M-real Oyj (HEL:MRL) Changes To M-real's Segment Reporting

M-real Oyj (HEL:MRL) M-real Corporation Stock Exchange Release 22 October 2008

The Graphic Papers business area units, which are to be transferred to Sappi under the deal announced at the end of September, are reported in discontinued operations. In the segment reporting, the Graphic Papers business area's units remaining in M-real have been reported as part of the Other Papers business area. In addition, resulting from the changed company structure market pulp and energy are reported as part of the Market Pulp and Energy business area. M-real's new management structure and the final business area structure will be communicated at a later date.

The historical figures based on the changed corporate structure are:

Sales 2008 2008 2007 2007 2007 2007 2007 EUR million Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 244 235 225 231 243 235 934 Office Papers 165 181 171 167 183 202 723 Other Papers 231 240 241 247 232 252 972 Market Pulp and Energy 149 150 134 139 124 142 540 Internal sales & other operations 40 53 57 86 88 100 330 Continuing operations 829 859 828 870 870 931 3,499



EBITDA 2008 2008 2007 2007 2007 2007 2007 EUR million Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 24 36 24 45 28 39 136 Office Papers 8 16 25 21 15 -8 53 Other Papers 11 34 -3 19 9 -4 21 Market Pulp and Energy 21 20 12 16 9 17 55 Other operations 63 -10 6 -2 -4 134 133 Continuing operations 127 96 64 99 57 178 398



EBITDA, excl. non- 2008 2008 2007 2007 2007 2007 2007 recurring items, EUR million Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 24 37 25 45 33 39 142 Office Papers 8 16 20 21 15 22 78 Other Papers 12 10 3 13 9 10 36 Market Pulp and Energy 21 20 13 17 9 17 56 Other operations -9 -9 5 -2 -1 -1 1 Continuing operations 55 73 66 94 66 87 313



Operating result, 2008 2008 2007 2007 2007 2007 2007 EUR million Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 5 18 0 27 7 21 56 Office Papers -4 3 -173 7 1 -22 -187 Other Papers -6 17 -19 6 -9 -22 -44 Market Pulp and Energy 11 9 5 9 1 9 23 Other operations 65 -10 -1 -6 -5 114 102 Continuing operations 71 37 -188 44 -5 100 -49



Operating result excl. non-recurring 2008 2008 2007 2007 2007 2007 2007 items, EUR million Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 5 19 8 27 15 21 71 Office Papers -4 3 7 7 0 8 23 Other Papers -6 -7 -13 -2 -9 -8 -33 Market Pulp and Energy 11 9 6 9 1 9 24 Other operations -9 -10 1 -4 -3 -5 -12 Continuing operations -1 14 9 37 4 25 75



2008 2008 2007 2007 2007 2007 2007 ROCE % Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 2.9 9.6 0.1 15.3 4.1 10.9 7.5 Office Papers -2.4 3.1 -114.8 4.9 0.6 -12.0 -29.6 Other Papers -2.7 8.1 -8.7 2.7 -3.8 -10.9 -5.3 Market Pulp and Energy 4.7 4.8 2.6 5.2 0.6 4.4 3.0 Continuing operations 8.9 5.7 -22.4 5.9 -0.1 12.9 -0.8



ROCE % excl. 2008 2008 2007 2007 2007 2007 2007 non-recurring items Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 2.9 10.1 4.3 15.3 7.9 10.9 9.5 Office Papers -2.4 3.1 5.3 4.9 0.6 5.0 4.2 Other Papers -2.4 -3.2 -6.1 -0.9 -4.2 -3.9 -3.9 Market Pulp and Energy 4.7 4.8 3.2 5.2 0.6 4.4 3.2 Continuing operations -0.2 2.9 1.8 5.1 1.0 4.0 2.8



Deliveries 2008 2008 2007 2007 2007 2007 2007 1,000 t Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 309 298 291 297 313 302 1,203 Office Papers 216 238 219 215 241 272 947 Other Papers 282 290 292 297 277 297 1,163 Paper business total 497 527 511 511 518 570 2,110 Market Pulp and Energy 279 281 247 261 227 262 997



Production 2008 2008 2007 2007 2007 2007 2007 1,000 t Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 294 314 294 303 302 311 1,210 Office Papers 180 200 213 223 257 280 973 Other Papers 291 294 294 296 296 291 1,177 Paper business total 472 494 507 519 552 571 2,150 Metsä-Botnia pulp 1) 233 252 235 203 200 203 841 M-real pulp 391 415 369 417 360 390 1,536 1) corresponds to M-real's share of 30% in Metsä-Botnia

M-REAL CORPORATION

Further information: Seppo Parvi, CFO, tel. +358 10 465 4321

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