MOODY?S CHANGES OUTLOOK ON M-REAL?S Ba2 RATING TO NEGATIVE FROM

M-real Corporation Stock Exchange Bulletin 19.10.2005 at 3 p.m.

MOODY’S  CHANGES  OUTLOOK  ON M-REAL’S Ba2 RATING  TO  NEGATIVE  FROM
STABLE

Moody’s Investors Services has today changed the outlook on M-real
Corporation´s Ba2 rating to negative from stable. According to
Moody’s the outlook change to negative is caused by the continuing
weak operating environment for the European paper industry.

The revision to negative outlook does not impact the costs of M-real
Corporation’s existing debt or credit facilities.

M-REAL CORPORATION

Corporate Communications


For additional information please contact Mr Aapo Nikunen, Managing
Director, Metsä Group Financial Services tel. +358 10 469 4255.


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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