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Investor Presentaiton

1 Finnish company UPM completed the construction of the second pulp mill, the largest-ever private investment in the country. UPM's pulp mill and Central Railway project (1) December 26th, 2022. The works of the new UPM plant have been completed. It is expected to start operating by the end of the first quarter of 2023. ■ UPM invested a total of approximately US$ 3.5 billion (4.8% of GDP) to build a 2.1 million-tonn greenfield eucalyptus pulp mill in Durazno and a port terminal in Montevideo. US$ 1 billion investment in a Central Railway running from Paso de los Toros city to the port of Montevideo (273 km long). Public-Private- Partnership (PPP) modality. FDI net capital inflows (2) (Rolling 4-quarters, in % of GDP) 4 2 -2 งอ 4,35 -4 2016Q4 2018Q2 2019Q4 2021Q2 2022Q3 (1) Source: Ministry of Economy and Finance of Uruguay and UPM. (2) Source: Central Bank of Uruguay 7
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