M-real - Company Announcement

M-real's historical figures according to new reporting segments

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