M-real Oyj (HEL:MRL) M-real's Historical Figures According To New Reporting Segments

M-real Oyj (HEL:MRL) M-real Corporation Stock Exchange Release 23.1.2009

M-real has adjusted its historical figures according to its new business area structure announced on 5 January 2009. The remaining ex-Graphic Papers area mills have been organised as follows:

* Äänekoski Paper mill is part of Consumer Packaging business area and Husum paper mill's machine 8 part of Office Papers business area. Both continue production for Sappi under long-term contracts * Other Papers business area consists of Reflex, Gohrsmühle and Hallein mills

The historical figures based on the new business area structure are:

Sales 2008 2008 2008 2007 2007 2007 2007 2007 EUR mill. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 274 274 266 259 267 275 268 1,069 Office Papers 203 204 223 213 213 221 241 888 Other Papers 153 158 164 161 162 158 176 657 Market Pulp and Energy 172 160 162 147 157 136 156 596 Internal Sales & Other operations 24 33 44 48 71 80 90 289 Continuing operations 826 829 859 828 870 870 931 3,499



EBITDA 2008 2008 2008 2007 2007 2007 2007 2007 EUR mill. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 37 23 37 26 51 29 43 150 Office Papers 11 10 17 26 26 18 -4 66 Other Papers 7 8 31 -4 8 7 -10 1 Market Pulp and Energy 23 96 21 11 17 9 17 54 Other operations -29 -10 -10 5 -3 -6 131 127 Continuing operations 49 127 96 64 99 57 178 398



EBITDA excl. non-recurring items 2008 2008 2008 2007 2007 2007 2007 2007 EUR mill. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 37 23 38 27 51 35 43 156 Office Papers 11 10 17 23 26 18 26 93 Other Papers 7 9 7 -1 3 5 4 11 Market Pulp and Energy 23 22 21 12 17 9 17 55 Other operations -18 -8 -10 6 -3 -1 -3 -2 Continuing operations 60 55 73 66 94 66 87 313



Operating result 2008 2008 2008 2007 2007 2007 2007 2007 EUR mill. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 17 3 17 -1 31 7 23 61 Office Papers -6 -7 -2 -179 9 -2 -23 -196 Other Papers -3 -2 21 -12 1 -4 -21 -36 Market Pulp and Energy 12 86 10 7 9 1 9 25 Other operations -28 -9 -9 -3 -6 -7 112 97 Continuing operations -8 71 37 -188 44 -5 100 -49



Operating result, excl. non-recurring items 2008 2008 2008 2007 2007 2007 2007 2007 EUR mill. Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 17 3 18 7 31 15 23 77 Office Papers -6 -7 -2 4 9 -2 7 17 Other Papers -3 -1 -3 -10 -7 -6 -7 -30 Market Pulp and Energy 12 12 10 8 9 1 9 26 Other operations -17 -8 -9 0 -5 -4 -7 -16 Continuing operations 3 -1 14 9 37 4 25 75



2008 2008 2008 2007 2007 2007 2007 2007 Roce, % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 8.3 1.4 8.7 0.1 15.1 3.6 11.3 7.8 Office Papers -3.2 -3.2 -0.6 -79.9 3.8 -0.8 -8.9 -21.0 Other Papers -2.3 -1.2 18.1 -11.4 1.7 -4.2 -21.6 -9.1 Market Pulp and Energy 5.1 37.3 4.7 3.5 5.2 0.6 4.3 3.1 Continuing operations -0.5 8.9 5.7 -22.4 5.9 -0.1 12.9 -0.8

Roce % 2008 2008 2008 2007 2007 2007 2007 2007 excl. non-recurring items Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 8.3 1.4 9.2 3.8 15.1 7.3 11.3 9.7 Office Papers -3.2 -3.2 -0.6 2.3 3.9 -0.8 3.0 2.2 Other Papers -2.2 -0.8 -2.6 -9.1 -5.8 -6.0 -7.0 -7.2 Market Pulp and Energy 5.1 4.8 4.7 4.1 5.2 0.6 4.3 3.2 Continuing operations 1.0 -0.2 2.9 1.8 5.1 1.0 4.0 2.8



Deliveries 2008 2008 2008 2007 2007 2007 2007 2007 1,000 t Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 348 351 342 336 346 358 347 1,386 Office Papers 270 274 300 284 283 297 330 1,194 Other Papers 168 174 181 177 176 172 192 718 Paper segments, total 438 448 481 461 458 469 523 1911 Market Pulp 291 279 281 247 261 227 262 997



Production 2008 2008 2008 2007 2007 2007 2007 2007 1,000 t Q3 Q2 Q1 Q4 Q3 Q2 Q1 Consumer Packaging 347 335 361 339 352 348 358 1,398 Office Papers 226 245 257 279 293 317 330 1,219 Other Papers 170 186 190 182 177 190 194 743 Paper segments, total 396 431 447 461 470 507 524 1962 Metsä-Botnia pulp 1) 270 233 252 225 191 181 187 785 M-real pulp 377 391 415 369 417 360 390 1,536 1) corresponds to M-real's share of 30% in Metsä-Botnia

The realised fair value and gain of EUR 75 million from the sale of Pohjolan Voima shares has been transferred from Other operations to the Market Pulp and Energy segment.

M-REAL CORPORATION

Further information: 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