M-REAL MAKES A BID FOR A 25 POUR CENT ST

M-real Corporation Stock Exchange Bulletin 4.6.2003 at 19.00

M-REAL MAKES A BID FOR A 25 POUR CENT STAKE IN THE PORTUCEL SOPORCEL
GROUP

M-real Corporation has made a bid to the Portuguese State for a
minority shareholding of 25 pour cent in the Portuguese pulp and
paper company Portucel Soporcel Group.

The Portuguese State is in the process of re-privatizing the Portucel
Soporcel Group and is decreasing its ownership in the company to
34.00 per cent. According to the bid, M-real would have a 25.00 per
cent holding in the company, thus becoming the biggest industrial
owner, while 41.00 per cent would remain in the ownership of other
shareholders.

As part of the bid, M-real would transfer its Home & Office business
to the Portucel Soporcel Group, including four paper mills and one
pulp mill (Wifsta in Sweden, Alizay and Pont Sainte Maxence in France
and New Thames in the UK). The uncoated fine paper production of
Husum paper mill would be supplied to Portucel with a long-term
agreement.

This would lead to debt reduction and strengthen M-real Corporation’s
balance sheet.

“M-real has evaluated several options for developing our Home &
Office business, and the bid we have made to the Portuguese
government would provide a good way to build the future of the
uncoated fine paper business in Europe,ö says Jouko M. Jaakkola,
President and CEO of M-real.

M-REAL CORPORATION

Corporate communications


For further information, please contact:

Jouko M. Jaakkola, President and CEO, M-real Corporation,
tel. +358 10 469 4118, mobile +358 50 2261


About M-real Corporation

M-real enhances its global customers’ business by providing excellent
fibre-based solutions for consumer packaging, communications and
advertising end-uses. In the selected core businesses of paper and
paperboard, M-real is one of the leading producers and suppliers in
Europe.

The company’s strategy is based on managing the value chain from end-
use to sourcing. M-real serves its customers through its global sales
network. Customers consist of publishers, printers, paper merchants,
offices and well-known consumer product companies.

M-real’s turnover in 2002 amounted to EUR 6.6 billion. Headquartered
in Finland, with a presence in over 70 countries worldwide, M-real
employs approximately 20,300 people.

The turnover of M-real’s Home & Office business area in 2002 was EUR
782 million and it had a payroll of 2,100 employees. The main market
area is Western Europe and the biggest customers are merchants, large
corporations and consumers. Home & Office has a production capacity
of 1.2 million tonnes.

www.m-real.com

About the Portucel Soporcel Group

The Portucel Soporcel Group currently has a production capacity of
over 1.0 million tonnes of paper and 1.2 million tonnes of pulp, with
180 thousand hectares of forest. The company had turnover of EUR
1,086 million in 2002. The Group's three mills are located in
Setúbal, Figueira da Foz and Cacia. Portucel common shares are listed
on the Euronext Lisbon stock exchange.

www.portucelsoporcel.com