FINAL RESULTS OF M-REAL?S EUR 447.5 MILLION RIGHTS OFFERING

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 6.10.2004 at 2.15 p.m.

FINAL RESULTS OF M-REAL’S EUR 447.5 MILLION RIGHTS OFFERING

The Board of Directors of M-real has approved today all subscriptions
based on the primary subscription rights, which were made in
accordance with the terms and conditions of the rights offering
between 15 September, 2004 and 1 October, 2004. According to the
final results of the offering, 148,633,415 Series B shares were
subscribed for through the exercise of the primary subscription
rights, representing 99.64 percent of the shares offered. In
addition, 31,098,942 Series B shares were subscribed for in the
secondary subscription, which exceeded the 532,772 shares available
for secondary subscription by close to 60 times.

Trading of the interim shares, representing the shares subscribed for
in the primary subscription, commenced on 4 October, 2004 on the
Helsinki Stock Exchange. The increase in share capital based on the
primary subscription will be registered with the Finnish Trade
Register and the interim shares will be combined with M-real’s Series
B shares on 7 October, 2004.

The shares subscribed for in the secondary subscription will be
allocated among the subscribers in proportion to their respective
shareholdings as per the record date of the rights offering, 10
September, 2004, provided, however, that each shareholder will be
allocated no more shares than the maximum number of shares stated in
the subscription commitment submitted by such subscriber. The
allocation is expected to be completed on 12 October, 2004, at the
latest. The corresponding increase in the share capital is expected
to be registered with the Finnish Trade Register and the new shares
issued and delivered to shareholders’ book-entry accounts and
commencing trading on the Helsinki Stock Exchange on 13 October,
2004, at the latest.

More detailed information on the allocation of the shares subscribed
for in the secondary subscription will be provided as soon as the
allocation is completed. Any excess subscription payment paid in
connection with the 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.

Following the registration of the increase in M-real’s share capital
as a result of the primary and the secondary subscription, M-real’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. 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.


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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