Investor Presentaiton

Investment and infrastructure plans are key to establish foundations for long term economic growth Second UPM pulp mill will imply: ➤ Largest investment in Uruguay's history ➤ Estimated to lead to a permanent GDP increase of 2% > Implemented Partially done Not started PHASE I Discussions with the Government of Uruguay Nov. 2017 - April 2018 Source: UPM official webpage Investment Agreement signed GATE 1 PHASE II Development of infrastructure Pre-engineering Potential UPM Permitting Necessary conditions Investment Decision GATE 2 April 2018 October 2018 GATE 3 PHASE III Investment Project Development of Infrastructure 44

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