Amendment of M-real Corporation's Articles of Association will enter in force (18 April, 2005)

M-real Corporation Stock Exchange Bulletin 18.4.2005 at 10.00 a.m.

The following amendment of M-real Corporation's Articles of Association, which
was agreed at M-real's Annual General Meeting held on 14 March 2005, has now
been entered in the Trade Register and is consequently in force: 
 
"Article 16 Conversion of shares
 
Subject to the conditions prescribed in this Article, the Company's 'A' share
may be converted to a 'B' share on the request of the shareholder or the
manager of administratively registered shares whose details have been entered
in the book-entry register. 
 
The conversion is subject to the maximum share type quantities prescribed in
the Articles of Association. No monetary compensation is payable upon
conversion. 
 
The shareholder must present the Company with a written request to convert the
shares. The request must detail the number of shares to be converted as well as
the book-entry account which contains the entries concerning the securities
that replace the shares. 
 
The shareholder may submit a request to convert the shares at any time.
However, a conversion request that has been delivered to the company in the
period between the date on which the Board of Directors has decided to convene
a meeting of shareholders and the date on which the meeting of shareholders is
held shall be deemed to have arrived, and will be processed, after the meeting
of shareholders and after any subsequent record date. 
 
The Company may request that, for the duration of the conversion process, a
restriction be entered in the shareholder's book-entry account concerning the
shareholder's dispositive power. The Company is obliged to report the share
conversion without delay for entry into the register. 
 
A conversion request may be withdrawn until such time as the conversion report
has been entered in the Trade Register. When a request is withdrawn, the
Company shall request that any entry concerning the restriction of dispositive
power be removed from the shareholder's book-entry account. 
 
An 'A' share is converted to a 'B' share once the conversion report has been
entered in the register. The Company shall inform both the author of the
conversion request and the holder of the book-entry securities register of the
registration. 
 
Where necessary, the Board of Directors shall make a decision concerning more
detailed procedures relating to the conversion of shares." 
 
Should a shareholder wish to present a written request to M-real concerning the
conversion of their 'A' shares, the request should be addressed to: M-real
Corporation, Nina Kuulusa, General Counsel, Revontulentie 6, 02100 ESPOO,
Finland. 


M-REAL CORPORATION

Corporate Communications

For more information contact Juhani Pöhö, Executive Vice President and CFO,
mobile +358 50 598 7607 or Nina Kuulusa, General Counsel, mobile +358 50 598
8805 


M-real Corporation, headquartered in Finland and employing some 16,000 people,
is a European paper and paperboard company, providing premium solutions for
consumer packaging, communications and advertising end-uses. Through its
worldwide sales network, M-real serves its customers who mostly comprise
publishers, printers, paper merchants, offices and well-known consumer product
companies and carton printers. M-real is listed on the Helsinki Stock Exchange.
Its turnover in 2004 was EUR 5.5 billion. 

www.m-real.com