Stora Enso Announces Exchange Offer Pricing

STORA ENSO OYJ Stock Exchange Release 6 April 2006 at 17.45

Stora Enso Announces Exchange Offer Pricing

Stora Enso Oyj announced today the pricing terms for its 
exchange offer for its 7.375% Notes Due 2011 (CUSIP No. 
86210MAA4; ISIN No. US86210MAA45) (the “old notes”).

The total exchange price to be paid for old notes validly 
tendered and not withdrawn by the early participation date is 
USD 1 067.07 per USD 1 000 principal amount of old notes. 
Holders of old notes who tender after the early participation 
date will receive the total exchange price less the early 
participation payment, or USD 1 057.07 per USD 1 000 principal 
amount of old notes. The total exchange price for the old notes 
was determined using the bid-side yield on the 4.5% US Treasury 
Note due 28 February, 2011 as of 10:00 a.m., New York City time, 
on 6 April, 2006 (the “pricing time”), which was 4.831%, plus 
1.00%, resulting in an exchange offer yield of 5.831%. In 
addition, holders of notes accepted in the exchange will receive 
accrued and unpaid interest up to but not including the 
settlement date.

The new notes will bear interest at a fixed rate per annum of 
6.404% from the settlement date to 15 April, 2016. The fixed 
interest rate was determined using the bid-side yield on the 
4.5% US Treasury Note due 15 February, 2016 as of the pricing 
time, which was 4.874%, plus 1.53%.

The exchange offer will expire at midnight, New York City time, 
on 10 April, 2006, unless extended, and the settlement date for 
the exchange offer is expected to be 13 April, 2006. 

The exchange offer is based on and subject to the conditions in 
the Exchange Offering Memorandum, dated 14 March 2006. The new 
notes, any additional notes and any longer dated notes have not 
been and will not be registered with the US Securities and 
Exchange Commission under the US Securities Act of 1933, as 
amended (the “Securities Act”), and may not be offered or sold 
in the United States or to, or for the account or benefit of, 
U.S. persons absent registration or an applicable exemption from 
the registration requirements of the Securities Act. This offer 
is not being made in Italy and other restrictions apply 
including in Belgium, France, Germany and the UK. See the 
Exchange Offer Memorandum dated 14 March 2006 for details.

Additional information concerning the exchange offer and copies 
of the Exchange Offering Memorandum and related documents may be 
obtained by contacting Global Bondholder Services Corporation, 
the information agent, tel. +1 866 488 1500.

For further information, please contact:
Markus Rauramo, Senior Vice President, Group Treasurer, tel. 
+44 20 7016 3250
Peter Nordquist, Vice President, Funding, tel. +44 20 7016 3266


www.storaenso.com
www.storaenso.com/debt 


STORA ENSO OYJ


p.p.	Jussi Siitonen	Jukka Marttila