República Administradora de Fondos de Inversión S.A.

Trusts for infrastructure development

Uruguay Infrastructure Debt Fund CAF I Financial Trust

The purpose of the trust is to invest in a debt investment portfolio from infrastructure projects in Uruguay, and to issue securities against the trust property to obtain the financing to carry out such projects.

     OSE (State-owned water utilities company) I Financial Trust

The trust aims to strengthen the financial situation of the company, improve working capital, reimburse financial liabilities and finance various investments. The resources will be obtained from the issuance of public debt securities backed by the trust property, consisting of the future flow of income from the decentralized collection of services rendered.

      Financial Trust for Agri-food Park Financing (I & II)

The trust is established to finance, through the issuance of debt securities, the construction of the Agri-food Park, which will include the fruits and vegetables market and other complementary products.

      CAF-AM Central Railway Financial Trust

The purpose of the trust is to invest in Senior Debt of the Central Railroad Project. In order to obtain the funds for the investment, certificates of participation were issued against the trust assets.