15.01.04

15.1.2004: Meldung: Stora Enso shares subscribed and converted

A total of 195.000 new Stora Enso Series R shares have been subscribed under the terms of the bonds with warrants issued to members of the senior management on 10 April 1997. Enso Oy"s Annual General Meeting approved the option programme on 7 April 1997. According to the terms of the option programme, the exercise period is 1 December 1998 to 31 March 2004, during which a maximum of 3 000 000 new Stora Enso Series R shares may be subscribed at a subscription price of FIM 45.57 (about EUR 7.66) each. Following the share capital increase, a further 567 000 Series R shares may be subscribed under the Stora Enso option programme for management (1997).

Conversion of A shares into R shares

During the 29 November-30 December 2003 conversion period there were 9 conversions and a total of 27 906 Series A shares were converted into R shares.

Effect on share capital and breakdown of shares

The issue of new shares will increase the company"s share capital by EUR 331 500 to EUR 1 469 623 648.30. The increase in share capital and converted shares were registered in the Finnish Trade Register on 15 January 2004 and the new R shares will be eligible for trading on the Helsinki Exchanges from 16 January 2004.

Breakdown of shares following the increase and after conversion:

A shares 181 183 174
R shares 683 301 325
Total 864 484 499
New share capital EUR 1 469 623 648.30

For further information, please contact:
Ulla Paajanen-Sainio, Vice President, Investor Relations and
Financial Communications, tel +358 2046 21242

Stora Enso is an integrated paper, packaging and forest products company producing publication and fine papers, packaging boards and wood products, areas in which the Group is a global market leader. Stora Enso sales totalled EUR 12.8 billion in 2002. The Group has some 42 500 employees in more than 40 countries in five continents and about 15 million tonnes of paper and board annual production capacity. Stora Enso"s shares are listed in Helsinki, Stockholm and New York.

Contact:
Stora Enso Oyj
Kanavaranta 1
00160 Helsinki, Finland
P.O. Box 309
FIN-00101 Helsinki, Finland
Tel.: +358 2046 131
Fax: +358 2046 21471
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