M-real Corporation Stock Exchange Bulletin 2.12.2004 at 10 a.m.

M-REAL SELLS
SAVON SELLU

M-real Corporation has signed an agreement to sell the
business
operations of Savon Sellu to a company to be founded by Dr. Dermot
F.
Smurfit in his private capacity and a group of other
international
investors. The parties to the deal have set the total price at
about
EUR 20 million out of which about EUR 12 million is related to
Savon
Sellu´s fixed assets. The deal is expected to come into force as
from
the beginning of 2005.

Savon Sellu was established in 1968 and it
1produces semi chemical
fluting, which is used in fruit and vegetable
packaging, for example.
Savon Sellu’s annual production capacity is 245,000
tonnes and the
plant employs 252 people. The current employees of Savon Sellu
will
move to the new company.

The deal is part of M-real´s action plan to
divest its non-core
assets.

M-REAL CORPORATION

Corporate
Communications

For additional information, contact Chief Financial Officer
Juhani
Pöhö, tel. +358 10 469 5283