M-real - Company Announcement

Gain from the sale of Map Merchant Group adjusted

M-real Corporation Stock Exchange Release July 3, 2008

The sale of M-real's Map Merchant Group to Antalis became effective
on 31 October 2007. The total transaction value was EUR 382 million.
M-real booked a gain of EUR 77 million in the Q4 2007 result from
discontinued operations, and the positive cash flow impact of the
transaction was EUR 356 million. It was announced that the sale
price, and thus also the gain from the sale, would be adjusted later,
and it was estimated that it might decrease by a maximum of EUR 30
million.

M-real expected to receive a EUR 34 million additional cash payment
from Antalis based on the preliminary closing balance sheet. The
additional cash payment has been defined on July 2. 2008 to be
approximately EUR 9 million, which has a EUR 25 million negative
impact on the gain of EUR 77 million booked in the result from
discontinued operations in Q4 2007. The change in the gain of the
sale, EUR -25 million, will have a negative impact on the result of
discontinued operations in Q2 2008. Additionally, the finalization of
the transaction has generated approximately EUR 1 million costs
booked in the result of discontinued operations in first half of
2008.

The total positive cash flow impact of the sale of Map Merchant Group
was EUR 364 million and the gain from the sale was EUR 51 million.

M-REAL CORPORATION

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