Metsä Board Oyj — M&A Activity 2012

May 3, 2012

Metsä Board’s divestment of 7.3 percentage point shareholding in Metsä Fibre to Itochu Corporation closed

Metsä Board’s divestment of 7.3 percentage point shareholding in Metsä Fibre to Itochu Corporation closed

Metsä Board Corporation Stock Exchange Release 3 May 2012 at 16.30 EET

Metsä Board Corporation, part of Metsä Group, announced on 11 April 2012 that
it had agreed to divest 7.3 percentage points of its shareholding in Metsä
Fibre Oy to the Japan-based Itochu Corporation.

The closing of the divestment was subject to German competition authority
approval. The divestment was closed on 3 May 2012 based on earlier announced
facts.

After the closing of the transaction, Metsä Board owns 24.9 per cent,
Metsäliitto Cooperative 50.2 per cent and Itochu Corporation 24.9 per cent of
Metsä Fibre.

METSÄ BOARD CORPORATION

For further information, please contact:

Matti Mörsky, CFO, tel. +358 10 465 4913
Juha Laine, Vice President, Investor Relations and Communications, tel. +358 10
465 4335