Changes to M-real's segment reporting


                        
M-real Corporation Stock Exchange Release  22 October 2008

The Graphic Papers business area units, which are to be transferred
to Sappi under the deal announced at the end of September, are
reported in discontinued operations. In the segment reporting, the
Graphic Papers business area's units remaining in M-real have been
reported as part of the Other Papers business area. In addition,
resulting from the changed company structure market pulp and energy
are reported as part of the Market Pulp and Energy business area.
M-real's new management structure and the final business area
structure will be communicated at a later date.

The historical figures based on the changed corporate structure are:


Sales                  2008 2008 2007 2007 2007 2007  2007
EUR million              Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging      244  235  225  231  243  235   934
Office Papers           165  181  171  167  183  202   723
Other Papers            231  240  241  247  232  252   972
Market Pulp and Energy  149  150  134  139  124  142   540
Internal sales &
other operations         40   53   57   86   88  100   330
Continuing operations   829  859  828  870  870  931 3,499



EBITDA                 2008 2008 2007 2007 2007 2007 2007
EUR million              Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging       24   36   24   45   28   39  136
Office Papers             8   16   25   21   15   -8   53
Other Papers             11   34   -3   19    9   -4   21
Market Pulp and Energy   21   20   12   16    9   17   55
Other operations         63  -10    6   -2   -4  134  133
Continuing operations   127   96   64   99   57  178  398



EBITDA, excl. non-           2008 2008 2007 2007 2007 2007 2007
recurring items, EUR million   Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging             24   37   25   45   33   39  142
Office Papers                   8   16   20   21   15   22   78
Other Papers                   12   10    3   13    9   10   36
Market Pulp and Energy         21   20   13   17    9   17   56
Other operations               -9   -9    5   -2   -1   -1    1
Continuing operations          55   73   66   94   66   87  313



Operating result,      2008 2008 2007 2007 2007 2007 2007
EUR million              Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging        5   18    0   27    7   21   56
Office Papers            -4    3 -173    7    1  -22 -187
Other Papers             -6   17  -19    6   -9  -22  -44
Market Pulp and Energy   11    9    5    9    1    9   23
Other operations         65  -10   -1   -6   -5  114  102
Continuing operations    71   37 -188   44   -5  100  -49



Operating result
excl. non-recurring    2008 2008 2007 2007 2007 2007 2007
items, EUR million       Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging        5   19    8   27   15   21   71
Office Papers            -4    3    7    7    0    8   23
Other Papers             -6   -7  -13   -2   -9   -8  -33
Market Pulp and Energy   11    9    6    9    1    9   24
Other operations         -9  -10    1   -4   -3   -5  -12
Continuing operations    -1   14    9   37    4   25   75



                       2008 2008   2007 2007 2007  2007  2007
ROCE %                   Q2   Q1     Q4   Q3   Q2    Q1
Consumer Packaging      2.9  9.6    0.1 15.3  4.1  10.9   7.5
Office Papers          -2.4  3.1 -114.8  4.9  0.6 -12.0 -29.6
Other Papers           -2.7  8.1   -8.7  2.7 -3.8 -10.9  -5.3
Market Pulp and Energy  4.7  4.8    2.6  5.2  0.6   4.4   3.0
Continuing operations   8.9  5.7  -22.4  5.9 -0.1  12.9  -0.8



ROCE %
excl.                  2008 2008 2007 2007 2007 2007 2007
non-recurring items      Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging      2.9 10.1  4.3 15.3  7.9 10.9  9.5
Office Papers          -2.4  3.1  5.3  4.9  0.6  5.0  4.2
Other Papers           -2.4 -3.2 -6.1 -0.9 -4.2 -3.9 -3.9
Market Pulp and Energy  4.7  4.8  3.2  5.2  0.6  4.4  3.2
Continuing operations  -0.2  2.9  1.8  5.1  1.0  4.0  2.8



Deliveries             2008 2008  2007  2007 2007 2007    2007
1,000 t                  Q2   Q1    Q4    Q3   Q2   Q1
Consumer Packaging      309  298   291   297  313  302   1,203
Office Papers           216  238   219   215  241  272     947
Other Papers            282  290   292   297  277  297   1,163
Paper business total    497  527   511   511  518  570   2,110
Market Pulp and Energy  279  281   247   261  227  262     997



Production           2008 2008 2007 2007 2007 2007    2007
1,000 t                Q2   Q1   Q4   Q3   Q2   Q1
Consumer Packaging    294  314  294  303  302  311   1,210
Office Papers         180  200  213  223  257  280     973
Other Papers          291  294  294  296  296  291   1,177
Paper business total  472  494  507  519  552  571   2,150
Metsä-Botnia pulp 1)  233  252  235  203  200  203     841
M-real pulp           391  415  369  417  360  390   1,536
1) corresponds to M-real's share of 30% in Metsä-Botnia


M-REAL CORPORATION

Further information:
Seppo Parvi, CFO, tel. +358 10 465 4321

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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 2016, the company’s sales totalled EUR 1.7 billion, and it has approximately 2,500 employees. Metsä Board, part of Metsä Group, is listed on the Nasdaq Helsinki.

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