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M-REAL HAS ANNOUNCED ITS MANDATORY REDEM

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Metsä Tissue Corp. Stock Exchange Bulletin 14th Feb. 2003 at 1.35 pm


M-REAL HAS ANNOUNCED ITS MANDATORY REDEMPTION OFFER FOR
METSÄ TISSUE

M-real Corporation has today made the following announcement to
Metsä Tissue Corporation regarding its intention to launch a
mandatory redemption offer for all issued and outstanding shares and
warrants in Metsä Tissue Corporation.

M-REAL LAUNCHES A MANDATORY REDEMPTION OFFER FOR ALL ISSUED AND
OUTSTANDING SHARES AND WARRANTS IN METSÄ TISSUE

M-real Corporation, which together with its subsidiaries currently
owns 97.5 per cent of the shares of Metsä Tissue Corporation,
launches a mandatory redemption offer for all the remaining shares
and warrants of Metsä Tissue that are not already owned by  M-real
Group. The redemption offer will be carried out through M-real
Tissue Oy (the "Offeror"), a wholly owned subsidiary of M-real. 
M-real Group's intention is to acquire full ownership of 
Metsä Tissue.

As announced on 20 January 2003, the redemption price is EUR 12.30
in cash per each share. The redemption price for each A Warrant is
EUR 0,58 in cash, for each B Warrant EUR 0,58 in cash and for each C
Warrant EUR 0,58 in cash. The Board of Directors of Metsä Tissue has
on 5 February 2003 decided to amend the restriction on transfer of C
Warrants so that the holders of such Warrants can accept the
redemption offer.

The acceptance period of the redemption offer will commence on 17
February 2003 and expire on 17 March 2003. The Offeror reserves the
right to extend the offer period.

The redemption offer document will be available in Finnish and in
English from 17 February 2003 onwards at the OKO Bank Group member
banks' branches offering securities services and at HEX Gate,
Fabianinkatu 14, 00130 Helsinki. The redemption offer document will
be sent to all shareholders of Metsä Tissue who have been directly
registered in the shareholders' register maintained by the Finnish
Central Securities Depository on or about 12 February 2003. The
account operators and asset managers will send to the shareholders
that are their customers an acceptance form together with
instructions, if so has been agreed upon with the relevant
shareholder. The acceptance forms are also available from the OKO
Bank Group member banks' branches offering securities services. The
acceptance form together with instructions and the redemption offer
document will be sent to all warrant holders.

In accordance with the recommendation included in the Financial
Supervision Authority's statement K/44/2002 the Board of Directors
of the Offeror has asked the Board of Directors of Metsä Tissue to
give a public statement on the redemption offer. The Board of
Directors of Metsä Tissue has, however, been of the opinion that
such a public statement is not justifiable in the present situation
considering M-real Group's current ownership in the company, the
small number of shareholders, the costs to the company resulting
from a public statement and other related issues.

The terms and conditions of the redemption offer in their entirety
are attached to M-real Corporation's stock exchange release.

Metsä Tissue Corporation

Board of Directors

THIS STOCK EXCHANGE RELEASE MUST NOT BE RELEASED OR DISTRIBUTED IN
WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANADA OR JAPAN. THE
REDEMPTION OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY
JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW AND THE REDEMPTION
OFFER DOCUMENT AND RELATED ACCEPTANCE FORMS ARE NOT AND MAY NOT BE
DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION
WHERE PROHIBITED BY APPLICABLE LAW. IN PARTICULAR, THE REDEMPTION
OFFER IS NOT BEING MADE, DIRECTLY OR INDIRECTLY, IN OR INTO, OR BY
USE OF THE MAILS OF, OR BY ANY MEANS OF INSTRUMENTALITY (INCLUDING,
WITHOUT LIMITATIONS, MAIL, FACSIMILE TRANSMISSION, E-MAIL OR
TELEPHONE) OF INTERSTATE OR FOREIGN COMMERCE OF, OR ANY FACILITIES
OF A NATIONAL SECURITIES EXCHANGE OF THE UNITED STATES, CANADA OR
JAPAN AND THE REDEMPTION OFFER CANNOT BE ACCEPTED BY ANY SUCH USE,
MEANS OR INSTRUMENTALITY OR FROM WITHIN THE UNITED STATES, CANADA OR
JAPAN.

Metsä Tissue Corporation
Corporate Communications

Johanna Kankkunen
Communications Manager

DISTRIBUTION
HEX/Helsinki Exchanges
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