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Synergy benefits within Stora Enso exceed expectations

SYNERGY BENEFITS WITHIN STORA ENSO EXCEED EXPECTATIONS Stora Enso has specified the estimate, published in June, of expected synergy benefits of the merger, their realisation schedule and the non-recurring costs of the structural changes. According to new calculations based on a more in-depth analyses by the divisions, the annual synergies will amount to EUR 300 million as of 2002, which exceeds the previous estimates by about 40%. The most significant advantages will be gained primarily through streamlining of production, in purchasing and logistics, marketing and administration. Compared

Pakenso to launch corrugated board production in Lithuania

PAKENSO TO LAUNCH CORRUGATED BOARD PRODUCTION IN LITHUANIA Pakenso Oy, a subsidiary of Stora Enso Oyj, is strengthening its position as the Baltic region's biggest corrugated board manufacturer by starting a corrugated board converting operation in Kaunas, Lithuania. The investment is worth around 4 million euros and production is due to start in summer this 2 year. The new production plant will have a capacity of 20 million m and will employ some 35 persons. The buildings purchased by Pakenso will allow full- scale corrugated board production to be started in the second phase of the

Stora Enso started operations

STORA ENSO STARTED OPERATION The increase of Enso Oyj's share capital, the change of its name to Stora Enso Oyj, and the amendments of its Articles of Association were entered in the Trade Register on 23 December 1998. Stora Enso's fully paid share capital, entered in the Trade Register on 23 December 1998, is FIM 7 595 796 890, composed of 243 394 655 shares of series A and 516 185 034 shares of series R. Enso's shares will be quoted on the Helsinki Stock Exchange with Stora Enso's name as from 28 December 1998. The new shares will be quoted together with the existing shares as from 29

Enso holds 96.1% in STORA and implements the offer

Enso holds 96.1% in STORA and implements the offer Enso's offer to the shareholders in STORA has been accepted to such an extent that Enso's ownership amounts to 96.1% of the shares and 96.2% of the votes of STORA. Since all conditions in the prospectus thus have been fulfilled, the offer will be implemented. In connection with the implementation of the offer Enso Oyj will be renamed Stora Enso Oyj. Delivery of the newly issued Stora Enso shares commences on or about December 29, 1998. Payment of the proceeds from the divestment of fractions of shares will be made in mid January 1999.

STORA disposes of shares in Stora Spezialpapiere and Stora Carbonless Paper

STORA disposes of shares in Stora Spezialpapiere and Stora Carbonless Paper Negotiations between Stora Publication Paper AG, Düsseldorf, and Mitsubishi Paper Mills Ltd. and the Mitsubishi Corporation, both Tokyo, on a majority shareholding in Stora Carbonless Paper GmbH, Bielefeld, and Stora Spezialpapiere GmbH, Flensburg, are completed. The two Mitsubishi companies together will hold 76 percent of Stora Carbonless Paper GmbH and Stora Spezialpapiere GmbH. The participation will be effective as of 1 January 1999. In total Stora Spezialpapiere and Stora Carbonless Paper have around 900

Stora Enso the first share to be traded i euro on the Stockholm Stock Exchange

Stora Enso the first company share to be traded in euro on the OM Stockholm Stock Exchange The Stockholm Stock Exchange has approved Stora Enso's application to have the company's shares traded in both euro and SEK. Parallel trading is expected to commence on March 19, 1999. This means that Stora Enso will be the first company to be traded in two currencies on the OM Stockholm Stock Exchange. Since Stora Enso will have shareholders both within and outside the euro currency area, the company considers it fitting that shareholders be given an opportunity to choose which currency they prefer

New President at Stora Paperboard

New President at Stora Paperboard Torbjörn Pettersson, currently President of the Stora Paperboard division and appointed to manage operations within Stora Enso's Packaging Boards division's Cartonboard business unit is to leave STORA. Ragnar Törner, currently Vice President of Stora Paperboard, has been appointed to succeed Torbjörn Pettersson as President of Stora Paperboard and to lead the Cartonboard business unit within Stora Enso. Mr. Törner will retain his profit responsibility at Stora Skoghall until further notice. Ragnar Törner will be based at Udden in Skoghall, Sweden

Financial information from Stora Enso during 1999

Financial information from Stora Enso during 1999 Financial information from Stora Enso Oyj will be published as follows: February 10, 1999 Year-end report (1998 fiscal year) March 23, 1999 Annual General Meeting of shareholders May 11, 1999 Interim report (three months ended March 31, 1999) August 10, 1999 Interim report (six months ended June 30, 1999) November 9, 1999 Interim report (nine months ended September 30, 1999) ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http:/

Management change in STORA ENSO's division Magazine Papers

Management change in STORA ENSO's division Magazine Papers Horst Thaler, President of Stora Publication Paper, has for personal reasons decided not to take up his new position as President of STORA ENSO Magazine Papers. He will, however, continue to fulfil a number of important tasks on behalf of STORA ENSO. Temporarily, Kai Korhonen, incoming President of STORA ENSO Newsprint division will also take over responsibility for STORA ENSO Magazine division. It is intended that a solution be found within a few weeks. For further information, please contact - Björn Hägglund, President and CEO,

STORA and Enso merger approved by European Commission

STORA and Enso merger approved by European Commission On June 18, STORA and Enso notified the European Commission about their proposal to combine the operations of the two companies. Based on an initial six-week examination, the Commission decided on July 31, 1998, that a more in-depth study was required and that a final decision would be announced on December 4, 1998, at the latest. Today, the Commission has announced its approval with the following background: STORA and Enso have undertaken to respect a price protection mechanism for liquid packaging board for a limited period of time. To

European Commission moves towards decision on merger of STORA and Enso

EUROPEAN COMMISSION MOVES TOWARDS DECISION ON MERGER OF STORA AND ENSO Karel van Miert, EU Commissioner on competition matters, said yesterday that he will propose that the merger of the Finnish company Enso and the Swedish company STORA be approved. The European Commission has confirmed that they will deliver its decision on the matter on Wednesday, November 25, 1998. During this autumn, there has been speculation that the proposed merger would require Enso and STORA to divest parts of their paper and board production capacity. Proposals submitted by Enso and STORA to the European

Report on operations for the nine months ended September 30, 1998

For distribution in the UNITED STATES, CANADA, AUSTRALIA and JAPAN STORA's results for the nine months ended September 30, 1998, will be presented at a press conference to be held at 1.00 p.m. today in the Group's Stockholm office, Västra Trädgårdsgatan 15. REPORT ON OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 * Net sales: SEK 33,806 million (32,999) +2% * Profit after financial items: SEK 2,342 million (1,753) +33% * Net profit after tax: SEK 1,593 million (1,155) +38% * Earnings per share: SEK 4.95 (3.60) +38% * The market for printing papers remained strong, with favorable

STORA ENSO's organization takes shape

STORA ENSO'S ORGANIZATION TAKES SHAPE The proposed merger of Enso and STORA is still being discussed between the EU authorities and the two companies. A final decision from the European Commission is expected by December 4, 1998 at the latest. Quotations for STORA ENSO shares on the Helsinki and Stockholm stock exchanges are planned to start on December 30, 1998. Working groups comprising participants from both companies have continued to work throughout the autumn. Planning of STORA ENSO's organization has now advanced to the stage where the structure and geographical locations of the

STORA in negotiations re the divestment of Technical Office Papers

November 4, 1998 STORA in negotiations regarding the divestment of Technical Office Papers STORA has been negotiating with Mitsubishi Paper Mills and Mitsubishi Corporation, Tokyo, for some time regarding the divestment of 76% of Stora Carbonless Paper GmbH (Hillegossen) and Stora Spezialpapiere GmbH (Flensburg), Germany. At STORA's 1998 Annual General Meeting, in connection with the launching of the productivity-improvement program, the Group announced that certain units should be considered for divestment. The current sale is a key feature of this program. The operations in Hillegossen (

STORA motions for a legal review of the judgements on leasing of aircraft

STORA motions for a legal review of the judgements on leasing of aircraft As has previously been announced, the Swedish Supreme Administrative Court on th 24 June, 1998 disallowed depreciation deductions in connection with joint ownership in two limited partnership companies active in aircraft leasing. The Supreme Administrative Court has stated that the companies cannot be deemed to be the owners of the aircraft and therefore they are denied tax deductions for value decreases. STORA has jointly with the other parties involved, Sandvik and Skanska, made an extensive analysis of the

Acceptance period of exchange offer to STORA's shareholders extended

ACCEPTANCE PERIOD OF EXCHANGE OFFER TO STORA's SHAREHOLDERS EXTENDED Enso and STORA have decided to extend the acceptance period of the Exchange Offer to STORA's shareholders up to and including December 17, 1998. This implies that both the settlement and listing of the Stora Enso shares are estimated to commence on December 30, 1998. The extension is due to the fact that the European Commission examination of the proposed merger of Enso and STORA is continuing. The final date for receiving the EU competition authorities´ decision on the merger is December 4, 1998. STORA's 1998 NINE-MONTH

Change in STORA's Executive Management

Change in STORA's Executive Management Per Knuts, Executive Vice President, who has been responsible for the productivity program currently being implemented within STORA since April, will retire on November 1, 1998 and will thus relinquish this position. Per Knuts will continue to work for STORA as a consultant in this area and will also assist with other assignments in the Group. Within the Group, the productivity program will in future be managed by Sten Holmberg, Vice President, Planning and Analysis, who is currently already involved in the work related to this program. Per Knuts, born

Diskussions with EU Commission continue

DISCUSSIONS WITH EU COMMISSION CONTINUE According to a news item released earlier today by Startel, the EU's Competition Commissioner, Mr. Karel van Miert, said that Enso and STORA will have to make remedies for their merger to be cleared by the EU. Discussions with the EU Commission are continuing in accordance with normal practice. At this stage, the companies are not prepared to comment on the ongoing discussions with the Commission. The Commission will reach its final decision on the matter by December 4, at the latest. For additional information, please contact: - Sten Holmberg, Vice

Report on operations for the six months ended june 30, 1998

REPORT ON OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1998 * Net sales: SEK 22,567 million(22,023)+2% * Profit after financial items:SEK 1,663 million (1,224) +36% * Net profit after tax: SEK 1,116 million (808) +38% * Earnings per share: SEK 3.45 (2.50) +38% * STORA and Enso announced that the companies planned to merge. The new company will be the world's largest forest products company. * The new SC machine at Stora Port Hawkesbury, which was started up in mid-April, has experienced certain running-in problems. * On June 12, agreement was concluded regarding STORA's acquisition of an

EU's examination of Stora Enso merger continues

In a bulletin released today, the EU competition authorities announced that more time will be needed to examine the proposed merger of STORA and Enso. Preparations for the merger of STORA and Enso are continuing. Implementation of the Combination Agreement requires, among other things, that the EU competition authorities have finalized their examination of the proposed merger. The acceptance period for the public offer to STORA shareholders began on July 27 and is currently in progress. Under the terms approved by an extraordinary meeting of Enso's shareholders, Enso's Board of Directors

Veracruz Celulose changes its name into Veracel

Veracruz Celulose S.A., a joint-venture between the Swedish forest-products group STORA and the Brazilian group Odebrecht, has changed its name into Veracel Celulose S.A. The reason for the change is the fact that Veracruz is a historic name - one of the first names given to the new country (today Brazil) by the Portuguese after the discovery in 1500 - and, consequently, cannot be registered in Brazil as a brand name of products manufactured by the company. Veracruz is also frequently used in Brazil by many other companies in various sectors of activities. The decision to adopt the name

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