NOTICE PURSUANT TO THE SECURITIES MARKET ACT, CHAPTER 2, SECTION 10:

M-real Corporation Stock Exchange Announcement 22.10.2004 at 4.30
p.m.

NOTICE PURSUANT TO THE SECURITIES MARKET ACT, CHAPTER 2, SECTION 10:
VARMA´S HOLDINGS IN M-REAL CORPORATION

According to the information received by M-real Corporation today,
the holdings of Keskinäinen työeläkevakuutusyhtiö Varma has decreased
to 1.23 percent of M-real´s share capital and to 4.51 percent of the
voting rights on 13 October, 2004. Keskinäinen työeläkevakuutusyhtiö
Varma owns a total of 4,044,657 M-real shares.

M-REAL CORPORATION

Corporate Communications

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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