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M-REAL´S RESULT FOR 2003 WILL BE CLEARLY

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M-real Corporation Stock Exchange Bulletin 17.12.2003 at 12.45

M-REAL´S RESULT FOR 2003 WILL BE CLEARLY NEGATIVE

Owing to M-real Corporation’s weaker-than-expected fourth quarter,
the Group’s profit before extraordinary items for 2003 will be
clearly negative. The result development is a consequence of the
reduced price level of main products and the weakening of the dollar
and the pound.

In addition, a total of EUR 60-70 million non-recurring items will be
booked in the fourth quarter result before extraordinary items. The
non-recurring expenses include the restructuring of loan portfolio,
greater-than-normal credit losses, provisions booked for
environmental liabilities, as well as expenses relating to agreed
personnel reductions. The aim of restructuring the loan portfolio is
to reduce the financing costs of the forthcoming years. Furthermore,
EUR 15-20 million costs from the closing down of operations will be
booked under extraordinary items.

M-real Corporation’s financial statements and result for 2003 will be
disclosed on 5 February 2004.

Corporate communications

M-REAL CORPORATION


For additional information please contact Jouko M. Jaakkola,
President and CEO, tel. +358 10 469 4118  and Heikki Saarinen, Senior
Vice President and CFO, tel. +358 10 469 4686

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