TCP Port Expansion Program

In February 2021, within the framework of a broad agreement between the Government of the Eastern Republic of Uruguay and Katoen Natie ("KN"), the majority shareholder of TCP, these parties agreed to expand the infrastructure of the specialized container terminal of the port of Montevideo. According to present estimates, the Borrower will invest an amount exceeding US$600 million in order to position the port as a regional and competitive Hub in the region. Said investment will contemplate, among the most significant, the following: ( i) new gantry cranes and horizontal transfer equipment; (ii) expansion and modernization of truck access at the Terminal; (iii) new paving of the original container yard; and (iv) new computer systems.

Once the works are completed, the port of Montevideo will have a specialized state-of-the-art container terminal, which will at least double its annual capacity and will allow it to serve the most modern ships (400m). The two docks, which will total more than 1,300m, will allow TCP to operate 4 container ships simultaneously. Likewise, this increase in capacity and concentration of cargo will improve the efficiency of the operation and reduce costs per container, with the aim of placing Montevideo in a privileged place on the map of transit cargo exchange routes. and transshipment, consolidating its strategic position and attracting cargo to said port.