M-real Oyj (HEL:MRL) Impairment Testing According To IAS 36

M-real Oyj (HEL:MRL) 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

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

M-real Oyj

http://www.m-real.com

ISIN: FI0009000665

Stock Identifier: XHEL.MRL