date and the denominator of which is Ps. 1.6401, being the value of one UI expressed in Uruguayan pesos on the date of issuance of the Bonds. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016arrears. Each of the interest payments will be payable at an annual rate of 4.25% on the outstanding principal amount of the Reopening 2027 BondsSecurities as adjusted to reflect Uruguayan inflation from the Closing Date through the relevant interest payment date. For this purpose, The Bank of New York, as the Calculation Agent, will multiply the outstanding principal amount of the Securities in Uruguayan pesos by a fraction the numerator of which is the value of one UI expressed in Uruguayan pesos as of the relevant interest payment date and the denominator of which is Ps. 1.6401 the value of one UI expressed in Uruguayan pesos on the Closing Date. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Conversion of Payment Amounts All amounts due in respect of principal and interest will be paid in United States dollars, calculated by the Calculation Agent by exchanging the Uruguayan peso amounts into United States dollars at the applicable exchange rate on the applicable rate calculation date. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and Uruguayan pesos 1,000 or integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: 0.095Commission 0.05% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest US$ 499,750,000 (using the exchange rate for conversion of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000Uruguayan pesos into U.S. dollars of Ps. 24.27 per U.S. dollar) Initial public offering price: 107.295% of the principal amount US$ 500,000,000 (plus accrued interest from (and including) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016interest, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. any) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July 20April 3, 2016 2007 in New York CityCity Listing: Application will be made to admit the Securities to the Official List of the United Kingdom Listing Authority and to admit the Securities to trading on the regulated market of the London Stock Exchange. Calculation Agent The Bank of New York Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated Ps. 6,067,500,000 50% Deutsche Bank Securities Inc. Ps. 6,067,500,000 50% Total Ps. 12,135,000,000 100%

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Axxxx Xxxxxxxxx Name: Xxxxxx Xxxxx Axxxx Xxxxxxxxx Title: Director of Debt Management Unit Division Manager By: /s/ Dxxxxx Xxxxxxxx Name: Dxxxxx Xxxxxxxx Title: Legal Advisor BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Dxxxxx Xxxxxxxx Name: Dx. Xxxxxx Xxxxxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxxxxx Xxxxxxx Jxxx X. Xxxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Jxxx X. Xxxxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC MXXXXX SXXXXXX & CO. INCORPORATED By: /s/ Xxx Xxxxx-Klarish Cxxxxxx Xxxxx Name: Xxx Xxxxx-Klarish Cxxxxxx Xxxxx Title: Executive Director (a) Reopening 2027 Bonds: Director Underwriting Agreement dated: July 13Mxxxx 00, 2016 Indenture0000 Xxxxxxxxx: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Citigroup Global Markets Inc. 300 Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 XXX Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx General Counsel Fax: 600-0000000 Mxxxxx Sxxxxxx & Co. Incorporated 1000 Xxxxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 United States of America Fax No: +0 (000) 000-0000 XXX Attention: Latin America Debt Global Capital Markets Fax 200-0000000 Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 7.625% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 US$500,000,000 Interest payable from: April 27Mxxxx 00, 2016 Interest 0000 Xxxxxxxx payment dates: April 27 March 21 and October 27 September 21 of each year, beginning October 27September 21, 20162006, with a final interest payment on the maturity date, which will be October 27, 2027. date Maturity date: October 27March 21, 2027 2036 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest principal will be accrued paid in three equal installments on March 21, 2034, March 21, 2035 and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day monthsmaturity date. Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 US$100,000 and integral multiples of U.S.$1.00 US$1,000 in excess thereof. Underwriting Commission: 0.095Commission 0.175% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus 99.825% per bond (inclusive of accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000interest) Initial public offering price: 107.295100% per bond (inclusive of the principal amount (plus accrued interest from (and includinginterest) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M. (New York City time) on July 20March 21, 2016 2006 in New York CityCity Listing: Application has been made to admit the Securities to the Official List of the United Kingdom Listing Authority. Underwriters Securities % Citigroup Global Markets Inc. US$250,000,000 50 Mxxxxx Sxxxxxx & Co. Incorporated US$250,000,000 50 Total US$500,000,000 100

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and the Republic hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof, to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Name: Xxxxxx Xxxxx Xxxxxxxx Xxxxxxx Title: Director Minister of Debt Management Unit The foregoing Economy and Finance Underwriting Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Xxxxxxx Xxxxxx Name: Xxxxx Xxx Xxxxxxx Xxxxxx Title: Managing Director X.X. XXXXXX SECURITIES LLC – Latin American – Debt Capital Markets CITIGROUP GLOBAL MARKETS INC. By: /s/ Xxx Xxxxx-Klarish M. Xxxxxxxxxxx Xxxxxxx Name: Xxx Xxxxx-Klarish M. Xxxxxxxxxxx Xxxxxxx Title: Executive Director (a) Reopening 2027 Bonds: Managing Director Underwriting Agreement Underwriting Agreement dated: July November 13, 2016 2012 Indenture: Indenture, dated as of October 27May 29, 20152003, among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonMellon (formerly The Bank of New York), as trustee. The Underwriters and their addresses: BARCLAYS CAPITAL INCBNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx, Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 United States Xxxxxx Xxxxxx of America Fax NoFax: +0 000-000-0000 Attention: Syndicate Registration BNP PARIBAS SECURITIES CORPDesk CITIGROUP GLOBAL MARKETS INC. 000 Xxxxxxx Xxxxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax No: +0 000-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets General Counsel Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: Aggregate principal amount: Interest payable from: Interest payment dates: Maturity date: 4.125% USD Bonds due 2027 (to constitute a further issuance of2045 U.S. $500,000,000 November 20, be consolidated, form a single series, 2012 May 20 and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate principal amount: U.S.$400,000,000 Interest payable from: April 27, 2016 Interest payment dates: April 27 and October 27 November 20 of each year, beginning October 27May 20, 20162013, with a final interest payment on the maturity date, which will be October 27November 20, 20272045. Maturity date: October 27, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27November 20, 20252043, October 27November 20, 2026 2044 and at maturity. Payment of Interest: Interest Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 May 20 and October 27 November 20 of each year, commencing on October 27May 20, 20162013. Each of the interest payments will be payable at an annual rate of 4.125% on the outstanding principal amount of the Reopening 2027 BondsSecurities. Interest on the Reopening 2027 Bonds Securities will be calculated on the basis of a 360-day year of twelve 30-day months. Currency of payment: United States Dollars Form(s) and denomination(s): United States Dollars One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 and integral multiples of U.S.$1.00 in excess thereof. Underwriting Commission: Commission 0.095% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Securities payable in United States Dollars Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000) US$499,525,000 Initial public offering price: 107.295100% of the principal amount (plus accrued interest interest, if any from (and including) April 27, 2016 to (but excluding) July November 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. 2012) Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. A.M. (New York City time) on July November 20, 2016 2012 in New York CityCity Listing: Application will be made to admit the Securities to the Official List of the United Kingdom Listing Authority and to the regulated market of the London Stock Exchange. Trustee The Bank of New York Mellon BNP Paribas Securities Corp. U.S.$250,000,000 50% Citigroup Global Markets Inc. U.S.$250,000,000 50%

Obligation of the Underwriters for Purposes of Uruguayan Law. In order to give effect to Section 17(a) hereof under the laws of the Republic, the Underwriters and Underwriters, the Republic and Banco Central hereby acknowledge that the primary obligation arising under this Agreement is the obligation on the part of the Underwriters to disburse the Purchase Price, subject to the adjustments referred to in Section 9(c) hereof), to or for the account of the Republic on the Closing Date against delivery of the Reopening Securities, subject to the terms and conditions set forth herein. If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Republic and Banco Central a counterpart hereof, whereupon this instrument will become a binding agreement among the Republic Republic, Banco Central, as financial agent for the Republic, and the Underwriters. Very truly yours, REPÚBLICA ORIENTAL DEL URUGUAY By: /s/ Xxxxxx Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Vxxxxxx Xxxxx Name: Xxxxxx Vxxxxxx Xxxxx Title: Director of Debt Management Unit Legal Advisor BANCO CENTRAL DEL URUGUAY By: /s/ Axxxx Xxxxxxxxx Name: Axxxx Xxxxxxxxx Title: Division Manager By: /s/ Vxxxxxx Xxxxx Name: Vxxxxxx Xxxxx Title: Legal Advisor The foregoing Agreement is hereby confirmed and accepted as of the date hereof BARCLAYS CAPITAL INC. Deutsche Bank Securities Inc. By: /s/ /s/Mxxxxxx Xxxxxx Name: Mxxxxxx Xxxxxx Title: Managing Director By: /s/Dxxxxxx Xxxx Name: Dxxxxxx Xxxx Title: Director UBS Securities LLC By: /s/Mxxxxxx Xxxxxx Name: Mxxxxxx Xxxxxx Title: Managing Director— Latin American — Debt Capital Markets By: /s/Jxxxx Xxxxxxx Name: Xxxxxx Jxxxx Xxxxxxx Title: Director BNP PARIBAS SECURITIES CORP. By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Managing Director X.X. XXXXXX SECURITIES LLC By: /s/ Xxx Xxxxx-Klarish Name: Xxx Xxxxx-Klarish Title: Executive Director (a) Reopening 2027 Bonds: Underwriting Agreement dated: July 13January 24, 2016 2006 Indenture: Indenture, Indenture dated as of October 27May 29, 2015, 2003 among República Oriental del Uruguay, as Issuer Issuer, Banco Central del Uruguay, as Financial Agent, and The Bank of New York MellonYork, as trustee. trustee The Underwriters and their addresses: BARCLAYS CAPITAL INC. 000 Xxxxxxx Xxxxxx, Deutsche Bank Securities Inc. 60 Xxxx Xxxxxx Xxx Xxxx, Xxx Xxxx XX 00000 United States of America XXX Attention: Debt Capital Markets Fax No: +0 000200-000-0000 UBS Securities LLC 600 Xxxxxxxxxx Xxxx. Xxxxxxxx, XX 00000 XXX Attention: Syndicate Registration BNP PARIBAS SECURITIES CORP. 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxxxxx Xxxxxx of America Fax NoDebt Capital Markets Fax: +0 000200-000-0000 Attention: Syndicate desk X.X. XXXXXX SECURITIES LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 United States of America Fax No: +0 (000) 000-0000 Attention: Latin America Debt Capital Markets Title and description of Reopening 2027 BondsSecurities: U.S.$400,000,000 4.375Title: 8.00% USD Bonds due 2027 (to constitute a further issuance of, be consolidated, form a single series, and be fully fungible on the settlement date with the Republic’s outstanding U.S.$1,700,000,000 4.375% USD Bonds due 2027 issued on October 27, 2015). Aggregate 2000 Xxxxxxxxx principal amount: U.S.$400,000,000 US$500,000,000 Interest payable from: April 27November 18, 2016 2006 Interest payment dates: April 27 May 18 and October 27 November 18 of each year, beginning October 27May 18, 20162006, with a final interest payment on the maturity date, which will be October 27, 2027. date Maturity date: October 27November 18, 2027 Payment of Principal: Principal will be repaid in three nominally equal installments on October 27, 2025, October 27, 2026 and at maturity. Payment of Interest: Amounts due in respect of interest will be accrued and paid semi-annually in arrears on April 27 and October 27 of each year, commencing on October 27, 2016. Each of the interest payments will be payable on the outstanding principal amount of the Reopening 2027 Bonds. Interest on the Reopening 2027 Bonds will be calculated on the basis of a 360-day year of twelve 30-day months. 2022 Currency of payment: United States Dollars Form(s) and denomination(s): One or more global securities deposited with a custodian for, and registered in the name of a nominee of The the Depository Trust Company and in denominations of U.S.$1.00 US$100,000 and integral multiples of U.S.$1.00 US$1,000 in excess thereof. thereof Underwriting Commission: 0.095Commission 0.25% of the aggregate principal amount of Reopening 0000 Xxxxx xxxxxxx xx Xxxxxx Xxxxxx Dollars Securities Purchase Price for the Underwriters (less the Underwriting Commission): U.S.$ 429,180,000, plus 105.783% per bond (inclusive of accrued interest of U.S.$ 4,034,722.22 from April 27, 2016 (less U.S.$ 380,000interest) Initial public offering price: 107.295106.033% per bond (inclusive of the principal amount (plus accrued interest from (and includinginterest) April 27, 2016 to (but excluding) July 20, 2016, the date the Republic expects to deliver the Reopening 2027 Bonds, and any additional interest from July 20, 2016, if settlement occurs after that date. Purchasers of the Reopening 2027 Bonds will be entitled to receive the full amount of the next semi-annual regular interest payment on October 27, 2016. Manner of payment: Wire transfer of immediately available funds Closing Date, time and location: 10:00 a.m. 10 A.M. (New York City time) on July 20January 27, 2016 2006 in New York CityCity Listing: Application has been made to admit the Securities to the Official List of the United Kingdom Listing Authority. Underwriters Securities % Deutsche Bank Securities Inc. US$ 250,000,000 50 UBS Securities LLC US$ 250,000,000 50 Total US$ 500,000,000 100