Investor Presentaiton slide image

Investor Presentaiton

Government has reached an investment agreement with Finnish company UPM to build a second pulp mill in the country • Largest private investment in history. • Would lead to massive increase in transport infrastructure. . In an economy of the size of Uruguay, this sort of investment, if it comes to pass, could have a material positive impact on GDP growth, employment and the Balance of Payments. Conversation with Government of Uruguay Development of Infrastructure Pre-engineering Tendering and Permitting est. 1.5-2 years UPM Investment Decision Investment Project Development of Infrastructure est. 2.5 years Phase I Phase II Source: UPM (http://assets.upm.com/Investors/2016/Investor%20Presentation%20-%20September%202016.pdf) Phase III UPM 14
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