*M-REAL´S RATING BY MOODY´S DOWNGRADED

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M-real Corporation Stock Exchange Bulletin 11.11.2004 at 2.15 p.m.

M-REAL´S RATING BY MOODY´S DOWNGRADED

Moody´s Investors Services has downgraded M-real Corporation´s rating
to Ba2. The outlook for the rating is stable. In July, Moody’s
Investors Services placed M-real on Credit Watch Negative for a
possible lowering of its credit rating.

M-REAL CORPORATION

Corporate Communications

For additional information contact M-real´s Chief Financial Officer
Juhani Pöhö tel. +358 50 598 7607 mobile


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