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THE SUBSCRIPTION PERIOD OF M-REAL´S WARR

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M-real Corporation Stock Exchange Announcement 3.11.2003 at 10.00

THE SUBSCRIPTION PERIOD OF M-REAL´S WARRANTS ENDED

The subscription period of the equity warrants of M-real
Corporation's Bond Loan 1997 ended in 31 October 2003. Each equity
warrant entitled to subscribe one B share of M-real Corporation for
the price EUR 8.75 per share. The equity warrants holders did not
subscribe new B-shares.

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