M-REAL?S EUR 447.5 MILLION RIGHTS OFFERING FULLY SUBSCRIBED

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 4 October 2004 at 2 p.m.

M-REAL’S EUR 447.5 MILLION RIGHTS OFFERING FULLY SUBSCRIBED

M-real’s EUR 447.5 million rights offering was completed successfully
on 1 October, 2004. A preliminary assessment indicates that
approximately 148.6 million Series B shares were subscribed through
the exercise of primary subscription rights equaling approximately
99.6 percent of all the shares offered. Demand for shares in the
secondary subscription was approximately 31.1 million shares and
exceeded the number of shares available by approximately 57 times.
Consequently, there will be no subscription of shares by the
underwriters, Citigroup and Nordea Corporate Finance.

Hannu Anttila, Chief Operating Officer and President and CEO as from
1 January, said “We are very pleased with the successful outcome of
the offering. The request for capital from our shareholders was
large. Many existing shareholders subscribed for their pro rata share
and we value their continued support. We also greatly appreciate the
number of new shareholders who have taken advantage of this
opportunity to invest in M-real and its future. The proceeds of the
offering will enable us to improve our financial flexibility and to
support the implementation of our revised business strategy.ö

The interim shares, representing the shares subscribed for in the
primary subscription, commenced trading today on the Helsinki Stock
Exchange. The increase in the 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.

Allocation of the shares subscribed for in the secondary subscription
is expected to be completed on 12 October, 2004, at the latest. The
increase in the share capital based on the secondary subscriptions 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.

M-real will publish the final results of the Offering on 6 October,
2004, following the approval of the primary subscription by the Board
of Directors.


M-REAL CORPORATION

Corporate Communications

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