M-REAL?S SHAREHOLDING IN METSÄ TISSUE

M-real Corporation Stock Exchange Bulletin, 20.1.2003 at 16.00

M-REAL’S SHAREHOLDING IN METSÄ TISSUE

M-real Corporation announces that it has today acquired from SCA all
of its 5,781,200 shares in Metsä Tissue Corporation (corresponding to
19.27 percent of the shares). The transaction is carried out as a
block trade on the Helsinki Exchanges between M-real’s wholly owned
subsidiary M-real Tissue Oy and SCA’s wholly owned subsidiary. The
purchase price was EUR 12.30 per share.

As a result of the transaction, M-real’s shareholding in Metsä Tissue
increases to equal 84.85 % of the shares. According to the Finnish
Securities Market Act M-real is thus obligated to make a mandatory
redemption offer for the remaining shares and securities entitling to
shares in Metsä Tissue. M-real will launch the redemption offer as
soon as practically possible and will notify this separately.   The
redemption offer price will be EUR 12.30 per share. M-real aims at
full shareholding of Metsä Tissue.

The increase of M-real’s shareholding in Metsä Tissue does not
influence Metsä Tissue’s business, and its development as an
independent company will continue. The transaction has no significant
effect on M-real’s financial position.



M-REAL CORPORATION

Veli-Matti Mynttinen
Executive Vice President & CFO


For more information, please contact:

Jouko M. Jaakkola, President & CEO, M-real Corporation
tel. +358 10469 4118, Mobile +358 50 2261

Veli-Matti Mynttinen, Executive Vice President & CFO, M-real
Corporation, tel. +358 10469 4655, Mobile +358 50 2895