Obligation Uruguaya 8.25% ( US917288BM35 ) en UYU

Uruguaya

100 % ▲

Uruguay

US917288BM35 ( en UYU )

8.25% par an ( paiement annuel )

20/05/2031

Prospectus brochure de l'obligation Uruguay US917288BM35 en UYU 8.25%, échéance 20/05/2031

1 000 UYU

33 019 500 UYU

917288BM3

21/11/2026 ( Dans 285 jours )

L'Uruguay est une république parlementaire d'Amérique du Sud, connue pour son économie stable, son système démocratique robuste et sa culture riche influencée par l'Europe et l'Amérique latine.

L'Obligation émise par Uruguaya ( Uruguay ) , en UYU, avec le code ISIN US917288BM35, paye un coupon de 8.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 20/05/2031

Listing Particulars dated June 9, 2021

Republic of Uruguay
Ps.51,332,112,000 8.250% Bonds due
2031
Uruguay (Legal Entity Identifier: 549300RDR012H2V82H43) has issued Ps.51,332,112,000 in principal amount of its
8.250% notes due 2031 (the ``Notes'').
Application has been made to have the Additional Notes admitted to trading on the Official List of the Luxembourg Stock
Exchange and to be listed on the Euro MTF Market operated by the Luxembourg Stock Exchange, which is a multilateral
trading facility for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in
financial instruments, as amended, (``MiFID II''), and, therefore, not an EU-regulated market.
The Listing Particulars constitute a prospectus for the purpose of Part IV of the Luxembourg Law of 16 July 2019
on Prospectuses for Securities.
The Listing Particulars do not constitute a prospectus within the meaning of Regulation (EU) No 1129/2017 of the European
Parliament and of the Council of 14 June 2017 (as amended, the ``Prospectus Regulation''). Neither the Luxembourg Financial
Supervisory Authority (Commission de Surveillance du Secteur Financier, or ``CSSF''), nor any other ``competent authority''
(as defined in the Prospectus Regulation) has approved the Listing Particulars or reviewed information contained in the Listing
Particulars.
You should read the Listing Particulars along with the documents incorporated by reference. The documents contain
information you should consider when making your investment decision. Uruguay has not authorized anyone else to provide
you with different information. We are responsible for the information contained in the Listing Particulars. We have not
authorized anyone to give you any other information, and we take no responsibility for any other information that others may
give you.
The following documents are considered part of and incorporated by reference in the Listing Particulars:

Uruguay's annual report on Form 18 K for the year ended December 31, 2019, filed with the SEC on May 11, 2020
(File No. 333-07128) (the "2019 Annual Report");

Amendment No. 1 on Form 18-K/A to the 2019 Annual Report, filed with the SEC on June 22, 2020 (File No. 333-
07128);

Amendment No. 3 on Form 18-K/A to the 2019 Annual Report, filed with the SEC on May 10, 2021 (File No. 333-
07128); and

Amendment No. 4 on Form 18-K to the 2019 Annual Report filed with the SEC on May 26, 2021.

The Listing Particulars and the documents incorporated by reference will be published on the internet website of the Luxembourg
Stock Exchange www.bourse.lu and will be available for download free of charge.
Notices
So long as the notes are listed on the Luxembourg Stock Exchange and the rules of the exchange require, Uruguay will publish
notices in a leading newspaper with general circulation in Luxembourg, expected to be the Luxemburger Wort, or on the website
of the Luxembourg Stock Exchange (www.bourse.lu). If publication in a leading newspaper in Luxembourg or on the website of
the Luxembourg Stock Exchange (www.bourse.lu) is not practicable, Uruguay will give notices in another way consistent with
the rules of the Luxembourg Stock Exchange. Any notice so published will be considered given on the date of its first
publication.

Annex A

Filed Pursuant to Rule 424(b)(5)
Registration No. 333-223463

PROSPECTUS SUPPLEMENT

TO PROSPECTUS DATED MARCH 6, 2018

República Oriental del Uruguay
Ps.51,332,112,000 8.250% Global Bonds due 2031
Payable in United States dollars

Pursuant to this prospectus supplement, the Republic of Uruguay ("Uruguay") is offering 8.250% Global Bonds due 2031 (the "Bonds").

Maturity
Status
The Bonds will mature on May 21, 2031. See "Description of the Bonds." Direct, general, unconditional and unsubordinated foreign debt of Uruguay.

Principal
Issuance
Principal will be repaid in full at maturity. The nominal principal amount The Bonds will be issued through the book entry system of The Depository
repaid at maturity will be converted to and paid in United States dollars. Trust Company on May 21, 2021.
Interest
Listing
Interest will be payable in arrears on May 21 and November 21 of each Application will be made to list the Bonds on the Luxembourg Stock
year, commencing on November 21, 2021, on the outstanding principal Exchange and to have the Bonds admitted to trading on the Euro MTF
amount. Interest will be converted to and payment of interest will be
Market of the Luxembourg Stock Exchange.
made in United States dollars.

The Bonds contain collective action clauses with provisions regarding future modifications to the terms of debt securities issued under
an indenture between Uruguay and The Bank of New York Mellon dated October 27, 2015 (as amended, modified and/or supplemented from time
to time, the "Indenture"). Under these provisions, which differ from the terms of Uruguay's public foreign debt issued prior to October 27, 2015
and that are described beginning on page 10 of the accompanying prospectus dated March 6, 2018, Uruguay may amend the payment provisions of
any series of debt securities (including the Bonds) and other reserve matters listed in the Indenture with the consent of the holders of: (1) with
respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2)
with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate
principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to
two or more series of debt securities, whether or not the "uniformly applicable" requirements are met, more than 66 % of the aggregate principal
amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the
aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually.

Per Ps.100,000 Principal
Per Bond¹
Amount in U.S. Dollars²
Total
Public Offering Price³ .............

100.000%
US$2,271.39
US$1,165,949,938,67
Underwriting Discount ...........

0.090%
US$2.04
US$1,049,354.94
Proceeds, before expenses,
to Uruguay ............................

99.910%
US$2,269.34
US$1,164,900,583.73

¹ As a percentage of principal amount.
² You will make the payment of the public offering price in U.S. dollars based on an exchange rate for the conversion of Uruguayan pesos into U.S.
dollars of Ps.44.026 per US$1.00, which represents the average, interbank exchange rate for the conversion of Uruguayan pesos into U.S. dollars
as published by Banco Central and which is available on Bloomberg by typing "USDUYU CBUY <CRNCY> HP <GO>" as the bid-side rate for
the period of twenty business days ending one business day prior to the date of this prospectus supplement. The minimum denomination of the
Bonds is Ps.1,000 and integral multiples of Ps.1.0 in excess thereof.
³You will also pay accrued interest from May 21, 2021 if settlement occurs after that date.

Investing in the Bonds involves risks. See "Risk Factors and Investment Considerations" beginning on page S-9 of this prospectus
supplement.

Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of
these securities or passed upon the accuracy or adequacy of this prospectus supplement or the prospectus to which it relates. Any
representation to the contrary is a criminal offense.

Joint Book-running Managers
BofA Securities
HSBC
Santander
The date of this prospectus supplement is May 13, 2021.

TABLE OF CONTENTS
Page

Prospectus Supplement

INTRODUCTION ..................................................................................................................................................... S-1
INCORPORATION BY REFERENCE .................................................................................................................... S-4
DATA DISSEMINATION ........................................................................................................................................ S-4
CERTAIN DEFINED TERMS AND CONVENTIONS ........................................................................................... S-5
ENFORCEMENT OF CIVIL LIABILITIES ............................................................................................................ S-6
SUMMARY OF THE OFFERING ........................................................................................................................... S-7
RISK FACTORS AND INVESTMENT CONSIDERATIONS .............................................................................. S-10
USE OF PROCEEDS .............................................................................................................................................. S-13
RECENT DEVELOPMENTS ................................................................................................................................. S-14
DESCRIPTION OF THE BONDS .......................................................................................................................... S-29
CLEARANCE AND SETTLEMENT ..................................................................................................................... S-34
TAXATION ............................................................................................................................................................ S-38
UNDERWRITING .................................................................................................................................................. S-41
FORWARD-LOOKING STATEMENTS ............................................................................................................... S-48
GENERAL INFORMATION .................................................................................................................................. S-49

Prospectus

ABOUT THIS PROSPECTUS ...................................................................................................................................... 1
FORWARD-LOOKING STATEMENTS ..................................................................................................................... 2
DATA DISSEMINATION ............................................................................................................................................ 3
USE OF PROCEEDS .................................................................................................................................................... 4
DESCRIPTION OF THE SECURITIES ....................................................................................................................... 5
TAXATION ................................................................................................................................................................ 21
PLAN OF DISTRIBUTION ........................................................................................................................................ 23
OFFICIAL STATEMENTS ........................................................................................................................................ 25
VALIDITY OF THE SECURITIES ............................................................................................................................ 26
AUTHORIZED REPRESENTATIVE ........................................................................................................................ 27
WHERE YOU CAN FIND MORE INFORMATION ............................................................................................ S-28

INTRODUCTION
This prospectus supplements the Republic of Uruguay's prospectus dated March 6, 2018, setting forth
in general terms the conditions of the securities of the Republic of Uruguay issued under the Indenture under
which the Bonds will be issued and should be read together with the 2019 Annual Report (as defined below),
the Amendment No. 1 on Form 18-K/A to the 2019 Annual Report and any other amendments to the 2019
Annual Report.
The Bonds that Uruguay issues in the United States are being offered under (i) Uruguay's registration
statement (file No. 333-223463) filed with the United States Securities and Exchange Commission (the "SEC") under
the Securities Act of 1933, as amended (the "Securities Act") on March 6, 2018 (the "Registration Statement"). The
accompanying prospectus is part of the Registration Statement, which became effective on April 9, 2018. The
accompanying prospectus provides you with a general description of the debt securities that Uruguay may offer. This
prospectus supplement contains specific information about the terms of the Bonds and may add or change information
provided in the accompanying prospectus. Consequently, you should read this prospectus supplement together with
the accompanying prospectus, as each contains information regarding Uruguay, the Bonds and other matters. You
can inspect these documents at the office of the SEC listed in this prospectus supplement under "General
Information--Where You Can Find More Information." Uruguay has not authorized anyone else to provide you with
different information. Uruguay and the underwriters are offering the Bonds only in jurisdictions where it is lawful to
do so.
Uruguay is furnishing this prospectus supplement and the prospectus solely for use by prospective investors
in connection with their consideration of a purchase of the Bonds. Uruguay confirms that:

the information contained in this prospectus supplement and the accompanying prospectus is true
and correct in all material respects and is not misleading;

it has not omitted other facts the omission of which makes this prospectus supplement and the
accompanying prospectus as a whole misleading; and

it accepts responsibility for the information it has provided in this prospectus supplement and the
accompanying prospectus.
The Bonds are offered for sale in the United States and other jurisdictions where it is legal to make these
offers. The distribution of this prospectus supplement and the accompanying prospectus, and the offering of the Bonds
in certain jurisdictions may be restricted by law. Persons into whose possession this prospectus supplement and the
accompanying prospectus come and investors in the Bonds should inform themselves about and observe any of these
restrictions. This prospectus supplement and the accompanying prospectus do not constitute, and may not be used in
connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not
authorized, or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom
it is unlawful to make such offer or solicitation. Accordingly, no Bonds may be offered or sold, directly or indirectly,
and neither this prospectus supplement nor any offering material may be distributed or published in any jurisdiction,
except under circumstances that will result in compliance with any applicable laws and regulations and the
underwriters have represented that all offers and sales by them will be made on the same terms. Persons into whose
possession this prospectus supplement comes are required by Uruguay and the underwriters to inform themselves
about and to observe any such restriction. In particular, there are restrictions on the distribution of this prospectus
supplement and the offer or sale of Bonds in Abu Dhabi, Argentina, Brazil, Canada, Chile, Dubai International
Financial Centre, European Economic Area ("EEA"), Hong Kong, Japan, Peru, Switzerland, Singapore, the United
Kingdom and Uruguay, see the section entitled "Underwriting."

S-1

NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold
or otherwise made available to any retail investor in any Member State of the European Economic Area ("EEA"). For
these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (11) of
Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional
client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2 of
Regulation (EU) 2017/1129 (the "Prospectus Regulation").
Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the
"PRIIPs Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the
EEA has been prepared and therefore offering or selling the Bonds or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold
or otherwise made available to any retail investor in the United Kingdom (the "UK"). For these purposes, a retail
investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation
(EU) No 2017/565 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
("EUWA"); (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000
("FSMA") and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive,
where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation
(EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or (iii) not a qualified investor as
defined in Article 2 of the Prospectus Regulation as it forms part of UK domestic law by virtue of the EUWA.
Consequently, no key information document required by the PRIIPs Regulation, as it forms part of UK
domestic law by virtue of the EUWA (the "UK PRIIPs Regulation"), for offering or selling the Bonds or otherwise
making them available to retail investors in the UK has been prepared and therefore offering or selling the Bonds or
otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
This prospectus supplement is for distribution only to persons who: (i) are outside the United Kingdom; (ii)
have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"); (iii) are
persons falling within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the
Financial Promotion Order; 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 Act 2000) in connection with the issue or
sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons
together being referred to as "relevant persons"). This prospectus supplement 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 prospectus supplement relates is available only to relevant persons and will be engaged in only with relevant
persons.
STABILIZATION
In connection with the offering of the Bonds, HSBC Securities (USA) Inc. (the "Stabilizing Manager") (or
persons acting on its behalf) may over-allot Bonds (provided that, in the case of any Bonds to be admitted to trading
on the Euro MTF Market, the aggregate principal amount of Bonds allotted does not exceed 105 per cent. of the
aggregate principal amount of the Bonds subject to the offering) or effect transactions with a view to supporting the
market price of the Bonds during the stabilization period at a level higher than that which might otherwise prevail.
However, stabilization may not necessarily occur. Any stabilization action may begin on the date on which adequate
public disclosure of the terms of the offer of the Bonds is made and, if begun, may cease at any time, but it must end
no later than the earlier of 30 calendar days after the date on which Uruguay received the proceeds of the issue of the
Bonds and 60 calendar days after the date of allotment of the Bonds. Any stabilization action or over-allotment must
be conducted by the Stabilizing Manager (or persons acting on its behalf) in accordance with all applicable laws and
S-2

rules and will be undertaken at the offices of the Stabilizing Manager(s) (or persons acting on their behalf) and on the
Euro MTF Market of the Luxembourg Stock Exchange.

S-3

INCORPORATION BY REFERENCE
Documents Filed with the SEC
The SEC allows Uruguay to incorporate by reference some information that Uruguay files with the SEC.
Uruguay can disclose important information to you by referring you to those documents. The following documents,
which Uruguay has filed with the SEC, are considered part of and are incorporated by reference in this prospectus
supplement and any accompanying prospectus:

Uruguay's annual report on Form 18-K for the year ended December 31, 2019, filed with the SEC
on May 11, 2020 (File No. 333-07128) (the "2019 Annual Report");

Amendment No. 1 on Form 18-K/A to the 2019 Annual Report, filed with the SEC on June 22, 2020
(File No. 333-07128);

Amendment No. 3 on Form 18-K/A to the 2019 Annual Report, filed with the SEC on May 10, 2021
(File No. 333-07128); and

each subsequent report on Form 18-K and any amendment on Form 18-K/A filed after the date of
this prospectus supplement and prior to the closing date.
Any person receiving a copy of this prospectus supplement may obtain, without charge and upon request, a
copy of any of the above documents (including only the exhibits that are specifically incorporated by reference in
them). Requests for such documents should be directed to:
República Oriental del Uruguay
c/o Ministry of Economy and Finance
Colonia 1089 Third Floor
11.100 Montevideo
República Oriental del Uruguay
Fax No: +598-2-1712-2688
Tel. No: +598-2-1712-2785
Email: [email protected]
Attention: Debt Management Unit

DATA DISSEMINATION
Uruguay is a subscribing member of the International Monetary Fund's ("IMF") Special Data Dissemination
Standard or SDDS. See "Data Dissemination" in the accompanying prospectus. Precise dates or "no-later-than-dates"
for the release of data by Uruguay under the SDDS are disseminated in advance through the Advance Release
Calendar, which is published on the Internet under the International Monetary Fund's Dissemination Standards
Bulletin Board located at http://dsbb.imf.org. Neither the Republic nor the underwriters acting on behalf of Uruguay
in connection with the offer and sale of securities as contemplated in this prospectus supplement accept any
responsibility for information included on that website, and its contents are not intended to be incorporated by
reference into this prospectus supplement.
S-4

CERTAIN DEFINED TERMS AND CONVENTIONS
Currency of Presentation
Unless otherwise stated, Uruguay has converted historical amounts translated into U.S. dollars ("U.S.
dollars," "dollars" or "US$") or pesos ("pesos," "Uruguayan pesos" or "Ps.") at historical annual average exchange
rates. Translations of pesos to dollars have been made for the convenience of the reader only and should not be
construed as a representation that the amounts in question have been, could have been or could be converted into
dollars at any particular rate or at all.
Uruguayan Peso Information
For the purpose of calculating payments to be made in respect of the Bonds, all references to "Ps." are to
Uruguayan pesos.
Principal and interest payments in respect of the Bonds will be in U.S. dollars converted from Uruguayan
pesos based upon the Average Transfer Exchange Rate (as defined below) at the time the relevant payment amount is
determined. The Average Transfer Exchange Rate is the average, for the period of twenty business days ending two
business days prior to any interest or principal payment date, of the bid-side interbank exchange rate for the conversion
of Uruguayan pesos into U.S. dollars as published by Banco Central and which is available on Bloomberg by typing
"USDUYU CBUY <CRNCY> HP <GO>", or, in the absence of the availability of such information, the rate at which
Uruguayan pesos can be converted into U.S. dollars as determined by polling Citibank N.A., Uruguay Branch, Banco
Itaú Uruguay S.A., Banco Santander Uruguay and HSBC Bank (Uruguay) S.A., each located in Montevideo, Uruguay.
See "Description of the Bonds."
On May 7, 2021, Banco Central del Uruguay's published peso/U.S. dollar bid-side exchange rate was
Ps.43.845 per US$1.00.

The following table shows the high, low, average and period-end peso/U.S. dollar exchange rates for each
period indicated.
Exchange Rates(1)
(pesos per US$)

High
Low
Average
Period End

2015.......................................................................
29.873
24.075
27.318
29.873
2016.......................................................................
32.530
28.003
30.084
29.256
2017.......................................................................
29.663
27.809
28.654
28.764
2018.......................................................................
33.214
28.151
30.739
32.390
2019.......................................................................
38.012
32.425
35.284
37.336
2020.......................................................................
45.942
37.194
42.056
42.340
January 2021 .........................................................
42.619
41.940
42.288
42.278
February 2021 .......................................................
43.157
42.270
42.730
43.145
March 2021 ...........................................................
44.640
43.150
44.264
44.187
April 2021 .............................................................
44.281
43.802
44.090
43.802
May 2021 (through May 7, 2021) .........................
44.097
43.845
43.961
43.845
___________
(1) Daily interbank end-of-day bid-rates.
Source: Banco Central.

S-5

ENFORCEMENT OF CIVIL LIABILITIES
A judgment obtained against Uruguay in a foreign court can be enforced in the courts of Uruguay, if such
judgment is ratified by the Uruguayan Supreme Court. Based on existing law, the Uruguayan Supreme Court will
ratify such a judgment:

(a) if there exists a treaty with the country where such judgment was issued (no such treaty exists at the present
time between Uruguay and the United States); or

(b) if such judgment:

complies with all formalities required for the enforceability thereof under the laws of the country
where it was issued;
has been translated into Spanish, together with related documents, and satisfies the authentication
requirements of Uruguayan law;
was issued by a competent court after valid service of process upon the parties to the action;
was issued after an opportunity was given to the defendant to present its defense;
is not subject to further appeal; and
is not against Uruguayan public policy.
Pursuant to Section 52 of Law N° 17,930, as amended pursuant to Section 15 of Law N°19,535, the Executive
Power may either use available operating or investment expenses to pay judgments rendered against Uruguay for
amounts in excess of 75,000,000 of Indexed Units (approximately US$8.4 million as of May 7, 2021) even if the
budget in effect at the time the judgment becomes enforceable does not include a specific expense allocation for that
purpose or, alternatively, include a specific budgetary allocation in the budget submitted to Congress for the following
fiscal year. Upon approval of the budget including such allocation, payment shall be made during the following year.
S-6