M-Real - Company Announcement

Moody's downgrades M-real's credit rating

M-real Corporation Stock Exchange Bulletin 9.3.2007

Moody's Investors Service has today downgraded M-real Corporation's
B2 rating to B3. The outlook of the rating was changed from negative
to stable.

Downgrade has an annual impact of approximately EUR 2.5 million on
M-real's current financing costs.

M-REAL CORPORATION

Further information
Seppo Parvi, CFO, tel. +358 10 469 4321