Metsä Board Oyj
Company Announcement

Non-recurring items in M-real's 4Q 2010 results

Espoo, Finland, 2011-01-13 11:15 CET -- M-real Corporation Stock Exchange Release on 13 January 2011 at 12.15

M-real Corporation, part of Metsäliitto Group, is expected to book in its 4Q 2010 operating result a total of EUR -41 million net non-recurring items. The main items are:

* EUR 28 million impairment of fixed assets in Speciality Papers business area
* EUR 15 million impairment of fixed assets in Market Pulp and Energy
* EUR 15 million impairment of fixed assets and cost provisions in Consumer Packaging related to closure of Simpele paper machine
* EUR 9 million reversal of impairment of fixed assets in Office Papers
* EUR 7 million profit on sale in Speciality Papers related to partial divestment of Reflex mill

The impairment charges will reduce M-real's annual depreciations by approximately EUR 4 million from 2011 onwards. The non-recurring items have in total a positive net cash effect of approximately EUR 5 million.

M-real will announce the full year 2010 results on 10 February 2011.

M-REAL CORPORATION

         For further information, please contact:
         
         Matti Mörsky, CFO, tel. +358 10 465 4913
         
         Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10 465 4335