STANDARD & POOR?S DOWNGRADES RATINGS OF



M-real Corporation Stock Exchange Bulletin 17.12.2003 at 18.00

STANDARD & POOR’S DOWNGRADES RATINGS OF M-REAL

Standard & Poor’s Ratings Services has today lowered the long-term
ratings of M-real Corporation to BB+ from BBB- and its subsidiary’s
Metsä Group Financial Services Oy short-term ratings to B from A-3.
The ratings outlook is stable.

Downgrade has no impact on the financing costs.

M-REAL CORPORATION


CORPORATE COMMUNICATIONS


For additional information, contact: Chief Financial Officer Heikki
Saarinen +358 50 598 7142 or Managing Director Aapo Nikunen, Metsä
Finance +358 500 848 116




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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