Resolutions of M-real's Annual General Meeting


M-real Corporation Stock Exchange Bulletin 13.3.2007

The Annual General Meeting of M-real Corporation, held on 13 March
2007, approved the company's financial statements for the year 2006
and granted discharge from liability to the members of the Board of
Directors, the CEO and deputy to the CEO.

Dividend

The Annual General Meeting resolved to pay a dividend of EUR 0.06 per
share for the financial year ended 31 December 2006, for a total of
EUR 19,689,936.72. The dividend will be paid to shareholders who on
the record date of 16 March 2007 have been entered in the
shareholders' register of the company kept by Finnish Central
Securities Depository Ltd. The dividend is paid out on 23 March 2007.

Board of Directors

The members of M-real's Board of Directors elected by the Annual
General Meeting are Heikki Asunmaa, Counsellor of Forest Economy; Kim
Gran, President and CEO of Nokian Tyres plc; Kari Jordan, President
and CEO of Metsäliitto Group; Erkki Karmila, LL.M.; Runar Lillandt,
Counsellor of Agriculture; Juha Niemelä, Honorary Counsellor; Antti
Tanskanen, Minister; and Arimo Uusitalo, Counsellor of Agriculture.
The term of office of the members of the Board of Directors lasts
until the end of the next Annual General Meeting. At its organising
meeting following the Annual General Meeting, the Board of Directors
elected Kari Jordan as its Chairman and Arimo Uusitalo as its Vice
Chairman.

The Board of Directors agreed that its committees comprise of the
following persons:

The members of the Audit Committee are Kim Gran (Chairman), Erkki
Karmila and Antti Tanskanen.
The members of the Compensation Committee are Kari Jordan (Chairman),
Erkki Karmila and Arimo Uusitalo.
The members of the Nomination Committee are Arimo Uusitalo
(Chairman), Runar Lillandt and Antti Tanskanen.

Remuneration of the members of the Board of Directors and the
auditors

The Annual General Meeting resolved to keep the remuneration of the
members of the Board of Directors unchanged. The Chairman of the
Board of Directors receives EUR 6,375 per month, Vice Chairman EUR
5,375 per month and the ordinary members EUR 4,200 per month. In
addition, the members are paid a fee of EUR 500 per a Board and
Committee meeting. The fees of the auditors are paid according to
reasonable invoicing.

Auditors

The Annual General Meeting elected as M-real's auditors Göran
Lindell, Authorized Public Accountant, and Authorized Public
Accountants PricewaterhouseCoopers Ltd., with Johan Kronberg,
Authorized Public Accountant, acting as Principal Auditor and Jouko
Malinen, Authorized Public Accountant, and Markku Marjomaa,
Authorized Public Accountant, acting as deputy auditors. The term of
office of the auditors and deputy auditors lasts until the end of the
next Annual General Meeting.

Authorization of the Board of Directors to decide on a share issue
and/or issue of convertible bond

The Annual General Meeting authorised for the time being the Board of
Directors to decide on increasing the share capital through one or
more share issues and/or one or more issues of convertible bonds
accordant with the Chapter 10 of the Companies Act so that in the
rights issue or issue of convertible bonds, a total maximum of
58,365,212 Series B shares of M-real Corporation with a nominal value
of EUR 1.70 can be subscribed for, and that the company's share
capital can be increased by a total maximum of EUR 99,220,860.40.

The authorization will entitle to deviate from the shareholders'
pre-emptive right to subscribe for new shares and/or issues of
convertible bonds and to decide on the subscription prices and other
terms and conditions. Shareholders' pre-emptive subscription rights
can be deviated from providing that there is a significant financial
reason for the company to do so, such as strengthening of the
company's balance sheet, making possible business structuring
arrangements or taking other measures for developing the company's
business operations.

Amendment to the Articles of Association

The Annual General Meeting resolved to remove certain provisions
regarding share issues from the Article 6 of the Articles of
Association. Requirements corresponding the removed provisions are
included in the new Companies Act from which a public limited
liability company may not deviate in this respect.


M-REAL CORPORATION