UPM comments market speculations concerning an alleged pulp mill investment in Uruguay

UPM states that it is not engaged in negotiations on a pulp mill investment with the Uruguayan government. As earlier announced, the company is considering prospects and prerequisites for long-term development in Uruguay. Currently UPM is engaged in discussions with the Government of Uruguay on infrastructure development.

The discussions with the Government of Uruguay have proceeded in positive spirit. The start of any investment project concerning a potential pulp mill would require a satisfaction of several requirements, one of them being a positive conclusion of the negotiations with the Government of Uruguay on the infrastructure development. However, at present, the discussion have not been concluded and a number of issues remain unsettled.

UPM will not comment on the negotiations in any further detail

UPM will inform of potential progress as required under the applicable laws and regulations.