M-real Corporation Stock Exchange Release 14 January 2009 M-real's annual impairment testing has been finalised. Due to the divestment of Graphic Papers business to Sappi at the end of 2008, a new cash generating unit structure has been defined. The remaining ex-Graphic Papers business area mills form the following new cash generating units: Hallein, Husum PM8 & Äänekoski Paper and Speciality Papers. Additionally, a new cash generating unit, Market Pulp, has also been defined. The other cash generating units remain the same as in the previous testing. M-real includes impairment charges of EUR 86 million in its fourth quarter 2008 results comprising: - EUR 66 million impairment charge including EUR 9 million goodwill in Hallein - EUR 20 million impairment charge including EUR 11 million goodwill in Husum PM8 & Äänekoski Paper Of the impairment charge, EUR 66 million is allocated to Other Papers, EUR 16 million to Office Papers and EUR 4 million to Consumer Packaging business areas. The impairment charges will reduce M-real's annual depreciations by approximately 10 million. M-REAL CORPORATION Further information: Seppo Parvi, CFO, tel. +358 10 465 4321 Juha Laine, Vice President, IR and Communications, tel. +358 10 465 4335