Stora Enso to issue SEK-benchmarks under EuroMTN-programme

Stora Enso Oyj plans to issue two new bond loans in Swedish kronor ("SEK-benchmarks") at the end of November, through Handelsbanken Trading. The loans are being raised to fund some of Stora Enso's SEK requirement and to offer the holders of outstanding bonds and MTNs in Stora Enso Treasury Stockholm AB the opportunity to exchange their holdings for the more liquid SEK-benchmarks.

The bond loans, with maturities of slightly more than 2 and 5 years respectively, will be sold by auction - the first scheduled for 22 November 2000. The issuer, Stora Enso Oyj, may issue further tranches of the two loans at a later stage and add other maturities. The loans are being arranged by Handelsbanken Trading, which will also maintain a secondary market. At a later stage, other players may also be invited to be marketmakers in SEK-benchmarks. The loans will be sold and traded in blocks of SEK 100 000. The listing on the OM Stockholm Exchange and the Luxembourg Exchange will be applied. Securities will be deliverable at Euroclear. It is the arranger's hope that the securities would also be deliverable through VPC.

In connection with the first auction, Stora Enso intends to offer the holders of existing bonds and MTNs in Swedish kronor, issued by Stora Enso Treasury Stockholm AB, the opportunity to exchange their holdings for newly issued SEK benchmarks, thereby increasing liquidity for these holders. The existing loans have maturities ranging from approx. 2 - 8 years and the exchanges can be made to the closest SEK benchmark in terms of maturity. The amounts for the auctions and exchanges will be determined by Stora Enso in connection with the issue of the SEK benchmarks.

Stora Enso Oyj is a Finnish-registered company - the result of the merger of Finnish Enso and Swedish Stora - with shares quoted on the Helsinki Exchange, the OM Stockholm Exchange and the New York Exchange. Stora Enso has a rating of BBB+ from Standard & Poor's and Baa1 from Moody's.

For further information please contact <br>Peter Nordquist, Director of Funding, Stora Enso Financial Services S.A., <br>tel: +32 2 627 7760 or <br>Tony Lindlöf, Deputy Head of Debt Capital Markets, Handelsbanken Trading, <br>tel: +46 8-701 25 10, mobile:+46 707 626 1345 <br>Markku Hakonen, Debt Capital Markets, Handelsbanken Trading <br>tel: +46 8-701 1221, mobile: +358 41 455 0500 <br>

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