M-real - Company Announcement

Moody's Investor Service downgrades M-real's credit rating

M-real Corporation Stock Exchange Release 13 February 2009

Moody's Investors Service has today downgraded M-real Corporation's
B3 rating to Caa1. 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:
Juha Laine, Vice President, IR and Communications, tel. +358 10 465
4335