Investor Presentaiton

Largest-ever private investment in the country proceeding as scheduled: Uruguay poised to receive large FDI inflows Construction of new pulp mill • Finnish company UPM will build a second cellulose plant in the country Overall investment: approx. USD 3 billion (5% of GDP) Will have a material positive impact on GDP growth, employment and Balance of Payments • World-class design with proven high environmental performance UPM and the new Government of Uruguay have signed a MoU on pending items related to UPM's growth project in Uruguay that will further strengthen the implementation of UPM's growth project and existing operations in the country as well as the local economy. ARGENTINA Monte Caseros Bella Union Artigos Querel BRAZIL Rivera Railway infrastructure project . . Central Railway will run from city of Paso de los Toros to the port of Montevideo (273 km long) Public-Private-Partnership (PPP) modality USD 1,000 million investment salte Tacuarembo Paysanda URUGUAY OMercedes UPM I Garda Trinidad UPM II Treinta y Tres Durazno Minas Rocha anelones Colenia Ride in Place San MONTEVIDE Florida Source: https://www.upm.uy/crecimiento/; Ministry of Economy and Finance ARGENTINA Melo Maldona ATLANTIC OCEA ** UPM = 21 24

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