M-real's first quarter 2009 operating result excluding non-recurring items weaker than in the previous quarter

M-real Corporation Stock Exchange Release 6 March 2009

In connection with the announcement of the full year results 2008 on
February 5, 2009 M-real expected the operating result for the first
quarter of 2009, excluding non-recurring items, to improve seasonally
from the fourth quarter of 2008 but to remain clearly negative. It
was also stated that the general uncertainty of the economy poses
challenges to the short-term forecasting.

Demand and delivery volumes have remained weaker than estimated and
production curtailments have continued on a larger scale than earlier
planned. Additionally, market price for pulp has continued to
strongly decline during the first months of the year and the pulp
inventories have increased. There has been a need to write down the
value of the pulp inventories. Due to these factors, M-real's first
quarter 2009 operating result, excluding non-recurring items, is
expected to be weaker than in the previous quarter.

Due to the high uncertainty of the general economy it is currently
exceptionally challenging to forecast the profitability development.
Therefore, when issuing a future outlook, M-real will not give
specified result estimates until further notice.

M-REAL CORPORATION

Further information:
Seppo Parvi, CFO, tel. +358 10 465 4321
Juha Laine, VP, IR and Communications, tel. +358 10 465 4335