09.01.03

9.1.2003: Meldung: Stora Enso shares subscribed

A total of 3 000 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 (approx. EUR 7.66) each. Following the share capital increase, a further 864 000 R shares may be subscribed under the Stora Enso option programme for management (1997).

Breakdown of shares following the increase: A shares 182 316 685 (no change) R shares 717 464 614 Total 899 781 299 New share capital EUR 1 529 628 208.30

The issue of new shares will increase the company""s share capital by EUR 5 100 to EUR 1 529 628 208.30 and the total number of shares issued to 899 781 299 comprising 182 316 685 Series A shares and 717 464 614 Series R shares. The increase in share capital was registered in the Finnish Trade Register on 9 January 2003 and the new shares will be eligible for trading on the Helsinki Exchanges from 10 January 2003.

Stora Enso is an integrated forest products company producing magazine papers, newsprint, fine papers, packaging boards and wood products, areas in which the Group is a global market leader. Stora Enso""s sales total EUR 13.5 billion and annual paper and board production capacity about 15 million tonnes. Some 43 000 persons are employed in more than 40 countries and the Company""s shares are listed in Helsinki, New York and Stockholm.

Contact:
Ulla Paajanen-Sainio
Vice President, Investor Relations and Financial Communications
Tel. +358 2046 21242
Fax +358 2046 21307
Postal address: P.O. Box 309, FIN-00101 Helsinki, Finland
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