ALLOCATION OF SHARES IN M-REAL RIGHTS OFFERING COMPLETED

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN AUSTRALIA, CANADA,
FRANCE, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S
REPUBLIC OF CHINA, JAPAN, SPAIN OR THE UNITED STATES OF AMERICA.

M-real Corporation Stock Exchange Bulletin 12 October 2004 at 2 p.m.

ALLOCATION OF SHARES IN M-REAL RIGHTS OFFERING COMPLETED

The Board of Directors of M-real Corporation has approved today the
allocation and related subscriptions of shares subscribed for based
on the exercise of the secondary subscription right in the rights
offering of M-real. A total of 532,772 Series B shares were allocated
to the shareholders. Nearly 4,700 shareholders participated in the
secondary subscription and subscribed for 31,098,942 Series B shares,
which exceeded the number of shares available by close to 60 times.
The shares were allocated to the shareholders who participated in the
secondary subscription in proportion to their respective
shareholdings as per the record date of the rights offering, 10
September 2004, in accordance with the terms and conditions of the
rights offering. As fractions of shares could not be allotted,
shareholders who held 85 or fewer shares on the record date were not
allotted shares.

Any excess subscription payment paid in connection with subscription
commitments in the secondary subscription will be refunded without
interest on or around 14 October 2004. In addition, shareholders who
exercised their secondary subscription right will be notified
individually of their respective allocation.

The increase in M-real’s share capital of EUR 905,712.40 relating to
the shares allocated based on the exercise of the secondary
subscription right will be registered with the Finnish Trade Register
on 13 October 2004. The shares will be delivered to shareholders’
book-entry accounts and commence trading on the Helsinki Stock
Exchange on 13 October 2004. The shares subscribed for in the rights
offering will entitle their holders to full dividends declared by M-
real and all other rights in the company conferred by the shares
after the increase in the share capital has been registered with the
Trade Register.

Following the registration of the increase in M-real’s share capital,
the company’s registered share capital will be EUR 557,881,540.40 and
consist of 328,165,612 shares. The number of Series A shares will be
36,340,550 and the number of Series B shares will be 291,825,062. All
shares subscribed for in the rights offering have been paid for in
full.

M-REAL CORPORATION


Board of Directors

For additional information contact Chief Operating Officer Hannu
Anttila, tel. +358 10 4694 343 or Executive Vice President and CFO
Juhani Pöhö, tel. +358 10 4695 283

THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR
DISTRIBUTION IN OR INTO THE UNITED STATES. THIS DOCUMENT DOES NOT
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR TO
OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, NOR MAY THE SECURITIES
BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN
EXEMPTION FROM REGISTRATION AS PROVIDED IN THE U.S. SECURITIES ACT OF
1933, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER AND
APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION
OF THE OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING
OF SECURITIES IN THE UNITED STATES.

THE INFORMATION CONTAINED HEREIN SHALL NOT CONSTITUTE AN OFFER TO
SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY
SALE OF THE SECURITIES REFERRED TO HEREIN IN ANY JURISDICTION IN
WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO
REGISTRATION, EXEMPTION OF REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAWS OF ANY SUCH JURISDICTION.

About Us

Metsä Boardwww.metsaboard.com Metsä Board is a leading European producer of premium fresh fibre paperboards including folding boxboards, food service boards and white kraftliners. Our lightweight paperboards are developed to provide better, safer and more sustainable solutions for consumer goods as well as retail-ready and food service applications. We work together with our customers on a global scale to innovate solutions for better consumer experiences with less environmental impact. The pure fresh fibres Metsä Board uses are a renewable resource, traceable to origin in sustainably managed northern forests. The global sales network of Metsä Board supports customers worldwide, including brand owners, retailers, converters and merchants. In 2017, the company’s sales totalled EUR 1.8 billion, and it has approximately 2,350 employees. Metsä Board, part of Metsä Group, is listed on the Nasdaq Helsinki.

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