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M-REAL TO INVEST IN A NEW BCTMP PLANT IN

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M-real Corporation Stock Exchange Bulletin 17.9.2003 at 15.00

M-REAL TO INVEST IN A NEW BCTMP PLANT IN KASKINEN

The Board of Directors of M-real Corporation has decided to invest in
a new BCTMP plant in Kaskinen. The project will go ahead provided
that remaining issues regarding the required environmental permits
and infrastructure are resolved to the company’s satisfaction.

M-real currently uses high quality chemi-thermo mechanical pulp in
its own mills producing printing papers and packaging board. By this
decision the company continues to invest in the production of high
quality BCTMP pulps, thus improving the customers’ advantage in
quality competitiveness.

The production from the new plant in Kaskinen will mainly be used by
the company’s production plants abroad. Hereby the entire production
from the Joutseno BCTMP plant will be used by the company’s Finnish
plants.

The capacity of the new plant is 300 000 tonnes per annum using 800
000 cubic metres of both softwood and hardwood per annum. The
production plant will be completed in the autumn of 2005. The total
value of the investment is appr. 180 MEUR. The financing of the
investment extends into years 2004 and 2005.

The plant will initially employ appr. 65 persons and will be built on
the Kaskinen mill site. The new BCTMP plant and the current Botnia
pulp mill in Kaskinen will form an entity with clear synergy benefits
for both production units.

M-REAL CORPORATION

Jouko M. Jaakkola
President & CEO

Further information:

Aarre Metsävirta, Senior Executive Vice President, tel. +358 10 469
4301, mobile +358 50 1460

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