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M-REAL?S HOLDING IN METSÄ TISSUE DECREAS

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M-real Corporation Stock Exchange Bulletin 2.1.2004 at 10.00

M-REAL’S HOLDING IN METSÄ TISSUE DECREASED TO 17 PER CENT

M-real has sold 66 per cent of Metsä Tissue Corporation’s business
activities to Metsäliitto Osuuskunta and 17 per cent to Tapiola
Group. Both transactions will be carried out on equal terms on 2
January 2004. They are based on the encumbered value of Metsä Tissue,
which was announced on 19 November 2003 and amounts to approximately
EUR 570 million.

As a consequence of the transactions, M-real’s holding in Metsä
Tissue’s business activities will decrease to 17 per cent. In
accordance with an earlier announcement, M-real also intends to sell
its remaining share of ownership.

More detailed information on the impact of the transactions on M-real
Corporation’s key figures and balance sheet will be provided in
connection with disclosing the financial statements for the year 2003
on 5 February 2004.

M-REAL CORPORATION


CORPORATE COMMUNICATIONS


For additional information, contact: Vice President, Corporate
communications +358 50 357 4292

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