M-real Corporation Stock Exchange Release 16 January 2009 Standard & Poor's has today downgraded M-real Corporation's B- rating to CCC+. The outlook of the rating remains negative. Downgrade has an annual impact of approximately EUR 2 million on M-real's current annual financing costs. 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