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THE RESULT OF M-REAL?S REDEMPTION OFFER

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M-real Corporation Stock Exchange Bulletin 20.3.2003 at 9.15

THE RESULT OF M-REAL’S REDEMPTION OFFER

M-real Corporation’s redemption offer made through its subsidiary M-
real Tissue Oy for all the remaining shares and warrants of Metsä
Tissue Corporation expired on March 17, 2003. Through the redemption
offer M-real Tissue has redeemed a total of 548 257 shares of Metsä
Tissue. Together with the shares purchased from the market M-real and
M-real Tissue together hold 29 811 692 shares in Metsä Tissue
representing approximately 99,9 percent of all the shares and votes
in Metsä Tissue. 966 000 warrants (ie all outstanding warrants)
subject to the redemption offer have been redeemed.

M-real has launched a redemption procedure in accordance with the
Companies Act in order to redeem the shares of the remaining
shareholders in Metsä Tissue.


M-REAL CORPORATION

Veli-Matti Mynttinen
Executive Vice President & CFO

For more information, please contact:

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

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