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AMENDMENT OF M-REAL CORPORATION´S ARTICLES OF ASSOCIATION WILL ENTER IN FORCE

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M-real Corporation Stock Exchange Bulletin 18.4.2005 at 10.00 a.m.


AMENDMENT OF M-REAL CORPORATION´S ARTICLES OF ASSOCIATION WILL ENTER
IN FORCE

The following amendment of M-real Corporation’s Articles of
Association, which was agreed at M-real’s Annual General Meeting held
on 14 March 2005, has now been entered in the Trade Register and is
consequently in force:

“Article 16 Conversion of shares

Subject to the conditions prescribed in this Article, the Company’s
‘A’ share may be converted to a ‘B’ share on the request of the
shareholder or the manager of administratively registered shares
whose details have been entered in the book-entry register.

The conversion is subject to the maximum share type quantities
prescribed in the Articles of Association. No monetary compensation
is payable upon conversion.
     
The shareholder must present the Company with a written request to
convert the shares. The request must detail the number of shares to
be converted as well as the book-entry account which contains the
entries concerning the securities that replace the shares.
     
The shareholder may submit a request to convert the shares at any
time. However, a conversion request that has been delivered to the
company in the period between the date on which the Board of
Directors has decided to convene a meeting of shareholders and the
date on which the meeting of shareholders is held shall be deemed to
have arrived, and will be processed, after the meeting of
shareholders and after any subsequent record date.
     
The Company may request that, for the duration of the conversion
process, a restriction be entered in the shareholder’s book-entry
account concerning the shareholder’s dispositive power. The Company
is obliged to report the share conversion without delay for entry
into the register.
     
A conversion request may be withdrawn until such time as the
conversion report has been entered in the Trade Register. When a
request is withdrawn, the Company shall request that any entry
concerning the restriction of dispositive power be removed from the
shareholder’s book-entry account.

An ‘A’ share is converted to a ‘B’ share once the conversion report
has been entered in the register. The Company shall inform both the
author of the conversion request and the holder of the book-entry
securities register of the registration.

Where necessary, the Board of Directors shall make a decision
concerning more detailed procedures relating to the conversion of
shares.”

Should a shareholder wish to present a written request to M-real
concerning the conversion of their ‘A’ shares, the request should be
addressed to: M-real Corporation, Nina Kuulusa, General Counsel,
Revontulentie 6, 02100 ESPOO, Finland.

M-REAL CORPORATION

Corporate Communications

For more information contact Juhani Pöhö, Executive Vice President
and CFO, mobile +358 50 598 7607 or Nina Kuulusa, General Counsel,
mobile +358 50 598 8805

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