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M-REAL´S CREDIT RATING BY STANDARD & POOR´S DOWNGRADED

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M-real Corporation Stock Exchange Bulletin 4.3.2005 at 1 p.m.


M-REAL´S CREDIT RATING BY STANDARD & POOR´S DOWNGRADED

Standard & Poor’s Ratings Services has today downgraded M-real
Corporation´s rating from BB+ to BB. The outlook for the rating has
been changed from negative to stable.

Downgrade has no impact on the financing costs.

M-REAL CORPORATION


Corporate Communications


For additional information contact Executive Vice President and CFO
Juhani Pöhö tel +358 10 469 5283

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