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KEMIART LINERS TO BE WHOLLY OWNED BY M-R

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M-real Corporation Stock Exchange Bulletin 2.8.2004 at 12.15 p.m.

KEMIART LINERS TO BE WHOLLY OWNED BY M-REAL

M-real Corporation acquires Metsäliitto Cooperative´s and UPM-
Kymmene’s stakes (a total of 53%) in Kemiart Liners Oy. The purchase
price of the shares is about EUR 13 million and additionally M-real´s
interst bearing net debt will increase by about EUR 23 million. As a
result, Kemiart Liners will become wholly owned by M-real. The
arrangement is expected to marginally enhance M-real´s earnings per
share for 2004.

Oy Metsä Botnia Ab’s Kemiart Liners business was formed into a
company in April 2002 under the ownership of M-real (47%), UMP-
Kymmene (47%) and Metsäliitto Cooperative (6%). At the time, the
shareholders agreed to work out the final ownership structure for
Kemiart Liners by the end of 2004.

Kemiart Liners is the world’s leading producer of coated white-top
kraftliner. It´s full ownership will strengthen M-real´s Cartons
business. The mill has an annual capacity of 340,000 tonnes and it
employs approximately 150 people.

M-REAL CORPORATION


Corporate communications


For additional information, contact Senior Vice President and CFO
Juhani Pöhö, tel. +358 10 469 5283 or Senior Vice President and
General manager, Cartons business Hannu Kottonen, tel. +358 10 469
4900

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