Obbligazione Uruguay 3.875% ( US917288BL51 ) in UYU

Uruguay

100 UYU ▼

Uruguay

US917288BL51 ( in UYU )

3.875% per anno ( pagato 1 volta l'anno)

01/07/2040

Prospetto opuscolo dell'obbligazione Uruguay US917288BL51 en UYU 3.875%, scadenza 01/07/2040

1 000 UYU

68 505 600 000 UYU

917288BL5

02/07/2025 ( In 68 giorni )

L'Uruguay è una piccola nazione sudamericana nota per la sua stabilità politica, il suo paesaggio variegato e la sua forte industria lattiero-casearia.

The Obbligazione issued by Uruguay ( Uruguay ) , in UYU, with the ISIN code US917288BL51, pays a coupon of 3.875% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 01/07/2040

Final Prospectus Supplement
424B5 1 d876955d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-223463

PROSPECTUS SUPPLEMENT
TO PROSPECTUS DATED MARCH 6, 2018

República Oriental del Uruguay

Ps. 68,505,600,000

3.875% UI Global Bonds due 2040

Payable in United States dollars

Pursuant to this prospectus supplement, the Republic of Uruguay ("Uruguay") is offering 3.875% UI Global Bonds due 2040 (the "Bonds").

Maturity
Status
The Bonds will mature on July 2, 2040. See "Description of the Bonds."
Direct, general, unconditional and unsubordinated foreign debt of

Uruguay.
Principal

Principal will be repaid in three nominally equal installments on July 2, 2038,
Issuance
July 2, 2039 and at maturity. The nominal principal amount repaid in each
The Bonds will be issued through the book entry system of The
installment will be adjusted to reflect Uruguayan inflation from July 2, 2020 to
Depository Trust Company on or about July 2, 2020.
the applicable repayment date and will be converted to and paid in United

States dollars.

Interest
Listing
Interest will be payable in arrears on January 2 and July 2 of each year,
Application will be made to list the Bonds on the Luxembourg Stock
commencing on January 2, 2021, on the outstanding principal amount as
Exchange and to have the Bonds admitted to trading on the Euro MTF
adjusted to reflect Uruguayan inflation from July 2, 2020 through the relevant
Market of the Luxembourg Stock Exchange.
interest payment date. Interest will be converted to and payment of interest will
be 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 662/3% 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
Per Ps.100,000 Principal

Bond¹
Amount in U.S. Dollars²
Total

Public Offering Price³

100.000%
US$
2,335.58
US$1,600,000,000.00
Underwriting Discount

0.090%
US$
2.10
US$
1,440,000.00
Proceeds, before expenses, to Uruguay

99.910%
US$
2,333.47
US$1,598,560,000.00

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. 42.816 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
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Final Prospectus Supplement
Ps.1,000 and integral multiples of Ps.1.0 in excess thereof.
³
You will also pay accrued interest from July 2, 2020 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.
ANY OFFER OR SALE OF BONDS IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (EACH, A "MEMBER
STATE") WHICH IS SUBJECT TO REGULATION (EU) 2017/1129 (THE "PROSPECTUS REGULATION") MUST BE ADDRESSED TO
QUALIFIED INVESTORS (AS DEFINED IN THE PROSPECTUS REGULATION) ("QUALIFIED INVESTORS").

Joint Book-running Managers
Citigroup

HSBC

Itaú BBA
The date of this prospectus supplement is June 24, 2020.
Table of Contents
TABLE OF CONTENTS

Page
Prospectus Supplement

INTRODUCTION
S-1
INCORPORATION BY REFERENCE
S-3
DATA DISSEMINATION
S-3
CERTAIN DEFINED TERMS AND CONVENTIONS
S-3
ENFORCEMENT OF CIVIL LIABILITIES
S-5
SUMMARY OF THE OFFERING
S-6
RISK FACTORS AND INVESTMENT CONSIDERATIONS
S-9
USE OF PROCEEDS
S-11
RECENT DEVELOPMENTS
S-12
DESCRIPTION OF THE BONDS
S-18
CLEARANCE AND SETTLEMENT
S-23
TAXATION
S-27
UNDERWRITING
S-31
FORWARD-LOOKING STATEMENTS
S-38
GENERAL INFORMATION
S-39

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
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Final Prospectus Supplement
OFFICIAL STATEMENTS
25
VALIDITY OF THE SECURITIES
26
AUTHORIZED REPRESENTATIVE
27
WHERE YOU CAN FIND MORE INFORMATION
28
Table of Contents
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 Argentina, Brazil, Canada, Chile, China, Luxembourg, Dubai International Financial Centre, European Economic Area ("EEA"), Hong Kong, Japan, the
Republic of Korea, Netherlands, Peru, Switzerland, Singapore, Taiwan, the United Kingdom and Uruguay; see the section entitled "Underwriting."

S-1
Table of Contents
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA AND 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 any Member State of the European Economic Area ("EEA") or in the United Kingdom (each a "Relevant State"). For these purposes, (a) 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"); or (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 the Prospectus
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Final Prospectus Supplement
Regulation, and (b) the expression "offer" includes 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 for the Bonds.
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 a Relevant State has been prepared and therefore offering or selling the Bonds or
otherwise making them available to any retail investor in a Relevant State may be unlawful under the PRIIPs Regulation.
Any distributor subject to MiFID II subsequently offering, selling or recommending the Bonds is responsible for undertaking its own target market
assessment in respect of the Bonds and determining the appropriate distribution channels for the purposes of the MiFID II product governance rules under
Commission Delegated Directive (EU) 2017/593 (the "Delegated Directive"). Neither Uruguay nor any of the underwriters make any representations or
warranties as to a distributor's compliance with the Delegated Directive.
References to Regulations or Directives include, in relation to the UK, those Regulations or Directives as they form part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate.
The above selling restriction is in addition to any other selling restrictions set out below.
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
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(s)") (or persons acting on their 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 or after 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 days after the issue date of the Bonds and 60 days after the date of allotment of
the Bonds. Any stabilization action or over-allotment must be conducted by the relevant Stabilizing Manager(s) (or persons acting on their behalf) in
accordance with all applicable laws and 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.

S-2
Table of Contents
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); 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
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Final Prospectus Supplement
(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 government 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.
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.

S-3
Table of Contents
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. (Sucursal Uruguay), HSBC Bank (Uruguay) S.A. and Banco Itau Uruguay S.A., each located in Montevideo,
Uruguay. See "Description of the Bonds." Similarly, before being converted into and paid out in U.S. dollars, interest payments at the rate stated on the
cover hereof will be based upon a calculation amount determined in accordance with changes in UIs from the time of the issuance of the Bonds to the date
of such interest payment.
On June 23, 2020, Banco Central del Uruguay's published peso/U.S. dollar bid-side exchange rate was Ps.42.164 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
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Final Prospectus Supplement
For the 12 months ended June 23, 2020
45.942 33.830 38.813
42.164

(1)
Daily interbank end-of-day bid-rates.
Source: Banco Central.
UI Information
All references to "UIs" are to Unidad Indexada. UIs are inflation-indexed monetary units. The UI is calculated by the National Institute of Statistics
(Instituto Nacional de Estadistica or INE) as provided and published monthly in advance for each day from the 6th day of a month to the 5th day of the
following month by INE and Banco Central del Uruguay and is available on Bloomberg by typing "URUIURUI <INDEX> <GO>". The UI changes on a
daily basis to reflect changes in the consumer price index (Indice de Precios al Consumo or IPC), which is measured by the INE. The UI for each day is set
in advance based on changes in previous months' inflation as described under "Description of the Bonds."

S-4
Table of Contents
The following table sets forth, for the periods indicated, certain information regarding the rate of pesos for each UI calculated by INE and published
daily by Banco Central del Uruguay, which appears on Bloomberg page URUIURUI.

UI Value(1)

(Ps. per UI)

Year
High(2) Low(2) Average(3) Period End
2018
4.0270 3.7179 3.8967
4.0270
2019
4.3653 4.0141 4.2005
4.3653
January 2020
4.3683 4.3659 4.3676
4.3672
February 2020
4.4424 4.3670 4.3994
4.4424
March 2020
4.4811 4.4456 4.4672
4.4811
April 2020
4.5352 4.4820 4.5059
4.5352
May 2020
4.6213 4.5372 4.5776
4.6213

Source: Instituto Nacional de Estadística.

(1)
Expressed in pesos.
(2)
Exchange rates are the actual high and low, calculated daily, for each period.
(3)
The average of monthly average rates during the period.
On June 23, 2020, the value of one UI was equal to Ps. 4.6519.
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.
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Final Prospectus Supplement
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$8.3 million as
of June 23, 2020) 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-5
Table of Contents
SUMMARY OF THE OFFERING
The information below presents a summary of certain terms of the Bonds. This summary must be read as an introduction to this prospectus
supplement and the accompanying prospectus and any decision to invest in the Bonds should be based on a consideration of this prospectus
supplement and the accompanying prospectus as a whole, including the documents incorporated by reference. This summary does not contain all of
the information that may be important to you as a potential investor in the Bonds. You should read the Indenture and the form of Bonds before
making your investment decision. Uruguay filed the Indenture and will file the form of Bonds with the SEC and will also file copies of these
documents at the offices of the trustee.

Issuer
The Republic of Uruguay.
Indenture
The Bonds are being issued under the Indenture.
Principal Amount
Ps. 68,505,600,000.
Issue Price
100.000% of the principal amount, plus accrued interest, if any, from July 2, 2020. 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. 42.816 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.
Maturity Date
July 2, 2040.
Payment of Principal
Principal will be repaid in three nominally equal installments on July 2, 2038, July 2, 2039 and at
maturity. The nominal principal amount repaid in each installment will be adjusted to reflect
Uruguayan inflation from the issue 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 Bonds 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. 4.6599, being the value of one UI expressed in Uruguayan pesos on the date of
issuance of the Bonds.
Interest Rate
3.875% per year.
Payment of Interest
Amounts due in respect of interest will be accrued and paid semi-annually in arrears on January 2
and July 2 of each year, commencing on January 2, 2021. Each of the interest payments will be
payable at an annual rate of 3.875% on the outstanding principal amount of the Bonds as adjusted
to reflect Uruguayan inflation from the issue 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 Bonds 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. 4.6599, being the value of one UI expressed in Uruguayan
pesos on the date of issuance of the Bonds. Interest on the Bonds will be calculated on the basis of
a 360-day year of twelve 30-day months.

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Final Prospectus Supplement
S-6
Table of Contents
Conversion of the payment amounts
All amounts due in respect of principal or interest will be paid in U.S. dollars, calculated by the
calculation agent by converting the Uruguayan peso amounts into U.S. dollars at the Average
Transfer Exchange Rate on the applicable Rate Calculation Date (as defined below).
Form and Settlement
Uruguay will issue the Bonds in the form of one or more fully registered global securities, without
interest coupons. No Bonds will be issued in bearer form.
Denominations
Uruguay will issue the Bonds only in minimum denominations of Ps.1,000 and integral multiples
of Ps.1.0 in excess thereof.
Withholding Tax and
All payments by Uruguay in respect of the Bonds will be made without withholding or deduction
Additional Amounts
for or on account of any present or future taxes, duties, assessments or other governmental charges
of whatever nature imposed or levied by or on behalf of Uruguay or any political subdivision or
taxing authority or agency therein or thereof having the power to tax (for purposes of this
paragraph, a "relevant tax") except as set forth in "Description of the Debt Securities--Additional
Amounts" in the accompanying prospectus.
Use of Proceeds
The net proceeds to Uruguay from the sale of the Bonds will be approximately US$1,598,464,000,
after deduction of the underwriting discount and of certain expenses payable by Uruguay estimated
at US$1,536,000 in the aggregate. Uruguay is offering the Bonds contemporaneously with an offer
to purchase (the "Offer to Purchase") certain of its 4.250% UI Global Bonds due 2027 ("2027 UI
Global Bonds"), its 4.375% UI Global Bonds due 2028 ("2028 UI Global Bonds"), and its 4.000%
UI Global Bonds due 2030 ("2030 UI Global Bonds", and together with the 2027 UI Global Bonds
and the 2028 UI Global Bonds, the "Old Bonds"). Uruguay intends to use a portion of the net
proceeds of the sale of the Bonds to partially finance the implementation of measures designed to
support economic activity, employment and protect vulnerable sectors, including COVID 19-
related government response through Uruguay's broad social safety net and the remainder for
general purposes of the government, including financial investment and the refinancing,
repurchase or retiring of domestic and external indebtedness, such as any Old Bonds validly
tendered and accepted in the Offer to Purchase.
Further Issues
Uruguay may from time to time, without the consent of holders of the debt securities of a series,
create and issue additional debt securities having the same terms and conditions as the debt
securities of such series in all respects, except for issue date, issue price and the first payment on
the debt securities; provided, however, that any additional debt securities subsequently issued shall
be issued, for U.S. federal income tax purposes, either (a) as part of the "same issue" as the debt
securities, (b) in a "qualified reopening" of the debt securities; or (c) with no greater amount of
original issue discount than the previously outstanding debt securities as of the date of the issue of
such additional debt securities, unless such additional debt securities have a separate CUSIP, ISIN
or other identifying number from the previously outstanding debt securities. Such additional debt
securities will be consolidated with and will form a single series with the previously outstanding
debt securities.
Governing Law and Jurisdiction
State of New York.
Settlement Date
July 2, 2020.

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Final Prospectus Supplement
Listing
Application will be made to list the Bonds on the Luxembourg Stock Exchange and to have the
Bonds admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.
Taxation
For a discussion of U.S. federal tax consequences associated with the Bonds, see "Taxation--
United States Federal Income Tax Considerations" in this prospectus supplement and "Taxation"
in the accompanying prospectus. For a discussion of Uruguayan tax consequences associated with
the Bonds, see "Taxation--Uruguayan Income Tax Considerations " in this prospectus supplement
and "Taxation" in the accompanying prospectus. You should consult your own tax advisors
regarding the possible tax consequences under the laws of jurisdictions that apply to you and to
your ownership and disposition of the Bonds.
Trustee, Registrar, Transfer Agent
The Bank of New York Mellon.
and Paying Agent

Calculation Agent
The Bank of New York Mellon.
Luxembourg Listing Agent
The Bank of New York Mellon SA/NV, Luxembourg Branch.

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RISK FACTORS AND INVESTMENT CONSIDERATIONS
An investment in the Bonds involves a significant degree of risk. Investors are urged to read carefully the entirety of the accompanying prospectus
together with this prospectus supplement and to note, in particular, the following considerations.
Risk Factors and Investment Considerations Relating to the Bonds
Enforcement of Civil Liabilities; Waiver of Sovereign Immunity
Uruguay is a foreign sovereign state. Consequently, it may be difficult for you or the trustee to obtain or enforce judgments of courts in the United
States or elsewhere against Uruguay. See "Description of the Securities--Jurisdiction, Consent to Service, Enforcement of Judgments and Immunities from
Attachment," in the accompanying prospectus and "Enforcement of Civil Liabilities" in this prospectus supplement.
Market for the Bonds
Uruguay has been advised by the underwriters that the underwriters may make a market in the Bonds but they are not obligated to do so and may
discontinue market making at any time without notice. Application will be made to list the Bonds on the Luxembourg Stock Exchange and to have the
Bonds admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. No assurance can be given as to the liquidity of the trading
market for the Bonds. The price at which the Bonds will trade in the secondary market is uncertain.
Disparity Between Inflation and Devaluation Rates
Amounts payable in U.S. dollars under the Bonds on account of principal and interest will be determined by adjusting the nominal outstanding
principal peso amount of the Bonds to reflect Uruguayan inflation (as measured by the UI) from the issue date through the applicable Rate Calculation Date
and converting the outstanding principal peso amount so adjusted into U.S. dollars applying the Average Transfer Exchange Rate for the conversion of
Uruguayan pesos into U.S. dollars. If the rate of devaluation of the peso as compared to the U.S. dollar during any given period exceeds the Uruguayan rate
of inflation during such period (as measured in UIs), the U.S. dollar amounts due under the Bonds on account of principal and interest will diminish.
Consequently, a devaluation of the peso that exceeds the inflation rate as measured in UIs could adversely affect your investment in Bonds as measured in
U.S. dollars.
Risk Factors and Investment Considerations Relating to Uruguay
Uruguay remains vulnerable to regional and global shocks, which could arise from significant economic difficulties in its major trading partners
(particularly Argentina, Brazil and China) or by more general "contagion" effects-- including those precipitated by the United Kingdom's impending
departure from the European Union. Such trade and financial external shocks and "contagion" effects could have a material adverse effect on
Uruguay's economic growth and funding conditions faced by the government in international capital markets.
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Final Prospectus Supplement
Weak, flat or negative economic growth of any of Uruguay's major trading partners, such as Brazil, Argentina and China has in the past, and could in
the future, materially affect Uruguay's exports to those markets and, in turn, adversely affect economic growth.
Uruguay's economy may also be affected by conditions (including trade and Central Bank policies) in developed economies, which are significant
trading partners of Uruguay or have influence over world economic cycles. For example, if interest rates increase significantly in developed economies,
including the United States and Europe, Uruguay and its developing economy trading partners, such as Brazil and Argentina, could find it more difficult
and expensive to borrow capital and refinance existing debt, which could adversely affect economic growth in those countries. Additionally, decreased
growth on the part of Uruguay's trading partners could have a material adverse effect on the markets for Uruguay's exports and, in turn, adversely affect
economic growth.

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On June 23, 2016, the United Kingdom held a referendum in which a majority voted for the United Kingdom's withdrawal from the European Union
(the "Brexit"). On March 29, 2017, Article 50 of the Lisbon Treaty was triggered, which provides for a mechanism for the voluntary and unilateral
withdrawal of a country from the European Union. The triggering of Article 50 initiated a two-year period of negotiation for the United Kingdom to leave
the European Union. Following a series of extensions to this period, on January 31, 2020, the United Kingdom withdrew from the European Union and
entered into a transition period that will end on December 31, 2020. Brexit may adversely affect business activity and the economic conditions in the
United Kingdom, the Eurozone and globally, and could contribute to uncertainty in global financial and foreign exchange markets, as well as additional
political, social and legal instability in the European Union.
Uruguay's economy may be affected by "contagion" effects, as international investors' reactions to events occurring in one developing country
sometimes appear to follow a cascading pattern, in which an entire region or investment class is disfavored by international investors.
Domestic factors could lead to a reduced growth and decrease of foreign investment in Uruguay.
Adverse domestic factors, such as domestic inflation, high domestic interest rates, exchange rate volatility and political uncertainty could lead to
lower growth in Uruguay, declines in foreign direct and portfolio investment and potentially lower international reserves. In addition, any of these factors
may adversely affect the liquidity of, and trading markets for, Uruguay's bonds.
There can be no assurances that Uruguay's credit ratings will improve or remain stable, or that they will not be downgraded, suspended or
canceled by the rating agencies.
Uruguay's long-term foreign currency debt is currently rated investment grade by the three leading rating agencies. Fitch has a negative outlook since
October 2018, while Moody's and S&P have a stable outlook.
Ratings address the creditworthiness of Uruguay and the likelihood of timely payment of Uruguay's long-term bonds. Uruguay's credit ratings may
not improve and they may adversely affect the trading price of Uruguay's debt securities (including the Bonds), which could potentially affect Uruguay's
cost of funds in the international capital markets and the liquidity of and demand for Uruguay's debt securities.
The novel coronavirus could have an adverse effect on our economy.
In December 2019, a novel form of pneumonia first noticed in Wuhan, Hubei province (COVID-19, caused by a novel coronavirus) was reported to
the World Health Organization, with cases soon confirmed in multiple provinces in China. On March 11, 2020, the World Health Organization
characterized the COVID-19 as a pandemic. Governments have undertaken several measures across the world to control the coronavirus, including
mandatory quarantines and travel restrictions.
The measures implemented so far, together with lower external demand and tighter international financial conditions, have resulted in a slowdown in
economic activity that will adversely affect economic growth in 2020, to a degree and for a duration that we cannot quantify as of the date of this
prospectus supplement. Restrictive measures put in place to control the outbreak of contagious diseases or other public health developments in Uruguay
may, as in other countries, have an unintended adverse effect on Uruguay's economy. At this time, given the uncertainty of the duration of COVID-19, the
financial impact on Uruguay's economy is difficult to predict. The government expects that GDP growth will be negative in 2020, and that the
government's fiscal deficit will increase. In the medium to long term, if the spread of COVID-19 is prolonged, it could adversely affect the economies and
financial markets of Uruguay and of many other countries. The occurrence of these events could have an adverse effect on the Republic's economy.
The government expects that the increases in public expenditures arising from COVID-19 will, to a large extent, come from the operation of
automatic stabilizers on Uruguay's extensive social insurance framework.
For further information see "Recent Developments" in the 2019 Annual Report and the Amendment No. 1 on Form 18-K/A to the 2019 Annual
Report.
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