M-REAL DID NOT ACHIEVE ITS GOALS IN PORT


M-real Corporation Stock Exchange Bulletin 23.9.2003 at 11.00

M-REAL DID NOT ACHIEVE ITS GOALS IN PORTUCEL NEGOTIATIONS

Negotiations between M-real Corporation and Portuguese government
relating the proposed merger of the office paper businesses of M-real
and Portucel were not successful. The jury set by the Portuguese
government has last night submitted its draft report concerning the
privatisation of Portucel and the competitive bidding for the 25 per
cent stake in Portucel.

Jury´s report contemplates its forthcoming decision that M-real is
not the bidder recommended to subscribe the 25 % increase of the
share capital of Portucel.

"M-real’s goal has been to strengthen its office paper business by
merging it with major Portuguese office paper producer Portucel. M-
real would have become the strategic owner with 25 % holding in the
company which would have been the biggest office paper producer in
Europe. However, the agreement on developing the company could not be
reached in the negotiations with the Portuguese government. We will
continue to develop our office paper business as one of the leading
suppliers in Europe", Jouko M. Jaakkola, President and CEO of M-real,
comments.

M-REAL CORPORATION

Jouko M. Jaakkola
President & CEO

Further information:

Jouko M. Jaakkola, President & CEO, M-real Corporation, tel. +358 10
469 4118

About Us

Metsä Boardwww.metsaboard.com Metsä Board is a leading European producer of premium fresh fibre paperboards and forerunner in sustainability. We produce premium lightweight folding boxboards, food service boards and white kraftliners for consumer goods packaging 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. We aim for completely fossil-free mills and raw materials by 2030. The global sales network of Metsä Board supports customers worldwide, including brand owners, retailers, converters and merchants. In 2019, the company’s sales totalled EUR 1.9 billion, and it has approximately 2,400 employees. Metsä Board, part of Metsä Group, is listed on the Nasdaq Helsinki.

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