*M-REAL CORPORATION MERGING OF THE NEW SHARES

EXCHANGE NOTICE 380/2004, 12 October 2004  SHARES

M-REAL CORPORATION MERGING OF THE NEW SHARES

In the rights issue of M-real Corporation the 532 772
new B shares subscribed on the basis of secondary
subscription right will be traded on the Helsinki Stock
Exchange´s Main List as old shares as of 13 October 2004.

Identifiers:
Trading code:                       MRLBV 
ISIN code:                          FI0009000665
Orderbook id:                       24307
Amount:                             291 825 062

HELSINKI STOCK EXCHANGE
Janne Seppänen
Vice President Surveillance Finland

Presuming that the change will be entered into the Trade
Register 13 October 2004.

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 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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