IFC (International Finance Corporation) published on 19 March 2009 the report on monitoring results for the first year of operation of the Fray Bentos mill. The report is part of the series of reports agreed between Botnia and IFC related to the Environmental and Social Action Plan (ESAP). This report is the third prepared by the independent consultants EcoMetrix related to the independent monitoring of environmental and social performance of the mill as required by the ESAP. The first report was prepared prior to the commissioning of the mill, the second following the six months of operation during the initial start-up phase. This third report was prepared following the 2008 monitoring year and the first year of operation. The last report will be prepared following the 2009 monitoring year and the second year of operation. The main findings of this report show that to this point of time, all indications are that the mill is performing to the high environmental standards predicted in the EIA (Environmental Impact Assessment) and CIS (Cumulative Impact Study), and in compliance with Uruguayan and IFC standards. The report also indicates that the mill has not affected water quality within the Río Uruguay, and that the ambient air quality has remained well within the levels predicted in the CIS and the objectives of the operating permit for the mill, and therefore there is no indication of adverse effects to human health. All studies can be found on our web pages or on IFC's web page.