M-real Corporation Stock Exchange Bulletin 2.1.2004 at 10.00

M-REAL’S
HOLDING IN METSÄ TISSUE DECREASED TO 17 PER CENT

M-real has sold 66 per cent
of Metsä Tissue Corporation’s business
activities to Metsäliitto Osuuskunta
and 17 per cent to Tapiola
Group. Both transactions will be carried out on
equal terms on 2
January 2004. They are based on the encumbered value of Metsä
Tissue,
which was announced on 19 November 2003 and amounts to
approximately
EUR 570 million.

As a consequence of the transactions,
M-real’s holding in Metsä
Tissue’s business activities will decrease to 17 per
cent. In
accordance with an earlier announcement, M-real also intends to
sell
its remaining share of ownership.

More detailed information on the
impact of the transactions on M-real
Corporation’s key figures and balance
sheet will be provided in
connection with disclosing the financial statements
for the year 2003
on 5 February 2004.

M-REAL CORPORATION


CORPORATE
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For additional information, contact: Vice President,
Corporate
communications +358 50 357 4292