Stora Enso Interim Review January-March 2009

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STORA ENSO OYJ INTERIM REVIEW 23 April 2009 at 06.00 GMT                        

Cash flow from operations EUR 264 million through strong working capital        
management                                                                      
Marginally positive operating profit excluding NRI and fair valuations          
EUR 250 million further annual fixed cost reduction planned                     

Summary of First Quarter Results                                                
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| Continuing Operations         |          |     Q1/09 |     Q4/08 |     Q1/08 |
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| Sales                         | EUR      |   2 130.5 |   2 602.5 |   2 831.8 |
|                               | million  |           |           |           |
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| EBITDA excl. NRI and fair     | EUR      |     134.3 |     163.3 |     299.2 |
| valuations                    | million  |           |           |           |
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| Operating Profit excl. NRI    | EUR      |       3.0 |      28.4 |     140.1 |
| and Fair Valuations           | million  |           |           |           |
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| Operating loss / profit       | EUR      |      -0.9 |    -784.2 |     125.0 |
| (IFRS)                        | million  |           |           |           |
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| Loss / profit before tax      | EUR      |     -82.1 |     -81.0 |      83.1 |
| excl. NRI                     | million  |           |           |           |
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| Loss / profit before tax      | EUR      |     -48.1 |    -845.6 |      83.1 |
|                               | million  |           |           |           |
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| Net loss / profit excl. NRI   | EUR      |     -60.2 |     -67.2 |      66.1 |
|                               | million  |           |           |           |
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| Net loss / profit             | EUR      |     -36.1 |    -654.6 |      66.1 |
|                               | million  |           |           |           |
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| EPS excl. NRI                 | EUR      |     -0.08 |     -0.08 |      0.08 |
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| EPS                           | EUR      |     -0.05 |     -0.82 |      0.08 |
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| CEPS excl. NRI                | EUR      |      0.10 |      0.06 |      0.30 |
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| ROCE excl. NRI                | %        |      -1.6 |      -0.8 |       4.9 |
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| ROCE excl. NRI and fair       | %        |       0.1 |       1.2 |       5.5 |
| valuations                    |          |           |           |           |
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Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            
NRI = Non-recurring items.                                                      

Message from CEO Jouko Karvinen:                                                
“The first quarter was as demanding as we had expected it to be at the beginning
of the year. We continued with our principle of prioritising pricing and profit 
margin quality at the expense of volume. The decline in demand led to a large   
cut of almost one quarter in production compared with the first quarter of the  
previous year and a disappointing EUR 3 million operating profit excluding NRI  
and fair valuations in the first quarter of this year. The fact that we have    
reduced our fixed costs significantly in the past two years - by 4 to 5 margin  
points - is clearly crucial in this dramatic demand situation. Through continued
strong management of working capital, our cash flow from operations was a       
healthy EUR 264 million. This cash flow, the best we have achieved in any first 
quarter since 2003, despite an operating environment more difficult than at any 
time since the early nineties, is proof of the benefits of taking action early  
and decisively.                                                                 

“It is increasingly clear that the sharp volume declines we are experiencing in 
our markets are driven more by underlying declines in demand, than customer     
destocking. Our forecast for the second quarter is for more of the same -       
significant production curtailments and a strong focus on cash flow and margin  
quality, together with tight control of capital spending and expenses.          

“We will continue to optimise the utilisation of our production assets on a     
Group-wide basis - by always running the lowest-cost asset in each grade and    
curtailing the higher-cost units and machines. This has been and remains crucial
as demand has now declined more rapidly than ever before in history. Over the   
past two years, the cost inflation for our Finnish assets has been clearly worse
in several respects - from fibre costs to energy - than for our other production
locations, and therefore we will continue to focus a large part of our          
curtailments to Finland. In 2008 the Stora Enso Group was still clearly         
profitable, but was already making material operational losses in Finland, and  
this situation continued to deteriorate in the first quarter of 2009. With      
continued weakness in underlying demand, we will have to review permanent       
production closure alternatives as well, again starting from the highest total  
cost assets within the whole Group.                                             

“Today we are also taking the next step to make Stora Enso a simpler,           
faster-reacting and more focused Group. Key objectives of this change are       
consolidating the organisation and building stronger and more powerful          
businesses that can operationally and strategically react quickly in a rapidly  
changing environment. We aim to simplify decision-making and move decisions     
closer to the businesses serving our customers. Consequently, we will scale down
staff functions and country organisations, and unfortunately that will lead to  
up to 2 000 planned redundancies, mostly in administrative functions. Our goal  
is to reduce total fixed costs by EUR 250 million per year compared with the    
2008 level. These changes will create flat and more consolidated organisations  
with a wide span of control, but no new organisational layers - and importantly,
no loss of transparency in our financial reporting.                             

“Most of our actions in the past two years - including divestments of assets and
difficult restructuring actions in our operational and administrative areas -   
were in our view absolutely necessary and have reduced our annual fixed costs by
4 to 5 margin points. With the blistering speed of change in our operating      
environment, this is not enough, however, so we commit ourselves today to a     
further 2 to 3 margin points improvement. Although the total impact of this will
be fully realised only at the end of 2010, we expect the majority of the cost   
benefits to be achieved already by the end of this year. This is the next       
logical step on our journey - not a change in direction, but a clear            
acceleration in improving our structure, focus and costs. In the end, the       
difference between winners and losers in business is often the speed of their   
actions, more than anything else.”                                              

Near-term Outlook                                                               
In Europe market demand is forecast to remain weak and clearly lower than a year
ago for all the Group's products, with no material improvement anticipated until
the economic environment starts recovering. The supply and demand balance in the
industry has improved, although the recent rapid deterioration in demand has    
disturbed the balance slightly. Advertising expenditure has fallen sharply and  
is predicted to remain weak, significantly reducing demand for graphic paper    
grades in the coming months. Newsprint demand is also affected by declines in   
circulations of paid and free newspapers. Markets for packaging and wood        
products are likely to remain weak, although some seasonal improvement in demand
is anticipated in the second quarter for some consumer board grades, corrugated 
packaging and wood products. Production of wood products is expected to decrease
in Europe, and this should gradually improve the supply and demand balance.	    

In Europe publication paper prices are forecast to stay the same as in the first
quarter of 2009. Prices for coated fine paper sheets are expected to increase.  
Prices for coated fine paper reels, uncoated fine paper, some packaging products
and wood products are likely to remain under pressure.                          

In China demand for uncoated magazine paper and coated fine paper is forecast to
remain weak. Prices for uncoated magazine paper are expected to be exposed to   
price pressure in competing with coated magazine paper, but coated fine paper   
prices show signs that they have bottomed out.                                  

In Latin America prices for coated magazine paper will remain under pressure due
to increasing imports. Local demand is expected to stay fairly stable.          

Stora Enso forecasts its cost deflation excluding internal actions to be 4% for 
the full year 2009, the main contributor being reduced fibre costs.             

Markets                                                                         
Compared with Q1/2008                                                           
In Europe market demand was significantly weaker for all publication paper      
grades, fine paper, consumer board and industrial packaging, and even weaker    
than the low levels of a year ago for wood products.                            

Market prices in local currencies were higher for newsprint, magazine paper,    
coated fine paper, consumer board and some industrial packaging grades, slightly
lower for corrugated packaging, somewhat lower for uncoated fine paper and      
recycled-paper-based containerboard, and even lower than a year ago for wood    
products.                                                                       

Producer inventories were lower in fine paper and clearly lower in newsprint and
magazine paper.                                                                 

In Latin America market demand for coated magazine paper was weaker but prices  
were higher than a year ago.                                                    

In China market demand for coated fine paper decreased and prices were          
substantially lower than a year ago. Market demand for uncoated magazine paper  
was significantly weaker and prices were lower.                                 

Compared with Q4/2008                                                           
In Europe market demand for all the Group's products weakened significantly. The
slump in construction activity reduced demand for wood products still further.  

Market prices in local currencies increased for newsprint, magazine paper,      
consumer board and some industrial packaging products; were unchanged for coated
fine paper, and decreased somewhat for uncoated fine paper and most industrial  
packaging grades. Prices for wood products remained under severe pressure in all
markets.                                                                        

Producer inventories stabilised at normal levels in newsprint, were largely     
unchanged in magazine paper and coated fine paper, and decreased in uncoated    
fine paper.                                                                     

In Latin America market demand for coated magazine paper weakened but prices    
still continued to rise.                                                        

In China demand for uncoated magazine paper weakened considerably. Demand for   
coated fine paper also weakened. Uncoated magazine paper prices remained under  
constant pressure and coated fine paper prices decreased substantially.         

Stora Enso Deliveries and Production                                            
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|                          |  Q1/09 |  Q4/08 |   Q1/08 | Change %  | Change %  |
|                          |        |        |         | Q1/09-Q1/ | Q1/09-Q4/ |
|                          |        |        |         |    08     |    08     |
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| Paper and board          |  2 343 |  2 851 |   3 021 |     -22.4 |     -17.8 |
| deliveries (1 000        |        |        |         |           |           |
| tonnes)                  |        |        |         |           |           |
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| Paper and board          |  2 363 |  2 698 |   3 067 |     -23.0 |     -12.4 |
| production (1 000        |        |        |         |           |           |
| tonnes)                  |        |        |         |           |           |
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| Wood products deliveries |  1 113 |  1 422 |   1 467 |     -24.1 |     -21.7 |
| (1 000 m3)               |        |        |         |           |           |
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| Corrugated packaging     |    228 |    254 |     267 |     -14.6 |     -10.2 |
| deliveries (million m2)  |        |        |         |           |           |
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Mill closures and restructurings reduced comparative deliveries as follows for  
the period Q1/09 compared with Q1/08: Summa Mill closure in January 2008 by some
33 000 tonnes of newsprint and 6 000 tonnes of magazine paper; Anjala Mill      
restructuring in the first quarter of 2008 by some 20 000 tonnes of magazine    
paper; Baienfurt Mill closure in December 2008 by some 29 000 tonnes of         
cartonboard.                                                                    

Q1/2009 Results (compared with Q1/2008)                                         
Sales at EUR 2 130.5 million were EUR 701.3 million less than in the first      
quarter of 2008. Mill closures reduced sales by EUR 89 million. Volumes were    
lower in all segments. Prices in local currencies increased in Newsprint,       
Magazine Paper and Consumer Board, but decreased in Fine Paper, most Industrial 
Packaging grades and Wood Products. Exchange rate trends were unfavourable in   
all segments except Wood Products.                                              

Key Figures                                                                     
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| EUR million             | Q1/09 | Q4/08 | Q1/08 |  2008 | Change % | Change  |
|                         |       |       |       |       | Q1/09-Q1 |    %    |
|                         |       |       |       |       |   /08    | Q1/09-Q |
|                         |       |       |       |       |          |  4/08   |
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| Continuing Operations   |       |       |       |       |          |         |
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| Sales                   |     2 |     2 |     2 |    11 |    -24.8 |   -18.1 |
|                         | 130.5 | 602.5 | 831.8 | 028.8 |          |         |
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| EBITDA excl. NRI and    | 134.3 | 163.3 | 299.2 |     1 |    -55.1 |   -17.8 |
| fair valuations         |       |       |       | 027.2 |          |         |
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| Operating profit excl.  |   3.0 |  28.4 | 140.1 | 388.4 |    -97.9 |   -89.4 |
| NRI and fair valuations |       |       |       |       |          |         |
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| Operating loss /        | -34.9 | -19.5 | 125.0 | 318.8 |   -127.9 |   -79.0 |
| profit/loss excl. NRI   |       |       |       |       |          |         |
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| Operating margin excl.  |  -1.6 |  -0.7 |   4.4 |   2.9 |   -136.4 |  -128.6 |
| NRI, %                  |       |       |       |       |          |         |
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| Operating loss / profit |  -0.9 | -784. | 125.0 | -726. |   -100.7 |    99.9 |
| (IFRS)                  |       |     2 |       |     6 |          |         |
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| Operating profit /      |   0.0 | -30.1 |   4.4 |  -6.6 |      n/a |     n/a |
| loss, % of sales        |       |       |       |       |          |         |
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| Loss / profit before    | -82.1 | -81.0 |  83.1 | 151.6 |   -198.8 |    -1.4 |
| tax and non-controlling |       |       |       |       |          |         |
| interests excl. NRI     |       |       |       |       |          |         |
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| Loss / profit before    | -48.1 | -845. |  83.1 | -893. |   -157.9 |    94.3 |
| tax and non-controlling |       |     6 |       |     8 |          |         |
| interests               |       |       |       |       |          |         |
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| Net loss / profit for   | -60.2 | -67.2 |  66.1 | 142.8 |   -191.1 |    10.4 |
| the period excl. NRI    |       |       |       |       |          |         |
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| Net loss / profit for   | -36.1 | -654. |  66.1 | -679. |   -154.6 |    94.5 |
| the period              |       |     6 |       |     0 |          |         |
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| ROCE from continuing    |   0.1 |   1.2 |   5.5 |   4.1 |    -98.2 |   -91.7 |
| operations excl. NRI    |       |       |       |       |          |         |
| and fair valuations, %  |       |       |       |       |          |         |
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| ROCE from continuing    |  -1.6 |  -0.8 |   4.9 |   3.4 |   -132.7 |  -100.0 |
| operations excl. NRI, % |       |       |       |       |          |         |
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| Earnings per share      | -0.08 | -0.08 |  0.08 |  0.18 |   -200.0 |     0.0 |
| (EPS) excl. NRI, EUR    |       |       |       |       |          |         |
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| EPS (basic), EUR        | -0.05 | -0.82 |  0.08 | -0.86 |   -162.5 |    93.9 |
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| Cash earnings per share |  0.10 |  0.06 |  0.30 |  0.99 |    -66.7 |    66.7 |
| (CEPS) excl. NRI, EUR   |       |       |       |       |          |         |
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| CEPS, EUR               |  0.12 |  0.16 |  0.30 |  0.94 |    -60.0 |   -25.0 |
--------------------------------------------------------------------------------
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| Return on equity (ROE), |  -2.6 | -40.8 |   3.8 | -10.1 |   -168.4 |    93.6 |
| %*                      |       |       |       |       |          |         |
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| Debt/equity ratio*      |  0.55 |  0.56 |  0.50 |  0.56 |     10.0 |    -1.8 |
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| Equity per share, EUR*  |  6.82 |  7.09 |  9.05 |  7.09 |    -24.6 |    -3.8 |
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| Equity ratio, %*        |  45.1 |  46.2 |  48.7 |  46.2 |     -7.4 |    -2.4 |
--------------------------------------------------------------------------------
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| Average number of       |    29 |    33 |    34 |    33 |    -13.5 |   -12.2 |
| employees               |   695 |   815 |   315 |   815 |          |         |
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| Average number of       |       |       |       |       |          |         |
| shares (million)        |       |       |       |       |          |         |
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|   periodic              | 788.6 | 788.6 | 788.6 | 788.6 |        - |       - |
--------------------------------------------------------------------------------
|   cumulative            | 788.6 | 788.6 | 788.6 | 788.6 |        - |       - |
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|   cumulative, diluted   | 788.6 | 788.6 | 788.6 | 788.6 |        - |       - |
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NRI = Non-recurring items. These are exceptional transactions that are not      
related to normal business operations. The most common non-recurring items are  
capital gains, additional write-downs, provisions for planned restructuring and 
penalties. Non-recurring items are normally specified individually if they      
exceed one cent per share.                                                      
Fair valuations include synthetic options net of realised and open hedges, CO2  
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            
* Total operations                                                              

Reconciliation of Operating Profit                                              
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| EUR million             |  Q1/09 |  Q4/08 |   Q1/08 |   Change % |  Change % |
|                         |        |        |         | Q1/09-Q1/0 | Q1/09-Q4/ |
|                         |        |        |         |          8 |        08 |
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| Loss / profit from      |  -10.3 |    6.4 |   124.4 |   -108.3   |  -260.9   |
| operations, excl. NRI   |        |        |         |            |           |
--------------------------------------------------------------------------------
| Associated companies,   |   13.3 |   22.0 |    15.7 |   -15.3    |   -39.5   |
| operational,            |        |        |         |            |           |
| excl.                   |        |        |         |            |           |
| fair valuations and     |        |        |         |            |           |
| related items           |        |        |         |            |           |
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| Operating Profit excl.  |    3.0 |   28.4 |   140.1 |   -97.9    |   -89.4   |
| NRI and                 |        |        |         |            |           |
| Fair                    |        |        |         |            |           |
| Valuations              |        |        |         |            |           |
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| Fair valuations         |  -37.9 |  -47.9 |   -15.1 |   -151.0   |   20.9    |
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| Operating Loss /        |  -34.9 |  -19.5 |   125.0 |   -127.9   |   -79.0   |
| Profit, excl. NRI       |        |        |         |            |           |
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| NRI                     |   34.0 | -764.7 |     0.0 |    n/a     |   104.4   |
--------------------------------------------------------------------------------
| Operating Loss / Profit |   -0.9 | -784.2 |   125.0 |   -100.7   |   99.9    |
| (IFRS)                  |        |        |         |            |           |
--------------------------------------------------------------------------------

Q1/2009 Results (compared with Q1/2008)		(continued)                            
Operating profit excluding non-recurring items and fair valuations decreased by 
EUR 137.1 million to EUR 3.0 million. Operating profit deteriorated in all      
segments: by EUR 43.0 million in Fine Paper, by EUR 27.3 million in Magazine    
Paper, by EUR 27.0 million in Consumer Board and by EUR 24.1 million in         
Industrial Packaging. There was an operating loss of EUR 23.7 (EUR 23.4) million
in Wood Products, an operating loss of EUR 5.7 million (operating profit EUR    
37.3 million) in Fine Paper and an operating loss of EUR 0.1 million (operating 
profit of EUR 27.2 million) in Magazine Paper. In the segment Other there was an
operating loss of EUR 21.3 (EUR 13.2) million.                                  

In the first quarter of 2009, the Group curtailed paper and board production by 
21%, pulp production by 13% and sawnwood production by 35% of capacity.         

Higher sales prices in local currencies increased the operating profit of paper 
and board mills by EUR 75 million, excluding the effects of mill closures. Lower
sales prices had a negative impact of EUR 36 million on the Wood Products       
operating profit figure, resulting in an operating loss. Lower sales volumes    
reduced operating profit by EUR 233 million.                                    

Higher energy prices, which had been anticipated, reduced operating profit by   
EUR 44 million. Lower woods costs, mainly for sawlogs, increased Group operating
profit by approximately EUR 31 million. Deliveries of wood to the Group's mills 
were 29% less than a year earlier at 7.3 million cubic metres. Fixed costs      
decreased by EUR 78 million, mainly due to cost improvement actions, including  
restructuring.                                                                  

The share of associated company operational results, excluding non-recurring    
items and fair valuations, amounted to EUR 13.3 (EUR 15.7) million. Operating   
profit includes a net effect of EUR -37.9 (EUR -15.1) million from the          
accounting of share-based compensation, Total Return Swaps (TRS), CO2 emission  
rights and IAS 41 forest valuations mainly related to associated companies.     
                                                                                
Net non-recurring items totalling EUR 34 million had a positive impact, mainly  
due to the sale of the Summa Mill site to Google for EUR 38 million.            

Net financial items were EUR -47.2 (EUR -41.9) million. Net interest expenses   
decreased from EUR -41.3 million to EUR -32.0 million, mainly due to lower      
interest rates. Net foreign exchange losses on borrowings, currency derivatives 
and bank accounts increased from EUR -8.7 million to EUR -23.6 million, mainly  
due to euro-denominated loans in Russia.                                        

The net gain from other financial items amounted to EUR 8.4 (EUR 8.1) million,  
comprising income of EUR 5.6 million from payment-in-kind notes, fair valuation 
gains of EUR 2.2 million on interest rate swaps, fair value gains of EUR 3.2    
million on long-term debt and other expenses of EUR -2.6 million.               

Group capital employed was EUR 8 392.2 million on 31 March 2009, a net decrease 
of EUR 1 898.5 million due to the divestment of Merchant operations,            
restructuring of the Group, fixed asset and goodwill impairments, fair          
valuations of unlisted shares in Pohjolan Voima and NewPage, and decreased      
working capital.                                                                

Q1/2009 Results (compared with Q4/2008)                                         
Sales at EUR 2 130.5 million were EUR 472.0 million less than the previous      
quarter's EUR 2 602.5 million due to lower deliveries, especially in Newsprint  
and Magazine Paper, and unfavourable exchange rate trends. Mill and machine     
closures decreased sales by EUR 20 million.                                     

Operating profit excluding non-recurring items and fair valuations decreased by 
EUR 25.4 million to EUR 3.0 million as cost reductions in many areas could not  
fully offset lower sales volumes and the unfavourable impact of exchange rate   
trends on sales prices.                                                         

Group capital employed was EUR 8 392.2 million on 31 March 2009, a net decrease 
of EUR 382.3 million due to decreased working capital and fair valuations of    
unlisted shares in Pohjolan Voima and NewPage.                                  

Capital Structure                                                               
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| EUR million                         |  31 Mar 09 |   31 Dec 08 |   31 Mar 08 |
--------------------------------------------------------------------------------
| Operative fixed assets              |    6 648.8 |     6 853.7 |     8 087.0 |
--------------------------------------------------------------------------------
| Associated companies                |    1 063.5 |     1 042.5 |     1 141.4 |
--------------------------------------------------------------------------------
| Operative working capital           |    1 435.4 |     1 674.7 |     2 122.9 |
--------------------------------------------------------------------------------
| Non-current interest-free items,    |     -491.1 |      -513.6 |      -496.4 |
| net                                 |            |             |             |
--------------------------------------------------------------------------------
| Operating Capital Total             |    8 656.6 |     9 057.3 |    10 854.9 |
--------------------------------------------------------------------------------
| Net tax liabilities                 |     -264.4 |      -282.8 |      -564.2 |
--------------------------------------------------------------------------------
| Capital Employed                    |    8 392.2 |     8 774.5 |    10 290.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to Company      |    5 382.3 |     5 594.0 |     6 941.0 |
| shareholders                        |            |             |             |
--------------------------------------------------------------------------------
| Equity in discontinued operations   |          - |           - |       193.1 |
--------------------------------------------------------------------------------
| Non-controlling interests           |       57.3 |        56.5 |        69.2 |
--------------------------------------------------------------------------------
| Net interest-bearing liabilities    |    2 952.6 |     3 124.0 |     3 280.5 |
--------------------------------------------------------------------------------
| Discontinued operations             |          - |           - |      -193.1 |
--------------------------------------------------------------------------------
| Financing Total                     |    8 392.2 |     8 774.5 |    10 290.7 |
--------------------------------------------------------------------------------

Financing Q1/2009 (compared with Q4/2008)                                       
Cash flow was EUR 263.6 (EUR 236.7) million and cash flow after investing       
activities EUR 159.4 (EUR 13.2) million. Despite poor profitability, the cash   
flow was strong due to effective working capital management, disciplined capital
expenditure and the proceeds from the sale of the Summa Mill site to Google. At 
the end of the period, net interest-bearing liabilities of the Group were EUR   
2 952.6 million, a decrease of EUR 171.4 million, including some EUR 116 million
due to increased cash and cash equivalents, net of overdrafts.                  

Total unutilised committed credit facilities remained unchanged at EUR 1 400    
million, and cash and cash-equivalents net of overdrafts increased from EUR 373 
million to EUR 489 million. In addition, Stora Enso has access to various       
long-term sources of funding totalling EUR 700 million.                         

The debt/equity ratio at 31 March 2009 was 0.55 (0.56). The currency effect on  
equity was positive EUR 23 million net of the hedging of equity translation     
risks. The fair valuation of unlisted equity and debt instruments, mainly       
related to Pohjolan Voima and NewPage, included within available-for-sale assets
decreased equity by EUR 197 million. The decrease in the fair value of Pohjolan 
Voima was due to the decrease in electricity prices since the fourth quarter of 
2008 and the decrease in the value of NewPage Corporation was due to the        
worsening market conditions in the USA.                                         

Financing Q1/2009 (compared with Q1/2008)                                       
At the end of the first quarter of 2009 Stora Enso had current borrowings of EUR
1 103.0 million compared with EUR 710.9 million at the end of the first quarter 
of 2008. Cash and cash equivalents at the end of the first quarter of 2009      
amounted to EUR 493.0 million, compared with EUR 308.2 million at the end of the
first quarter of 2008.                                                          

Cash Flow                                                                       
--------------------------------------------------------------------------------
| EUR million          | Q1/09 | Q4/08 |  Q1/08 |   2008 | Change % | Change % |
|                      |       |       |        |        | Q1/09-Q1 | Q1/09-Q4 |
|                      |       |       |        |        |      /08 |      /08 |
--------------------------------------------------------------------------------
| Continuing           |       |       |        |        |          |          |
| Operations           |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Operating loss /     |  -0.9 | -784. |  125.0 | -726.6 |   -100.7 |     99.9 |
| profit               |       |     2 |        |        |          |          |
--------------------------------------------------------------------------------
| Depreciation and     | 100.9 | 824.8 |  193.9 |      1 |    -48.0 |    -87.8 |
| other non-cash items |       |       |        |  443.2 |          |          |
--------------------------------------------------------------------------------
| Change in working    | 163.6 | 196.1 | -346.3 |   31.8 |    147.2 |    -16.6 |
| capital              |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Cash Flow from       | 263.6 | 236.7 |  -27.4 |  748.4 |      n/m |     11.4 |
| Operations           |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Capital expenditure  | -104. | -223. | -134.0 | -704.7 |     22.2 |     53.4 |
|                      |     2 |     5 |        |        |          |          |
--------------------------------------------------------------------------------
| Cash Flow after      | 159.4 |  13.2 | -161.4 |   43.7 |    198.8 |      n/m |
| Investing Activities |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Discontinued         |       |       |        |        |          |          |
| Operations           |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Cash flow from       |   0.0 |   0.0 |   17.0 |   51.5 |   -100.0 |      n/a |
| discontinued         |       |       |        |        |          |          |
| operations after     |       |       |        |        |          |          |
| investing activities |       |       |        |        |          |          |
--------------------------------------------------------------------------------
| Total Cash Flow      | 159.4 |  13.2 | -144.4 |   95.2 |    210.4 |      n/m |
| after Investing      |       |       |        |        |          |          |
| Activities           |       |       |        |        |          |          |
--------------------------------------------------------------------------------

Capital Expenditure for January-March 2009                                      
The target capital expenditure for the Group for the full year 2009 is EUR 400  
million. Capital expenditure for the first quarter of 2009 totalled EUR 104.2   
million including land acquisitions, which is 72% of depreciation in the first  
quarter.                                                                        

The main projects during the first quarter of 2009 were power plants and        
energy-related projects at existing mills (EUR 40 million), development of      
existing production (EUR 30 million) and plantations in South America and China 
(EUR 15 million).                                                               

Goodwill and Fixed Asset Impairment Testing                                     
The Group undertakes impairment testing annually in the fourth quarter of each  
year to align the testing procedures with the strategy and planning process.    
However, the Group also assesses on a regular basis whether there are any       
indications that additional goodwill or fixed asset impairment testing is       
required. The Group did not undertake any impairment testing in the first       
quarter of 2009 but will review the situation closely in the coming quarters.   
The remaining goodwill in the Group's statement of financial position as of 31  
March 2009 was EUR 206.7 million.                                               

Short-term Risks and Uncertainties                                              
The main short-term risks and uncertainties are related to possible             
deterioration of the global economy and the effect that would have on demand for
the Group's products, and the availability and price of wood fibre.             

Energy sensitivity analysis for 2009: the direct effect on 2009 operating profit
of a 10% change in electricity and oil market prices would be about EUR 18      
million, after the effect of hedges.                                            

Wood sensitivity analysis for 2009: the direct effect on 2009 operating profit  
of a 10% change in wood prices would be about EUR 160 million.                  

Near-term Outlook                                                               
In Europe market demand is forecast to remain weak and clearly lower than a year
ago for all the Group's products, with no material improvement anticipated until
the economic environment starts recovering. The supply and demand balance in the
industry has improved, although the recent rapid deterioration in demand has    
disturbed the balance slightly. Advertising expenditure has fallen sharply and  
is predicted to remain weak, significantly reducing demand for graphic paper    
grades in the coming months. Newsprint demand is also affected by declines in   
circulations of paid and free newspapers. Markets for packaging and wood        
products are likely to remain weak, although some seasonal improvement in demand
is anticipated in the second quarter for some consumer board grades, corrugated 
packaging and wood products. Production of wood products is expected to decrease
in Europe, and this should gradually improve the supply and demand balance.	    

In Europe publication paper prices are forecast to stay the same as in the first
quarter of 2009. Prices for coated fine paper sheets are expected to increase.  
Prices for coated fine paper reels, uncoated fine paper, some packaging products
and wood products are likely to remain under pressure.                          

In China demand for uncoated magazine paper and coated fine paper is forecast to
remain weak. Prices for uncoated magazine paper are expected to be exposed to   
price pressure in competing with coated magazine paper, but coated fine paper   
prices show signs that they have bottomed out.                                  

In Latin America prices for coated magazine paper will remain under pressure due
to increasing imports. Local demand is expected to stay fairly stable.          

Stora Enso forecasts its cost deflation excluding internal actions to be 4% for 
the full year 2009, the main contributor being reduced fibre costs.             

First Quarter Events                                                            
January                                                                         
On 16 January 2009 Stora Enso announced that it had appointed Lauri Peltola as  
the new Head of Group Communications to succeed Kari Vainio, who retired at the 
end of 2008. Lauri Peltola joined Stora Enso on 14 April 2009. He is based in   
Helsinki and reports to CEO Jouko Karvinen.                                     

On 19 January 2009 Stora Enso announced that significant paper and board        
production curtailments as well as curtailments in pulp and sawmill operations  
would continue during the first half of 2009, in addition to the curtailments in
Wood Products announced on 30 October 2008, owing to the weakened demand for the
Group's products.                                                               

On 19 January 2009 Stora Enso also announced that it was starting               
co-determination negotiations concerning temporary lay-offs in Finland.         

On 29 January 2009 Stora Enso announced that it had been included in the Global 
100, a list of the 100 most sustainable companies in the world publicised at the
World Economic Forum in Davos, Switzerland. Stora Enso is considered among the  
best in class in the forest products industry in managing environmental, social 
and governance risks and opportunities.                                         

February                                                                        
On 5 February 2009 Stora Enso announced that it was modifying the remuneration  
of its Board of Directors, management and staff.                                

On 5 February 2009 Stora Enso also announced that parent company Stora Enso Oyj 
had reclassified EUR                                                            
1 512 million from its retained earnings to its share premium fund due to an    
incorrect classification between restricted and distributable equity upon the   
cancellation of its own shares in the years 2001-2006.                          

On 12 February 2009 Stora Enso announced that it had signed an agreement to sell
the buildings and most of the Summa Mill site in Finland to the Google Group of 
Companies for approximately EUR 40 million. The transaction would improve       
operating profit by approximately EUR 38 million, of which approximately EUR 15 
million would be a reversal of an earlier impairment, and would be recorded as a
non-recurring item in the first quarter 2009 results. On 2 March 2009 Stora Enso
announced that it had finalised the divestment.                                 

Veracel                                                                         
On 11 July 2008 Stora Enso announced that a federal judge in Brazil had claimed 
in a judgement that the permits issued by the State of Bahia to Stora Enso's    
associated company Veracel were not valid. The judge also decreed remedial      
actions, including reforestation with native trees on part of Veracel's         
plantation land and a possible BRL 20 million (EUR 8 million) fine. Veracel     
vigorously disputes the findings of the court and has taken legal action against
the judgement. Veracel operates in full compliance with all Brazilian laws, has 
undertaken an extensive environmental impact assessment study and has obtained  
all the necessary environmental and operating licences for its industrial and   
forestry activities.  In November 2008, the Federal Court of the municipality of
Eunápolis, Bahia, suspended the effects of the decision as an interim measure.  
Veracel has not recorded any provision for the reforestation or the possible    
fine.                                                                           

Restructuring Actions                                                           
On 23 April 2009 Stora Enso announced that it planned to reorganise its         
operations with the aim of reducing annual costs by EUR 250 million, majority of
the reduction to be achieved during 2009 and the remainder by the end of 2010.  
Up to 2 000 employees will be affected, mainly as a result of the leaner        
management structures. The final outcome will depend on the result of the       
co-determination procedure. The ongoing focused administration project Stora    
Enso announced on 10 September 2008 to reduce the size of its administration to 
suit its more focussed business needs and the restructuring of financial        
administration that started in 2007 will be incorporated into the planned       
reorganisation and restructuring.                                               

Inspections by Competition Authorities                                          
In 2007, following US Federal District Court trial, Stora Enso was found not    
guilty of charges by the US Department of Justice relating to the sale of coated
magazine paper in the USA in 2002 and 2003. Coincident with this case, Stora    
Enso has been named in a number of class action lawsuits filed in the USA which 
still are pending.                                                              

As a result of an investigation, the Finnish Competition Authority has proposed 
to the Finnish Market Court that a fine of EUR 30 million should be imposed on  
Stora Enso for violating competition laws in the purchasing of wood in Finland  
in the period from 1997 to 2004. The court hearings are expected to begin during
2009. Stora Enso considers the proposal groundless.                             

No provision has been made in Stora Enso's accounts for the above-mentioned     
investigation and lawsuits.                                                     

Share Capital                                                                   
During the quarter, the conversion of 50 A shares into R shares was recorded in 
the Finnish Trade Register on 15 January 2009.                                  

On 31 March 2009 Stora Enso had 177 152 431 A shares and 612 386 068 R shares in
issue of which the Company held no A shares and 918 512 R shares with a nominal 
value of EUR 1.6 million. The holding represents 0.12% of the Company's share   
capital and 0.04% of the voting rights.                                         

Changes in shareholdings                                                        
In January the number of shares in Stora Enso Oyj held by AXA S.A. and its      
subsidiaries (AXA Group) decreased below 10% of the paid-up share capital and   
the number of shares in Stora Enso Oyj.                                         

In February the number of shares in Stora Enso Oyj held by Foundation Asset     
Management Sweden AB increased above 10% of the paid-up share capital and the   
number of shares in Stora Enso Oyj.                                             

In March the number of shares in Stora Enso Oyj held by AXA S.A. and its        
subsidiaries (AXA Group) decreased below 5% of the paid-up share capital and the
number of shares in Stora Enso Oyj.                                             

In April Stora Enso announced that the number of shares in the Company held by  
the funds managed by Orbis Investment Management Limited, Orbis Asset Management
Limited and Orbis Portfolio Management (Europe) LLP had increased above 5% of   
the paid-up share capital and the number of shares in Stora Enso Oyj on 31 March
2009.                                                                           

Decisions of the Annual General Meeting on 1 April 2009                         
The AGM approved a proposal by the Board of Directors that EUR 0.20 per share,  
in total EUR                                                                    
157 907 699.80, be distributed to the shareholders from the share premium fund  
of the parent company.                                                          

The AGM authorised the Board of Directors to decide the record and payment dates
for the distribution of the funds. It is currently anticipated that record date 
will be 31 July 2009 and the payment date around 10 August 2009. The dates will 
be confirmed when the Finnish National Board of Patents and Registration has    
given its consent to the decrease of the share premium fund.                    

The AGM approved a proposal that the Board of Directors shall have nine members 
and that of the current members of the Board of Directors, Gunnar Brock, Claes  
Dahlbäck, Dominique Hériard Dubreuil, Birgitta Kantola, Ilkka Niemi, Juha       
Rantanen, Matti Vuoria and Marcus Wallenberg be re-elected as members of the    
Board of Directors until the end of the following AGM and that Hans Stråberg be 
elected as a new member of the Board of Directors for the same term of office.  
Jan Sjöqvist was not seeking re-election.                                       

The AGM approved a proposal that the current auditor, Authorised Public         
Accountants Deloitte & Touche Oy, be re-elected auditor of the Company until the
end of the following AGM. The AGM approved a proposal that remuneration for the 
auditor be paid according to invoice.                                           

The AGM approved a proposal to appoint a Nomination Committee to prepare        
proposals concerning (a) the number of members of the Board of Directors, (b)   
the members of the Board of Directors, (c) the remuneration for the Chairman,   
Vice Chairman and members of the Board of Directors and (d) the remuneration for
the Chairman and members of the committees of the Board of Directors.           

The AGM approved a proposal that the share premium fund as shown in the balance 
sheet of the parent company as per 31 December 2008 be decreased by EUR 1 688   
145 310.08, and the reserve fund as shown in the balance sheet of the parent    
company as per 31 December 2008 by EUR 353 946 990.12 by transferring these     
amounts to the invested non-restricted equity fund.                             

The decrease of the share premium fund and the reserve fund is subject to and   
will become effective following consent by the Finnish National Board of Patents
and Registration.                                                               

Decisions by Board of Directors                                                 
At its meeting held after the AGM, the Stora Enso Board of Directors elected    
from among its members Claes Dahlbäck as its Chairman and Ilkka Niemi as Vice   
Chairman.                                                                       

Claes Dahlbäck, Birgitta Kantola and Ilkka Niemi continue as members of the     
Financial and Audit Committee. Birgitta Kantola was appointed to chair the      
Financial and Audit Committee.                                                  

Claes Dahlbäck (chairman), Dominique Hériard Dubreuil, Ilkka Niemi and Matti    
Vuoria continue as members of the Remuneration Committee.                       

Stora Enso's Board of Directors appointed Chief Financial Officer (CFO) Markus  
Rauramo as deputy to the CEO as defined in the Finnish Companies Act. The       
specific role of Deputy CEO was discontinued with the retirement of Deputy CEO  
Hannu Ryöppönen from Stora Enso on 1 April 2009.                                

Events after the Period                                                         
On 23 April 2009 Stora Enso announced that it will start co-determination       
negotiations in Finland with the aim of reducing capacity at Kitee and Varkaus  
sawmills and restructuring Puumerkki operations in Finland and Latvia. These    
actions would reduce the annual capacity by a total of 120 000 cubic metres and 
affect about 50 persons.                                                        

On 23 April 2009 Stora Enso also announced that it will acquire Myllykoski      
Paper's remaining 49% minority shareholding in Sunila Oy in Finland for EUR 6   
million. The transaction is subject to approval by competition authorities and  
is expected to close by the end of the second quarter of 2009.                  

On 23 April 2009 Stora Enso also announced that it planned to reorganise its    
operations with the aim of reducing annual costs by EUR 250 million, majority of
the reduction to be achieved during 2009 and the remainder by the end of 2010.  
Up to 2 000 employees will be affected, mainly as a result of the leaner        
management structures. The final outcome will depend on the result of the       
co-determination procedure.                                                     



This report is unaudited.                                                       

Helsinki, 23 April 2009                                                         
Stora Enso Oyj                                                                  
Board of Directors                                                              
Segments Q1/09 compared with Q1/08                                              


Newsprint and Book Paper                                                        
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   308.7 |   414.0 |   386.5 |    -20.1 |    -25.4 |
--------------------------------------------------------------------------------
| EBITDA*                  |    48.4 |    83.6 |    55.2 |    -12.3 |    -42.1 |
--------------------------------------------------------------------------------
| Operating profit*        |    21.5 |    53.0 |    26.4 |    -18.6 |    -59.4 |
--------------------------------------------------------------------------------
|   % of sales             |     7.0 |    12.8 |     6.8 |      2.9 |    -45.3 |
--------------------------------------------------------------------------------
| ROOC, %**                |     7.6 |    18.6 |     8.9 |    -14.6 |    -59.1 |
--------------------------------------------------------------------------------
| Deliveries, 1 000 t      |     546 |     745 |     711 |    -23.2 |    -26.7 |
--------------------------------------------------------------------------------
| Production, 1 000 t      |     573 |     699 |     715 |    -19.9 |    -18.0 |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Newsprint and book paper sales were EUR 308.7 million, down 20% on the first    
quarter of 2008 due to lower deliveries. Operating profit was EUR 21.5 million, 
down 19% on the first quarter of 2008 as higher product prices, lower production
costs, especially for fibre, and depreciation of the Swedish krona could not    
compensate for the lower sales volumes.                                         

Markets                                                                         
Compared with Q1/2008                                                           
In Europe demand for newsprint was much weaker than a year ago due to the       
economic slowdown and resultant slump in advertising spending. However, market  
prices were higher. Newsprint imports increased. Deliveries by Western European 
suppliers to European and overseas markets were lower, and producer inventories 
were generally much lower than a year ago.                                      

Compared with Q4/2008                                                           
In Europe demand weakened substantially following customer inventory building in
December. Deliveries by European suppliers to European and overseas markets     
declined. Prices were higher in Europe and producer inventories stabilised at   
normal levels. Overseas prices decreased.                                       

Magazine Paper                                                                  
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   380.8 |   544.3 |   547.3 |    -30.4 |    -30.0 |
--------------------------------------------------------------------------------
| EBITDA*                  |    27.3 |    53.2 |    60.8 |    -55.1 |    -48.7 |
--------------------------------------------------------------------------------
| Operating loss / profit* |    -0.1 |    19.7 |    27.2 |   -100.4 |   -100.5 |
--------------------------------------------------------------------------------
|   % of sales             |     0.0 |     3.6 |     5.0 |      n/a |      n/a |
--------------------------------------------------------------------------------
| ROOC, %**                |     0.0 |     5.4 |     7.1 |      n/a |      n/a |
--------------------------------------------------------------------------------
| Deliveries, 1 000 t      |     487 |     709 |     691 |    -29.5 |    -31.3 |
--------------------------------------------------------------------------------
| Production, 1 000 t      |     501 |     644 |     728 |    -31.2 |    -22.2 |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Magazine paper sales were EUR 380.8 million, down 30% on the first quarter of   
2008 due to capacity closures and weak demand. The operating loss of EUR 0.1    
million was a deterioration of EUR 27.3 million compared with the first quarter 
of 2008 as significantly lower production volumes and large energy price rises  
more than offset sales price increases at the beginning of the year and         
restructuring benefits.                                                         
Markets                                                                         
Compared with Q1/2008                                                           
In Europe demand was weaker for uncoated and much weaker for coated magazine    
paper. Producer inventories were considerably lower but prices were higher in   
both grades.                                                                    

In Latin America demand for coated magazine paper was weaker but prices were    
higher.                                                                         

In China demand for uncoated magazine paper was significantly weaker and prices 
were lower.                                                                     

Compared with Q4/2008                                                           
In Europe deliveries of coated and uncoated grades decreased still further.     
Producer inventories were kept relatively stable by extensive downtime. Prices  
for coated and uncoated grades rose.                                            

In Latin America deliveries of coated magazine paper decreased but prices still 
increased slightly.                                                             

In China demand for uncoated magazine paper weakened considerably and prices    
were under constant pressure.                                                   

Fine Paper                                                                      
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   431.9 |   484.8 |   545.2 |    -20.8 |    -10.9 |
--------------------------------------------------------------------------------
| EBITDA*                  |    22.6 |    19.5 |    73.8 |    -69.4 |     15.9 |
--------------------------------------------------------------------------------
| Operating loss / profit* |    -5.7 |    -9.7 |    37.3 |   -115.3 |     41.2 |
--------------------------------------------------------------------------------
|   % of sales             |    -1.3 |    -2.0 |     6.8 |   -119.1 |     35.0 |
--------------------------------------------------------------------------------
| ROOC, %**                |    -1.7 |    -2.5 |     8.5 |   -120.0 |     32.0 |
--------------------------------------------------------------------------------
| Deliveries, 1 000 t      |     590 |     622 |     726 |    -18.7 |     -5.1 |
--------------------------------------------------------------------------------
| Production, 1 000 t      |     591 |     611 |     696 |    -15.1 |     -3.3 |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Fine paper sales were EUR 431.9 million, down 21% on the first quarter of 2008  
mainly due to weaker market demand. The operating loss of EUR 5.7 million was a 
deterioration of EUR 43.0 million compared with the first quarter of 2008 due to
market-related production curtailments and lower uncoated fine paper prices.    

Markets                                                                         
Compared with Q1/2008                                                           
In Europe demand for coated and uncoated fine paper was much weaker than a year 
ago as advertising spending plummeted in the economic downturn. Coated fine     
paper prices were higher but uncoated fine paper prices were lower than a year  
ago. Industry inventories were lower.                                           

In China coated fine paper demand was again weaker and prices substantially     
lower than a year ago.                                                          

Compared with Q4/2008                                                           
In Europe demand for coated and uncoated fine paper decreased substantially.    
Coated fine paper prices and industry inventories were stable, but uncoated fine
paper prices and industry inventories decreased.                                

In China coated fine paper demand continued to weaken and prices declined       
substantially.                                                                  

Consumer Board                                                                  
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   459.9 |   506.3 |   574.4 |    -19.9 |     -9.2 |
--------------------------------------------------------------------------------
| EBITDA*                  |    44.6 |    31.6 |    78.8 |    -43.4 |     41.1 |
--------------------------------------------------------------------------------
| Operating profit*        |    15.5 |     4.3 |    42.5 |    -63.5 |    260.5 |
--------------------------------------------------------------------------------
|   % of sales             |     3.4 |     0.8 |     7.4 |    -54.1 |    325.0 |
--------------------------------------------------------------------------------
| ROOC, %**                |     4.9 |     1.3 |    10.0 |    -51.0 |    276.9 |
--------------------------------------------------------------------------------
| Deliveries, 1 000 t      |     529 |     546 |     636 |    -16.8 |     -3.1 |
--------------------------------------------------------------------------------
| Production, 1 000 t      |     509 |     526 |     660 |    -22.9 |     -3.2 |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Consumer board sales were EUR 459.9 million, down 20% on the first quarter of   
2008 as volumes and pulp prices decreased substantially. Volumes decreased,     
partly due to the closure of Baienfurt Mill. Operating profit was EUR 15.5      
million, down 64% on the previous year mainly due to a sharp deterioration in   
pulp profitability.                                                             

It is now anticipated that production may not resume at Enocell Pulp Mill before
the end of year due to weakness in the pulp market. Board production continued  
to be curtailed as demand remained weak. Inventories were further reduced. The  
previously announced schedule for investment at Imatra in Finland has been      
changed. The investments in board machine (BM) 4 quality improvement will be    
implemented during the fourth quarter of 2009, but the capacity increase has    
been postponed. Consequently, BM 1 will produce board until the end of 2010.    

Markets                                                                         
Compared with Q1/2008                                                           
Deliveries of board were considerably lower but prices in euros were higher than
a year ago.                                                                     

Compared with Q4/2008                                                           
Deliveries of board decreased somewhat. Average prices were unchanged, as higher
prices in euros for most products were offset by changes in the sales mix.      

Industrial Packaging                                                            
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   197.2 |   242.5 |   275.5 |    -28.4 |    -18.7 |
--------------------------------------------------------------------------------
| EBITDA*                  |    15.2 |    20.2 |    41.6 |    -63.5 |    -24.8 |
--------------------------------------------------------------------------------
| Operating profit*        |     3.5 |     6.2 |    27.6 |    -87.3 |    -43.5 |
--------------------------------------------------------------------------------
|   % of sales             |     1.8 |     2.6 |    10.0 |    -82.0 |    -30.8 |
--------------------------------------------------------------------------------
| ROOC, %**                |     2.4 |     3.6 |    15.4 |    -84.4 |    -33.3 |
--------------------------------------------------------------------------------
| Paper and board          |     191 |     229 |     257 |    -25.7 |    -16.6 |
| deliveries, 1 000 t      |         |         |         |          |          |
--------------------------------------------------------------------------------
| Paper and board          |     189 |     218 |     268 |    -29.5 |    -13.3 |
| production, 1 000 t      |         |         |         |          |          |
--------------------------------------------------------------------------------
| Corrugated packaging     |     228 |     254 |     267 |    -14.6 |    -10.2 |
| deliveries, million m2   |         |         |         |          |          |
--------------------------------------------------------------------------------
| Corrugated packaging     |     226 |     252 |     265 |    -14.7 |    -10.3 |
| production, million m2   |         |         |         |          |          |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Industrial packaging sales were EUR 197.2 million, down 28% on the first quarter
of 2008 mainly due to significantly lower volumes and unfavourable exchange rate
trends, especially in Eastern Europe. Operating profit was EUR 3.5 million, down
87% on the first quarter of 2008 as production was curtailed to match demand and
control inventories.                                                            

Markets                                                                         
Compared with Q1/2008                                                           
Demand for industrial packaging products was clearly weaker than a year earlier 
due to the general economic downturn. Recycled containerboard prices declined as
supply exceeded demand and raw material prices were lower. Corrugated packaging,
coreboard and core prices were slightly lower, but SC fluting and laminating    
paper prices were higher.                                                       

Compared with Q4/2008                                                           
The economic slowdown and normal seasonal fluctuations reduced demand for       
corrugated packaging and other products. Prices decreased slightly for most     
industrial packaging products and increased for some laminating paper products. 

Wood Products                                                                   
--------------------------------------------------------------------------------
| EUR million              |   Q1/09 |   Q4/08 |   Q1/08 | Change % | Change % |
|                          |         |         |         | Q1/09-Q1 | Q1/09-Q4 |
|                          |         |         |         |      /08 |      /08 |
--------------------------------------------------------------------------------
| Sales                    |   272.0 |   348.7 |   378.6 |    -28.2 |    -22.0 |
--------------------------------------------------------------------------------
| EBITDA*                  |   -14.3 |    -8.5 |   -10.7 |    -33.6 |    -68.2 |
--------------------------------------------------------------------------------
| Operating loss*          |   -23.7 |   -18.9 |   -23.4 |     -1.3 |    -25.4 |
--------------------------------------------------------------------------------
|   % of sales             |    -8.7 |    -5.4 |    -6.2 |    -40.3 |    -61.1 |
--------------------------------------------------------------------------------
| ROOC, %**                |   -15.7 |   -11.1 |   -12.3 |    -27.6 |    -41.4 |
--------------------------------------------------------------------------------
| Deliveries, 1 000 m3     |   1 113 |   1 422 |   1 467 |    -24.1 |    -21.7 |
--------------------------------------------------------------------------------

* Excluding non-recurring items ** ROOC = 100% x Operating profit/Operating     
capital                                                                         

Wood product sales were EUR 272.0 million, down 28% on the first quarter of 2008
mainly due to lower sales prices and volumes. The operating loss of EUR 23.7    
million was almost the same as in the first quarter of 2008. Significantly lower
raw material costs and EUR 6 million profit from the sale of property in the    
Netherlands compensated for lower sales prices and volumes. Severe production   
curtailments were continued, to adjust to the difficult markets.                

Markets                                                                         
Compared with Q1/2008                                                           
Demand and prices were even lower than in the weak market a year ago due to the 
rapid decline in building and construction activity.                            

Compared with Q4/2008                                                           
Demand for wood products weakened as the economic slowdown and seasonal factors 
further reduced construction activity globally. The wood products industry      
continued to curtail production, and prices remained under heavy pressure in all
markets.                                                                        


Financials                                                                      

Basis of Preparation                                                            
This unaudited interim financial report has been prepared in accordance with the
accounting policies set out in International Accounting Standard 34 on Interim  
Financial Reporting and in the Group's Annual Report for 2008, except for the   
effects of the adoption of the standards described below:                       

IFRS 8 Operating Segments                                                       
The Group's reportable segments remain unchanged from those reported in previous
interim reports. The adoption of this standard has had no impact on the reported
results or financial position of the Group.                                     

IAS 1 (revised 2007) Presentation of Financial Statements                       
The revised standard has introduced a number of terminology changes and revised 
titles for the primary statements, however the adoption of this standard has had
no impact on the reported results or financial position of the Group.           

Discontinued Operations                                                         
The divestment of the Merchants segment in 2008 has been accounted for as a     
discontinued operation. The income statements have been re-presented to disclose
the results from discontinued operations separately, but the Statement of       
Financial Position and Statement of Cash Flows are presented as previously      
reported.                                                                       

Condensed Consolidated Income Statement                                         
--------------------------------------------------------------------------------
| EUR million            | Q1/09 | Q4/08 |  Q1/08 |   2008 |  Change |  Change |
|                        |       |       |        |        |       % |       % |
|                        |       |       |        |        | Q1/09-Q | Q1/09-Q |
|                        |       |       |        |        |    1/08 |    4/08 |
--------------------------------------------------------------------------------
| Continuing Operations  |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Sales                  |     2 |     2 |      2 |     11 |   -24.8 |   -18.1 |
|                        | 130.5 | 602.5 |  831.8 |  028.8 |         |         |
--------------------------------------------------------------------------------
| Other operating income |  51.8 |  51.4 |   46.5 |  120.2 |    11.4 |     0.8 |
--------------------------------------------------------------------------------
| Materials and services |    -1 |    -1 |     -1 |     -6 |    21.3 |    20.7 |
|                        | 371.6 | 730.3 |  742.1 |  905.0 |         |         |
--------------------------------------------------------------------------------
| Freight and sales      | -211. | -266. | -282.6 |     -1 |    25.3 |    20.6 |
| commissions            |     1 |     0 |        |  127.1 |         |         |
--------------------------------------------------------------------------------
|  Personnel expenses    | -376. | -402. | -447.7 |     -1 |    16.0 |     6.5 |
|                        |     0 |     2 |        |  669.1 |         |         |
--------------------------------------------------------------------------------
| Other operating        | -114. | -222. | -130.1 | -752.6 |    12.2 |    48.6 |
| expenses               |     2 |     1 |        |        |         |         |
--------------------------------------------------------------------------------
| Share of results of    |  18.9 | -37.4 |   23.9 |    0.6 |   -20.9 |   150.5 |
| associated companies   |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Depreciation and       | -129. | -780. | -174.7 |     -1 |    26.0 |    83.4 |
| impairment             |     2 |     1 |        |  422.4 |         |         |
--------------------------------------------------------------------------------
| Operating Loss /       |  -0.9 | -784. |  125.0 | -726.6 |  -100.7 |    99.9 |
| Profit                 |       |     2 |        |        |         |         |
--------------------------------------------------------------------------------
|  Net financial items   | -47.2 | -61.4 |  -41.9 | -167.2 |   -12.6 |    23.1 |
--------------------------------------------------------------------------------
| Loss / Profit before   | -48.1 | -845. |   83.1 | -893.8 |  -157.9 |    94.3 |
| Tax                    |       |     6 |        |        |         |         |
--------------------------------------------------------------------------------
|  Income tax            |  12.0 | 191.0 |  -17.0 |  214.8 |   170.6 |   -93.7 |
--------------------------------------------------------------------------------
| Net Loss / Profit for  | -36.1 | -654. |   66.1 | -679.0 |  -154.6 |    94.5 |
| the Period from        |       |     6 |        |        |         |         |
| Continuing Operations  |       |       |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued           |       |       |        |        |         |         |
| Operations             |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Profit after tax for   |   0.0 |   0.1 |    5.1 |    4.3 |  -100.0 |  -100.0 |
| the period from        |       |       |        |        |         |         |
| discontinued           |       |       |        |        |         |         |
| operations             |       |       |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Loss / Profit for  | -36.1 | -654. |   71.2 | -674.7 |  -150.7 |    94.5 |
| the Period             |       |     5 |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to:       |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Owners of the parent   | -38.2 | -648. |   70.5 | -673.4 |  -154.2 |    94.1 |
|                        |       |     5 |        |        |         |         |
--------------------------------------------------------------------------------
| Non-controlling        |   2.1 |  -6.0 |    0.7 |   -1.3 |   200.0 |   135.0 |
| interests              |       |       |        |        |         |         |
--------------------------------------------------------------------------------
|                        | -36.1 | -654. |   71.2 | -674.7 |  -150.7 |    94.5 |
|                        |       |     5 |        |        |         |         |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per Share     |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Basic EPS, EUR         | -0.05 | -0.82 |   0.09 |  -0.85 | -155.56 |    93.9 |
--------------------------------------------------------------------------------
| Diluted EPS, EUR       | -0.05 | -0.82 |   0.09 |  -0.85 | -155.56 |    93.9 |
--------------------------------------------------------------------------------
| Earnings per Share     |       |       |        |        |         |         |
| from Continuing        |       |       |        |        |         |         |
| Operations             |       |       |        |        |         |         |
--------------------------------------------------------------------------------
| Basic EPS, EUR         | -0.05 | -0.82 |   0.08 |  -0.86 | -162.50 |    93.9 |
--------------------------------------------------------------------------------
| Diluted EPS, EUR       | -0.05 | -0.82 |   0.08 |  -0.86 | -162.50 |    93.9 |
--------------------------------------------------------------------------------


Consolidated Statement of Comprehensive Income                                  
--------------------------------------------------------------------------------
| EUR million                      |    Q1/09 |    Q4/08 |    Q1/08 |     2008 |
--------------------------------------------------------------------------------
| Total Operations                 |          |          |          |          |
--------------------------------------------------------------------------------
| Defined benefit plan actuarial   |        - |    -12.6 |        - |    -12.7 |
| gains                            |          |          |          |          |
--------------------------------------------------------------------------------
|   Tax on actuarial movements     |        - |     -3.5 |        - |     -3.3 |
--------------------------------------------------------------------------------
| Aggregate fair value movements   |   -183.4 |   -405.9 |   -129.0 |   -398.0 |
| in Available-for-Sale assets     |          |          |          |          |
--------------------------------------------------------------------------------
| Currency and commodity hedges    |      2.2 |   -237.7 |     -0.5 |   -312.3 |
--------------------------------------------------------------------------------
| Associate hedges                 |    -12.7 |    -10.9 |     -0.3 |     -9.4 |
--------------------------------------------------------------------------------
| Tax on Other Comprehensive       |     -2.8 |     67.2 |     22.2 |     93.3 |
| Income Movements (OCI)           |          |          |          |          |
--------------------------------------------------------------------------------
| Currency translation movements   |     19.8 |   -185.4 |    -82.8 |   -296.0 |
| on equity net investments (CTA)  |          |          |          |          |
--------------------------------------------------------------------------------
| Equity net investment hedges     |      4.5 |    -60.4 |     20.5 |      1.3 |
--------------------------------------------------------------------------------
|   Tax on equity hedges           |     -1.2 |     -4.1 |     -5.3 |     -1.1 |
--------------------------------------------------------------------------------
| Items From Equity Recognised in  |        - |    -16.7 |        - |    -32.4 |
| Income Statement                 |          |          |          |          |
--------------------------------------------------------------------------------
| Other Comprehensive Income, net  |   -173.6 |   -870.0 |   -175.2 |   -970.6 |
| of tax                           |          |          |          |          |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net (loss)/profit for the period |    -36.1 |   -654.5 |     71.2 |   -674.7 |
--------------------------------------------------------------------------------
| Total Comprehensive Income       |   -209.7 | -1 524.5 |   -104.0 | -1 645.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Comprehensive Income       |          |          |          |          |
| Attributable to:                 |          |          |          |          |
--------------------------------------------------------------------------------
| Owners of the parent             |   -211.8 | -1 518.5 |   -104.7 | -1 644.0 |
--------------------------------------------------------------------------------
| Non-controlling interests        |      2.1 |     -6.0 |      0.7 |     -1.3 |
--------------------------------------------------------------------------------
|                                  |   -209.7 | -1 524.5 |   -104.0 | -1 645.3 |
--------------------------------------------------------------------------------


Condensed Consolidated Statement of Cash Flows                                  
--------------------------------------------------------------------------------
| EUR million                                  |         Q1/09 |         Q1/08 |
--------------------------------------------------------------------------------
| Cash Flow from Operating Activities          |               |               |
--------------------------------------------------------------------------------
| Operating loss / profit                      |          -0.9 |         134.8 |
--------------------------------------------------------------------------------
| Hedging result from OCI                      |          17.6 |         -20.7 |
--------------------------------------------------------------------------------
| Adjustments for non-cash items               |         100.9 |         211.1 |
--------------------------------------------------------------------------------
| Change in net working capital                |         165.4 |        -310.3 |
--------------------------------------------------------------------------------
| Cash Flow Generated by Operations            |         283.0 |          14.9 |
--------------------------------------------------------------------------------
| Net financials items paid                    |           4.9 |         -44.9 |
--------------------------------------------------------------------------------
| Income taxes paid/received, net              |          -1.7 |         -45.6 |
--------------------------------------------------------------------------------
| Net Cash Provided /(Used) by Operating       |         286.2 |         -75.6 |
| Activities                                   |               |               |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash Flow from Investing Activities          |               |               |
--------------------------------------------------------------------------------
| Acquisitions of subsidiaries                 |             - |          -2.8 |
--------------------------------------------------------------------------------
| Acquisitions of associated companies         |             - |          -8.7 |
--------------------------------------------------------------------------------
| Proceeds from sale of fixed assets and other |          50.5 |          19.2 |
| shares                                       |               |               |
--------------------------------------------------------------------------------
| Capital expenditure                          |        -104.2 |        -135.7 |
--------------------------------------------------------------------------------
| Proceeds from (payment of) the non-current   |         -29.9 |          -0.6 |
| receivables, net                             |               |               |
--------------------------------------------------------------------------------
| Net Cash Used in Investing Activities        |         -83.6 |        -128.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash Flow from Financing Activities          |               |               |
--------------------------------------------------------------------------------
| Proceeds from issue of new long-term debt    |          33.7 |          28.6 |
--------------------------------------------------------------------------------
| Long-term debt, payments                     |         -35.5 |        -244.1 |
--------------------------------------------------------------------------------
| Change in short-term borrowings              |         -75.3 |        -212.6 |
--------------------------------------------------------------------------------
| Non-controlling equity injections less       |          -1.8 |          -1.5 |
| dividends                                    |               |               |
--------------------------------------------------------------------------------
| Net Cash Used in Financing Activities        |         -78.9 |        -429.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Increase/(Decrease) in Cash and Cash     |         123.7 |        -633.8 |
| Equivalents                                  |               |               |
--------------------------------------------------------------------------------
| Cash and bank in disposed companies          |             - |          -0.1 |
--------------------------------------------------------------------------------
| Translation adjustment                       |          -7.8 |          -6.9 |
--------------------------------------------------------------------------------
| Net cash and cash equivalents at the         |         372.6 |         879.3 |
| beginning of period                          |               |               |
--------------------------------------------------------------------------------
| Net Cash and Cash Equivalents at Period End  |         488.5 |         238.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and Cash Equivalents at Period End      |         493.0 |         308.2 |
--------------------------------------------------------------------------------
| Bank Overdrafts at Period End                |          -4.5 |         -69.7 |
--------------------------------------------------------------------------------
| Net Cash and Cash Equivalents at Period End  |         488.5 |         238.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisitions of Subsidiary Companies         |               |               |
--------------------------------------------------------------------------------
|   Fixed assets                               |             - |           4.2 |
--------------------------------------------------------------------------------
|   Tax liabilities                            |             - |           0.2 |
--------------------------------------------------------------------------------
|   Interest-bearing liabilities               |             - |          -0.5 |
--------------------------------------------------------------------------------
|   Non-controlling interests                  |             - |          -1.1 |
--------------------------------------------------------------------------------
| Fair Value of Net Assets                     |           0.0 |           2.8 |
--------------------------------------------------------------------------------
|   Goodwill                                   |             - |             - |
--------------------------------------------------------------------------------
| Total Purchase Consideration                 |           0.0 |           2.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Disposal of Subsidiary Companies             |               |               |
--------------------------------------------------------------------------------
|   Cash and cash equivalents                  |             - |           0.1 |
--------------------------------------------------------------------------------
|   Working capital                            |             - |           0.3 |
--------------------------------------------------------------------------------
|   Tax liabilities                            |             - |          -0.4 |
--------------------------------------------------------------------------------
| Net Assets in Divested Companies             |           0.0 |           0.0 |
--------------------------------------------------------------------------------
|   Income Statement capital gain              |             - |           0.6 |
--------------------------------------------------------------------------------
| Total Disposal Consideration Received in     |           0.0 |           0.6 |
| Cash and Kind                                |               |               |
--------------------------------------------------------------------------------


Property, Plant and Equipment, Intangible Assets and Goodwill                   
--------------------------------------------------------------------------------
| EUR million                          |      Q1/09 |        2008 |      Q1/08 |
--------------------------------------------------------------------------------
|   Carrying value at 1 January        |    5 899.4 |     7 232.4 |    7 232.4 |
--------------------------------------------------------------------------------
|  Acquisition of subsidiary companies |        0.0 |         3.9 |        4.2 |
--------------------------------------------------------------------------------
|   Capital expenditure                |       92.4 |       648.2 |      126.0 |
--------------------------------------------------------------------------------
|   Additions in biological assets     |       11.8 |        58.7 |        9.7 |
--------------------------------------------------------------------------------
|   Change in emission rights          |       37.4 |        61.8 |       80.5 |
--------------------------------------------------------------------------------
|   Disposals                          |      -19.3 |       -54.7 |      -13.0 |
--------------------------------------------------------------------------------
|   Disposals of subsidiary companies  |        0.0 |      -281.8 |        0.0 |
--------------------------------------------------------------------------------
|   Discontinued operations            |          - |           - |     -291.7 |
--------------------------------------------------------------------------------
| Depreciation and impairment,         |     -129.2 |    -1 422.4 |     -174.7 |
| continuing operations                |            |             |            |
--------------------------------------------------------------------------------
| Depreciation and impairment,         |          - |       -46.1 |      -17.2 |
| discontinued operations              |            |             |            |
--------------------------------------------------------------------------------
|   Translation difference and other   |      -21.3 |      -300.6 |        0.7 |
--------------------------------------------------------------------------------
| Total                                |    5 871.2 |     5 899.4 |    6 956.9 |
--------------------------------------------------------------------------------


Borrowings                                                                      
--------------------------------------------------------------------------------
| EUR million                         |  31 Mar 09 |   31 Dec 08 |   31 Mar 08 |
--------------------------------------------------------------------------------
| Non-current borrowings              |    2 935.5 |     3 007.8 |     3 177.7 |
--------------------------------------------------------------------------------
| Current borrowings                  |    1 103.0 |     1 068.3 |       710.9 |
--------------------------------------------------------------------------------
|                                     |    4 038.5 |     4 076.1 |     3 888.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|                                     |      Q1/09 |        2008 |       Q1/08 |
--------------------------------------------------------------------------------
| Carrying value at 1 January         |    4 076.1 |     4 441.4 |     4 441.4 |
--------------------------------------------------------------------------------
| Debt acquired with new subsidiaries |          - |         1.0 |         0.5 |
--------------------------------------------------------------------------------
| Debt disposed with sold             |          - |      -230.4 |           - |
| subsidiaries                        |            |             |             |
--------------------------------------------------------------------------------
| Payments of borrowings (net)        |      -18.5 |       -59.7 |      -102.6 |
--------------------------------------------------------------------------------
| Discontinued operations             |          - |           - |      -438.9 |
--------------------------------------------------------------------------------
| Translation difference and other    |      -19.1 |       -76.2 |       -11.8 |
--------------------------------------------------------------------------------
| Total Borrowings                    |    4 038.5 |     4 076.1 |     3 888.6 |
--------------------------------------------------------------------------------

Condensed Consolidated Statement of Financial Position                          
--------------------------------------------------------------------------------
| EUR million                      |    |  31 Mar 09 |  31 Dec 08 |  31 Mar 08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets                           |    |            |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fixed Assets and Other           |    |            |            |            |
| Non-current Investments          |    |            |            |            |
--------------------------------------------------------------------------------
|   Fixed assets                   | O  |    5 615.9 |    5 698.8 |    6 782.8 |
--------------------------------------------------------------------------------
|   Biological assets              | O  |      150.9 |      133.6 |       88.3 |
--------------------------------------------------------------------------------
|   Emission rights                | O  |      104.4 |       67.0 |       85.8 |
--------------------------------------------------------------------------------
| Investment in associated         | O  |    1 063.5 |    1 042.5 |    1 141.4 |
| companies                        |    |            |            |            |
--------------------------------------------------------------------------------
| Available-for-sale: Listed       | I  |      159.8 |      154.9 |      134.2 |
| securities                       |    |            |            |            |
--------------------------------------------------------------------------------
| Available-for-sale: Unlisted     | O  |      777.6 |      954.3 |    1 130.1 |
| shares                           |    |            |            |            |
--------------------------------------------------------------------------------
|   Non-current loan receivables   | I  |      159.6 |      130.3 |      127.5 |
--------------------------------------------------------------------------------
|   Deferred tax assets            | T  |      114.4 |       74.5 |       53.9 |
--------------------------------------------------------------------------------
|   Other non-current assets       | O  |       18.8 |       16.2 |       26.5 |
--------------------------------------------------------------------------------
|                                  |    |    8 164.9 |    8 272.1 |    9 570.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current Assets                   |    |            |            |            |
--------------------------------------------------------------------------------
|   Inventories                    | O  |    1 667.8 |    1 693.6 |    1 927.3 |
--------------------------------------------------------------------------------
|   Tax receivables                | T  |       28.5 |       25.0 |       33.4 |
--------------------------------------------------------------------------------
|   Operative receivables          | O  |    1 424.3 |    1 583.2 |    1 860.7 |
--------------------------------------------------------------------------------
|   Interest-bearing receivables   | I  |      273.5 |      251.1 |      140.7 |
--------------------------------------------------------------------------------
|   Cash and cash equivalents      | I  |      493.0 |      415.8 |      205.7 |
--------------------------------------------------------------------------------
|                                  |    |    3 887.1 |    3 968.7 |    4 167.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Asset of disposal group          |    |          - |          - |    1 052.3 |
| classified as held for sale      |    |            |            |            |
--------------------------------------------------------------------------------
|                                  |    |    3 887.1 |    3 968.7 |    5 220.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Assets                     |    |   12 052.0 |   12 240.8 |   14 790.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and Liabilities           |    |            |            |            |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|  Owners of the parent            |    |    5 382.3 |    5 594.0 |    7 134.1 |
--------------------------------------------------------------------------------
|  Non-controlling interests       |    |       57.3 |       56.5 |       69.2 |
--------------------------------------------------------------------------------
| Total Equity                     |    |    5 439.6 |    5 650.5 |    7 203.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current Liabilities          |    |            |            |            |
--------------------------------------------------------------------------------
| Post-employment benefit          | O  |      304.6 |      299.0 |      304.2 |
| provisions                       |    |            |            |            |
--------------------------------------------------------------------------------
|  Other provisions                | O  |      194.1 |      202.3 |      115.7 |
--------------------------------------------------------------------------------
|  Deferred tax liabilities        | T  |      284.7 |      277.5 |      545.1 |
--------------------------------------------------------------------------------
|  Non-current debt                | I  |    2 935.5 |    3 007.8 |    3 177.7 |
--------------------------------------------------------------------------------
| Other non-current operative      | O  |       11.2 |       28.5 |      103.0 |
| liabilities                      |    |            |            |            |
--------------------------------------------------------------------------------
|                                  |    |    3 730.1 |    3 815.1 |    4 245.7 |
--------------------------------------------------------------------------------
| Current Liabilities              |    |            |            |            |
--------------------------------------------------------------------------------
| Current portion of long-term     | I  |      563.8 |      437.4 |      366.1 |
| debt                             |    |            |            |            |
--------------------------------------------------------------------------------
|  Interest-bearing liabilities    | I  |      539.2 |      630.9 |      344.8 |
--------------------------------------------------------------------------------
|  Operative liabilities           | O  |    1 656.7 |    1 602.1 |    1 665.1 |
--------------------------------------------------------------------------------
|  Tax liabilities                 | T  |      122.6 |      104.8 |      106.4 |
--------------------------------------------------------------------------------
|                                  |    |    2 882.3 |    2 775.2 |    2 482.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liability directly associated    |    |          - |          - |      859.2 |
| with the assets classified as    |    |            |            |            |
| held for sale                    |    |            |            |            |
--------------------------------------------------------------------------------
|                                  |    |    2 882.3 |    2 775.2 |    3 341.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Liabilities                |    |    6 612.4 |    6 590.3 |    7 587.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Equity and Liabilities     |    |   12 052.0 |   12 240.8 |   14 790.6 |
--------------------------------------------------------------------------------

Items designated with “O” comprise Operating Capital                            
Items designated with “I” comprise Interest-bearing Net Liabilities             
Items designated with “T” comprise Net Tax Liabilities                          

Statement of Changes in Equity                                                  
--------------------------------------------------------------------------------
| EUR million         | Share | Capit | Treas |  OCI  |   CTA | Retain | Total |
|                     | Capit |    al |   ury |       |       |     ed |       |
|                     |    al | Reser | Share |       |       | Earnin |       |
|                     |       |   ves |     s |       |       |     gs |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.2 | 960.4 | -115. |      3 |     7 |
| December 2007       | 342.2 | 276.4 |       |       |     6 |  140.4 | 593.6 |
--------------------------------------------------------------------------------
| Dividend (EUR 0.45  |     - |     - |     - |     - |     - | -354.9 | -354. |
| per share)          |       |       |       |       |       |        |     9 |
--------------------------------------------------------------------------------
| Net profit for the  |     - |     - |     - |     - |     - |   70.5 |  70.5 |
| period              |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Net expense         |     - |     - |     - | -134. | -41.0 |      - | -175. |
| recognised directly |       |       |       |     1 |       |        |     1 |
| to equity           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31 March |     1 |     2 | -10.2 | 826.3 | -156. |      2 |     7 |
| 2008                | 342.2 | 276.4 |       |       |     6 |  856.0 | 134.1 |
--------------------------------------------------------------------------------
| Buy-out of          |     - |     - |     - |     - |     - |   -0.7 |  -0.7 |
| non-controlling     |       |       |       |       |       |        |       |
| interests           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Net loss for the    |     - |     - |     - |     - | -32.4 | -743.9 | -776. |
| period              |       |       |       |       |       |        |     3 |
--------------------------------------------------------------------------------
| Net expense         |     - |     - |     - | -492. | -254. |  -16.0 | -763. |
| recognised directly |       |       |       |     3 |     8 |        |     1 |
| to equity           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31       |     1 |     2 | -10.2 | 334.0 | -443. |      2 |     5 |
| December 2008       | 342.2 | 276.4 |       |       |     8 |  095.4 | 594.0 |
--------------------------------------------------------------------------------
| Net loss for the    |     - |     - |     - |     - |     - |  -38.2 | -38.2 |
| period              |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Net expense         |     - |     - |     - | -196. |  23.1 |      - | -173. |
| recognised directly |       |       |       |     6 |       |        |     5 |
| to equity           |       |       |       |       |       |        |       |
--------------------------------------------------------------------------------
| Balance at 31 March |     1 |     2 | -10.2 | 137.4 | -420. |      2 |     5 |
| 2009                | 342.2 | 276.4 |       |       |     7 |  057.2 | 382.3 |
--------------------------------------------------------------------------------

CTA = Cumulative Translation Adjustment                                         
OCI = Other Comprehensive Income                                                

Commitments and Contingencies                                                   
--------------------------------------------------------------------------------
| EUR million                     |    31 Mar 09 |    31 Dec 08 |    31 Mar 08 |
--------------------------------------------------------------------------------
| On Own Behalf                   |              |              |              |
--------------------------------------------------------------------------------
|   Pledges given                 |          0.8 |          0.8 |          0.8 |
--------------------------------------------------------------------------------
|   Mortgages                     |         74.8 |         62.0 |        136.1 |
--------------------------------------------------------------------------------
| On Behalf of Associated         |              |              |              |
| Companies                       |              |              |              |
--------------------------------------------------------------------------------
|   Guarantees                    |        192.3 |        180.5 |        225.7 |
--------------------------------------------------------------------------------
| On Behalf of Others             |              |              |              |
--------------------------------------------------------------------------------
|   Guarantees                    |        158.3 |        156.3 |        140.3 |
--------------------------------------------------------------------------------
| Other Commitments, Own          |              |              |              |
--------------------------------------------------------------------------------
| Operating leases, in next 12    |         26.8 |         28.9 |         30.3 |
| months                          |              |              |              |
--------------------------------------------------------------------------------
| Operating leases, after next 12 |         89.8 |         95.0 |        110.0 |
| months                          |              |              |              |
--------------------------------------------------------------------------------
|   Pension liabilities           |          0.2 |          0.2 |          0.2 |
--------------------------------------------------------------------------------
|   Other commitments             |         43.2 |         40.4 |         20.8 |
--------------------------------------------------------------------------------
| Total                           |        586.2 |        564.1 |        664.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|   Pledges given                 |          0.8 |          0.8 |          0.8 |
--------------------------------------------------------------------------------
|   Mortgages                     |         74.8 |         62.0 |        136.1 |
--------------------------------------------------------------------------------
|   Guarantees                    |        350.6 |        336.8 |        366.0 |
--------------------------------------------------------------------------------
|   Operating leases              |        116.6 |        123.9 |        140.3 |
--------------------------------------------------------------------------------
|   Pension liabilities           |          0.2 |          0.2 |          0.2 |
--------------------------------------------------------------------------------
|   Other commitments             |         43.2 |         40.4 |         20.8 |
--------------------------------------------------------------------------------
| Total                           |        586.2 |        564.1 |        664.2 |
--------------------------------------------------------------------------------

Purchase Agreement Commitments                                                  
--------------------------------------------------------------------------------
| EUR million                   |         Scheduled Contract Payments          |
--------------------------------------------------------------------------------
| Type of Supply                |  Contract | Q2-Q4/ | 2010-1 | 2012-1 | 2014+ |
|                               |    Total  |     09 |     1  |     3  |       |
--------------------------------------------------------------------------------
|  | Fibre                      |   1 593.4 |  182.8 |  359.3 |  339.2 | 712.1 |
--------------------------------------------------------------------------------
|  | Energy                     |   1 581.7 |  306.2 |  573.5 |  276.9 | 425.1 |
--------------------------------------------------------------------------------
|  | Logistics                  |     513.7 |   47.0 |  120.8 |  100.5 | 245.4 |
--------------------------------------------------------------------------------
|  | Other production costs     |     717.8 |  105.4 |  120.4 |   68.0 | 424.0 |
--------------------------------------------------------------------------------
|  |                            |   4 406.6 |  641.4 |      1 |  784.6 |     1 |
|  |                            |           |        |  174.0 |        | 806.6 |
--------------------------------------------------------------------------------
| Capital Expenditure           |     197.2 |  126.0 |   71.2 |      - |     - |
--------------------------------------------------------------------------------
| Total Contractual Commitments |   4 603.8 |  767.4 |      1 |  784.6 |     1 |
| at 31 March 2009              |           |        |  245.2 |        | 806.6 |
--------------------------------------------------------------------------------

Fair Values of Derivative Financial Instruments                                 
--------------------------------------------------------------------------------
| EUR million      |         | 31 Mar  |          |    | 31 Dec 08 | 31 Mar 08 |
|                  |         |   09    |          |    |           |           |
--------------------------------------------------------------------------------
|                  | Positiv | Negativ |      Net |    |       Net |       Net |
|                  |       e |       e |     Fair |    |      Fair |      Fair |
|                  |    Fair |    Fair |   Values |    |    Values |    Values |
|                  |  Values |  Values |          |    |           |           |
--------------------------------------------------------------------------------
| Interest rate    |   311.1 |   -52.5 |    258.6 |    |     227.2 |     125.6 |
| swaps            |         |         |          |    |           |           |
--------------------------------------------------------------------------------
| Interest rate    |     0.0 |   -34.0 |    -34.0 |    |     -38.0 |     -15.3 |
| options          |         |         |          |    |           |           |
--------------------------------------------------------------------------------
| Forward          |    58.7 |  -126.7 |    -68.0 |    |     -73.9 |     -36.5 |
| contracts        |         |         |          |    |           |           |
--------------------------------------------------------------------------------
| Currency options |    44.0 |   -44.6 |     -0.6 |    |     -14.6 |      34.4 |
--------------------------------------------------------------------------------
| Commodity        |    23.8 |  -134.7 |   -110.9 |    |     -90.7 |      53.6 |
| contracts        |         |         |          |    |           |           |
--------------------------------------------------------------------------------
| Equity swaps     |       - |   -85.3 |    -85.3 |    |     -57.4 |     -85.2 |
| ("TRS") & equity |         |         |          |    |           |           |
| options          |         |         |          |    |           |           |
--------------------------------------------------------------------------------
| Total            |   437.6 |  -477.8 |    -40.2 |    |     -47.4 |      76.6 |
--------------------------------------------------------------------------------

Nominal Values of Derivative Financial Instruments                              
--------------------------------------------------------------------------------
| EUR million                   |      31 Mar 09 |    31 Dec 08 |    31 Mar 08 |
--------------------------------------------------------------------------------
| Interest Rate Derivatives     |                |              |              |
--------------------------------------------------------------------------------
| Interest rate swaps           |                |              |              |
--------------------------------------------------------------------------------
|   Maturity under 1 year       |          768.2 |        592.8 |         76.5 |
--------------------------------------------------------------------------------
|   Maturity 2-5 years          |        1 594.9 |      1 683.4 |      2 081.1 |
--------------------------------------------------------------------------------
|   Maturity 6-10 years         |        2 379.1 |      2 341.6 |      2 326.2 |
--------------------------------------------------------------------------------
|                               |        4 742.2 |      4 617.8 |      4 483.8 |
--------------------------------------------------------------------------------
| Interest rate options         |          408.8 |        394.3 |        339.6 |
--------------------------------------------------------------------------------
| Total                         |        5 151.0 |      5 012.1 |      4 823.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign Exchange Derivatives  |                |              |              |
--------------------------------------------------------------------------------
|   Forward contracts           |        3 078.7 |      3 049.4 |      2 135.3 |
--------------------------------------------------------------------------------
|   Currency options            |        1 998.3 |      1 438.9 |      2 147.1 |
--------------------------------------------------------------------------------
| Total                         |        5 077.0 |      4 488.3 |      4 282.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commodity Derivatives         |                |              |              |
--------------------------------------------------------------------------------
|   Commodity contracts         |          537.2 |        604.6 |        381.1 |
--------------------------------------------------------------------------------
| Total                         |          537.2 |        604.6 |        381.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total Return (Equity) Swaps   |                |              |              |
--------------------------------------------------------------------------------
|   Equity swaps ("TRS")        |          133.4 |        158.2 |        217.2 |
--------------------------------------------------------------------------------
|   Equity options              |           22.0 |         22.0 |         21.9 |
--------------------------------------------------------------------------------
| Total                         |          155.4 |        180.2 |        239.1 |
--------------------------------------------------------------------------------


Sales by Segment                                                                
--------------------------------------------------------------------------------
| EUR million        | Q1/09 |    2008 |   Q4/08 |   Q3/08 |    Q2/08 |  Q1/08 |
--------------------------------------------------------------------------------
| Newsprint and Book | 308.7 | 1 594.7 |   414.0 |   405.2 |    389.0 |  386.5 |
| Paper              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Magazine Paper     | 380.8 | 2 177.0 |   544.3 |   544.9 |    540.5 |  547.3 |
--------------------------------------------------------------------------------
| Fine Paper         | 431.9 | 2 111.7 |   484.8 |   543.9 |    537.8 |  545.2 |
--------------------------------------------------------------------------------
| Consumer Board     | 459.9 | 2 231.9 |   506.3 |   563.9 |    587.3 |  574.4 |
--------------------------------------------------------------------------------
| Industrial         | 197.2 | 1 076.5 |   242.5 |   273.1 |    285.4 |  275.5 |
| Packaging          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Wood Products      | 272.0 | 1 503.3 |   348.7 |   366.2 |    409.8 |  378.6 |
--------------------------------------------------------------------------------
| Other              | 682.5 | 3 997.0 |   893.9 |   963.2 |  1 049.8 |      1 |
|                    |       |         |         |         |          |  090.1 |
--------------------------------------------------------------------------------
| Inter-segment      | -602. |      -3 |  -832.0 |  -937.7 |   -927.8 | -965.8 |
| sales              |     5 |   663.3 |         |         |          |        |
--------------------------------------------------------------------------------
| Continuing         |     2 |      11 | 2 602.5 | 2 722.7 |  2 871.8 |      2 |
| Operations         | 130.5 |   028.8 |         |         |          |  831.8 |
--------------------------------------------------------------------------------
| Discontinued       |     - |   708.7 |    -1.8 |     0.4 |    180.5 |  529.6 |
| operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Inter-segment      |     - |  -179.3 |     0.9 |       - |    -45.8 | -134.4 |
| sales              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Total              |     2 |      11 | 2 601.6 | 2 723.1 |  3 006.5 |      3 |
|                    | 130.5 |   558.2 |         |         |          |  227.0 |
--------------------------------------------------------------------------------


Operating Profit by Segment excluding NRI and Fair Valuations                   
--------------------------------------------------------------------------------
| EUR million        | Q1/09 |    2008 |   Q4/08 |   Q3/08 |    Q2/08 |  Q1/08 |
--------------------------------------------------------------------------------
| Newsprint and Book |  21.5 |   140.8 |    53.0 |    33.5 |     27.9 |   26.4 |
| Paper              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Magazine Paper     |  -0.1 |    88.8 |    19.7 |    27.4 |     14.5 |   27.2 |
--------------------------------------------------------------------------------
| Fine Paper         |  -5.7 |    80.4 |    -9.7 |    33.1 |     19.7 |   37.3 |
--------------------------------------------------------------------------------
| Consumer Board     |  15.5 |   107.3 |     4.3 |    37.5 |     23.0 |   42.5 |
--------------------------------------------------------------------------------
| Industrial         |   3.5 |    73.9 |     6.2 |    20.0 |     20.1 |   27.6 |
| Packaging          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Wood Products      | -23.7 |   -67.5 |   -18.9 |   -14.3 |    -10.9 |  -23.4 |
--------------------------------------------------------------------------------
| Other              | -21.3 |   -77.4 |   -48.2 |    -7.8 |     -8.2 |  -13.2 |
--------------------------------------------------------------------------------
| Operating Loss /   | -10.3 |   346.3 |     6.4 |   129.4 |     86.1 |  124.4 |
| Profit excl. NRI   |       |         |         |         |          |        |
| by Segment         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Share of results   |  13.3 |    42.1 |    22.0 |    -3.9 |      8.3 |   15.7 |
| of associated      |       |         |         |         |          |        |
| companies excl.    |       |         |         |         |          |        |
| fair valuations    |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Operating Profit   |   3.0 |   388.4 |    28.4 |   125.5 |     94.4 |  140.1 |
| excl. NRI and Fair |       |         |         |         |          |        |
| Valuations*        |       |         |         |         |          |        |
--------------------------------------------------------------------------------
|  Fair valuations*  | -37.9 |   -69.6 |   -47.9 |    15.2 |    -21.8 |  -15.1 |
--------------------------------------------------------------------------------
| Operating Loss /   | -34.9 |   318.8 |   -19.5 |   140.7 |     72.6 |  125.0 |
| Profit excl. NRI   |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| NRI                |  34.0 |      -1 |  -764.7 |  -279.4 |     -1.3 |      - |
|                    |       |   045.4 |         |         |          |        |
--------------------------------------------------------------------------------
| Operating Loss /   |  -0.9 |  -726.6 |  -784.2 |  -138.7 |     71.3 |  125.0 |
| Profit (IFRS)      |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net financial      | -47.2 |  -167.2 |   -61.4 |   -23.0 |    -40.9 |  -41.9 |
| items              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Loss / Profit      | -48.1 |  -893.8 |  -845.6 |  -161.7 |     30.4 |   83.1 |
| before Tax and     |       |         |         |         |          |        |
| Non-Controlling    |       |         |         |         |          |        |
| Interests          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Income tax expense |  12.0 |   214.8 |   191.0 |    42.6 |     -1.8 |  -17.0 |
--------------------------------------------------------------------------------
| Net Loss / Profit  | -36.1 |  -679.0 |  -654.6 |  -119.1 |     28.6 |   66.1 |
| from Continuing    |       |         |         |         |          |        |
| Operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued       |       |         |         |         |          |        |
| Operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net profit/loss    |     - |     4.3 |     0.1 |     0.9 |     -1.8 |    5.1 |
| after tax for the  |       |         |         |         |          |        |
| period from        |       |         |         |         |          |        |
| discontinued       |       |         |         |         |          |        |
| operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net Loss / Profit  | -36.1 |  -674.7 |  -654.5 |  -118.2 |     26.8 |   71.2 |
--------------------------------------------------------------------------------

* Fair valuations include synthetic options net of realised and open hedges, CO2
emission rights, and valuations of biological assets mainly related to          
associated companies' forest assets.                                            

NRI by Segment                                                                  
--------------------------------------------------------------------------------
| EUR million        | Q1/09 |    2008 |   Q4/08 |   Q3/08 |    Q2/08 |  Q1/08 |
--------------------------------------------------------------------------------
| Newsprint and Book |  29.0 |   -15.2 |    -5.0 |    -7.8 |     -2.4 |      - |
| Paper              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Magazine Paper     |     - |   -60.4 |   -19.1 |   -38.7 |     -2.6 |      - |
--------------------------------------------------------------------------------
| Fine Paper         |     - |  -394.2 |  -399.7 |    -1.5 |      7.0 |      - |
--------------------------------------------------------------------------------
| Consumer Board     |     - |  -301.4 |  -118.9 |  -178.2 |     -4.3 |      - |
--------------------------------------------------------------------------------
| Industrial         |     - |   -64.6 |   -45.4 |   -18.2 |     -1.0 |      - |
| Packaging          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Wood Products      |     - |   -88.0 |   -80.0 |    -8.0 |        - |      - |
--------------------------------------------------------------------------------
| Other              |   5.0 |  -121.6 |   -96.6 |   -27.0 |      2.0 |      - |
--------------------------------------------------------------------------------
| Continuing         |  34.0 |      -1 |  -764.7 |  -279.4 |     -1.3 |      - |
| Operations         |       |   045.4 |         |         |          |        |
--------------------------------------------------------------------------------
| Discontinued       |     - |    -4.5 |       - |       - |     -4.5 |      - |
| operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Total              |  34.0 |      -1 |  -764.7 |  -279.4 |     -5.8 |      - |
|                    |       |   049.9 |         |         |          |        |
--------------------------------------------------------------------------------

Operating Profit by Segment                                                     
--------------------------------------------------------------------------------
| EUR million        | Q1/09 |    2008 |   Q4/08 |   Q3/08 |    Q2/08 |  Q1/08 |
--------------------------------------------------------------------------------
| Newsprint and Book |  50.5 |   125.6 |    48.0 |    25.7 |     25.5 |   26.4 |
| Paper              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Magazine Paper     |  -0.1 |    28.4 |     0.6 |   -11.3 |     11.9 |   27.2 |
--------------------------------------------------------------------------------
| Fine Paper         |  -5.7 |  -313.8 |  -409.4 |    31.6 |     26.7 |   37.3 |
--------------------------------------------------------------------------------
| Consumer Board     |  15.5 |  -194.1 |  -114.6 |  -140.7 |     18.7 |   42.5 |
--------------------------------------------------------------------------------
| Industrial         |   3.5 |     9.3 |   -39.2 |     1.8 |     19.1 |   27.6 |
| Packaging          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Wood Products      | -23.7 |  -155.5 |   -98.9 |   -22.3 |    -10.9 |  -23.4 |
--------------------------------------------------------------------------------
| Other              | -60.3 |  -227.2 |  -133.5 |   -25.1 |    -32.1 |  -36.5 |
--------------------------------------------------------------------------------
| Share of result of |  19.4 |     0.7 |   -37.2 |     1.6 |     12.4 |   23.9 |
| associated         |       |         |         |         |          |        |
| companies          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Operating Loss /   |  -0.9 |  -726.6 |  -784.2 |  -138.7 |     71.3 |  125.0 |
| Profit (IFRS)      |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net financial      | -47.2 |  -167.2 |   -61.4 |   -23.0 |    -40.9 |  -41.9 |
| items              |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Loss / Profit      | -48.1 |  -893.8 |  -845.6 |  -161.7 |     30.4 |   83.1 |
| before Tax and     |       |         |         |         |          |        |
| Non-Controlling    |       |         |         |         |          |        |
| Interests          |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Income tax expense |  12.0 |   214.8 |   191.0 |    42.6 |     -1.8 |  -17.0 |
--------------------------------------------------------------------------------
| Net Loss / Profit  | -36.1 |  -679.0 |  -654.6 |  -119.1 |     28.6 |   66.1 |
| from Continuing    |       |         |         |         |          |        |
| Operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued       |       |         |         |         |          |        |
| Operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net profit/loss    |     - |     4.3 |     0.1 |     0.9 |     -1.8 |    5.1 |
| after tax for the  |       |         |         |         |          |        |
| period from        |       |         |         |         |          |        |
| discontinued       |       |         |         |         |          |        |
| operations         |       |         |         |         |          |        |
--------------------------------------------------------------------------------
| Net Loss / Profit  | -36.1 |  -674.7 |  -654.5 |  -118.2 |     26.8 |   71.2 |
--------------------------------------------------------------------------------


Key Exchange Rates for the Euro                                                 
--------------------------------------------------------------------------------
| One Euro is |         Closing Rate          |          Average Rate          |
--------------------------------------------------------------------------------
|             |   31 Mar 09   |   31 Dec 08   |   31 Mar 09   |   31 Dec 08    |
--------------------------------------------------------------------------------
| SEK         |    10.9400    |    10.8700    |    10.9480    |     9.6280     |
--------------------------------------------------------------------------------
| USD         |    1.3308     |    1.3917     |    1.3056     |     1.4710     |
--------------------------------------------------------------------------------
| GBP         |    0.9308     |    0.9525     |    0.9088     |     0.7972     |
--------------------------------------------------------------------------------


Transaction Risk and Hedges in Main Currencies as at 31 March 2009              
--------------------------------------------------------------------------------
| EUR million                           |    USD |     GBP |     SEK |     JPY |
--------------------------------------------------------------------------------
| Estimated annual net operating cash   |    550 |     500 |  -1 000 |     120 |
| flow exposure                         |        |         |         |         |
--------------------------------------------------------------------------------
| Transaction hedges as at 31 March     |    375 |     300 |    -675 |      85 |
| 2009                                  |        |         |         |         |
--------------------------------------------------------------------------------
| Hedging percentage as at 31 March     |    68% |     60% |     68% |     71% |
| 2009 for the next 12 months           |        |         |         |         |
--------------------------------------------------------------------------------


Changes in Exchange Rates on Operating Profit                                   
--------------------------------------------------------------------------------
| Operating Profit: Currency effect +/- 10%                      | EUR million |
--------------------------------------------------------------------------------
|                                                                |             |
--------------------------------------------------------------------------------
| USD                                                            |          55 |
--------------------------------------------------------------------------------
| SEK                                                            |         100 |
--------------------------------------------------------------------------------
| GBP                                                            |          50 |
--------------------------------------------------------------------------------

The sensitivity is based on expected 2009 net operating cash flow. The          
calculation does not take into account currency hedges, and assumes no changes  
occur other than a single currency exchange rate movement.                      

Stora Enso Shares                                                               

Trading volume                                                                  
--------------------------------------------------------------------------------
|                |          Helsinki           |           Stockholm           |
--------------------------------------------------------------------------------
|                |   A share    |   R share    |    A share    |    R share    |
--------------------------------------------------------------------------------
| January        |   224 839    |  91 108 286  |    100 599    |  11 241 964   |
--------------------------------------------------------------------------------
| February       |   219 760    |  99 921 199  |    252 465    |  12 848 855   |
--------------------------------------------------------------------------------
| March          |   337 566    | 167 041 706  |    291 748    |  24 172 732   |
--------------------------------------------------------------------------------
| Total          |   782 165    | 358 071 191  |    644 812    |  48 263 551   |
--------------------------------------------------------------------------------

Closing Price                                                                   
--------------------------------------------------------------------------------
|                |        Helsinki, EUR        |        Stockholm, SEK         |
--------------------------------------------------------------------------------
|                |   A share    |   R share    |    A share    |    R share    |
--------------------------------------------------------------------------------
| January        |     4.83     |     4.78     |     51.75     |     50.50     |
--------------------------------------------------------------------------------
| February       |     3.36     |     3.31     |     37.40     |     37.60     |
--------------------------------------------------------------------------------
| March          |     3.31     |     2.67     |     35.80     |     29.60     |
--------------------------------------------------------------------------------



Calculation of Key Figures                                                      

Return on capital employed, 		                                                  
ROCE (%) 	100  x 	Operating profit____                                          
		Capital employed 1) 2)                                                        

Return on operating capital,	100  x	Operating profit____                        
ROOC (%)		Operating capital 1) 2)                                               

	                                                                               
Return on equity,	100  x	Profit before tax and non-controlling items - taxes    
ROE (%) 		Total Equity 2)                                                       
 		                                                                             

Equity ratio (%) 	100  x	Total Equity                                           
		Total assets                                                                  
		                                                                              

		                                                                              
Interest-bearing net liabilities 		Interest-bearing liabilities -               
interest-bearing assets                                                         

Debt/Equity ratio		Interest-bearing net liabilities                             
		Equity                                                                        

	                                                                               

1) Capital employed = Operating capital - Net tax liabilities                   
2) Average for the financial period                                             




For further information, please contact:                                        
Jouko Karvinen, CEO, tel. +358 2046 21410                                       
Markus Rauramo, CFO, tel. +358 2046 21121                                       
Lauri Peltola, Head of Group Communications, tel. +358 2046 21380               
Keith B Russell, SVP, Investor Relations, tel. +44 7775 788 659                 
Ulla Paajanen-Sainio, VP, Investor Relations and Financial Communications, tel. 
+358 40 763 8767                                                                

Stora Enso's second quarter 2009 results will be published on 23 July 2009.     

Press conference in Helsinki                                                    
Time:    	13.00 local time today                                                
Location: 	Bank, Auditorium                                                     
Address: 	Unioninkatu 22                                                        
Hosts:   	Jouko Karvinen, CEO                                                   
            	Markus Rauramo, CFO                                                
                                                                                
The conference will be held in Finnish. Questions can be addressed to Jouko     
Karvinen and Markus Rauramo after the presentation.                             

ANALYST CONFERENCE CALL                                                         
CEO Jouko Karvinen and CFO Markus Rauramo will be hosting a combined conference 
call and webcast today at 16.00 Finnish time (15.00 CET, 14.00 UK time, 9.00 US 
Eastern time).                                                                  

If you wish to participate, please dial (quoting ‘Stora Enso'):                 
+44 (0)20 8609 1270  	Continental Europe and the UK                             
09 8171 0318      Finland 
08 5661 9353  	Sweden                                                           
1 703 621 9128 	USA                                                             

The live webcast may be accessed at www.storaenso.com/investors                 

Stora Enso is a global paper, packaging and forest products company producing   
newsprint and book paper, magazine paper, fine paper, consumer board, industrial
packaging and wood products. The Group has 29 000 employees and 85 production   
facilities in more than 35 countries worldwide, and is a publicly traded company
listed in Helsinki and Stockholm. Our annual production capacity is 12.7 million
tonnes of paper and board, 1.5 billion square metres of corrugated packaging and
6.9 million cubic metres of sawn wood products, including 3.2 million cubic     
metres of value-added products. Our sales in 2008 were EUR 11.0 billion.        


It should be noted that certain statements herein which are not historical      
facts, including, without limitation those regarding expectations for market    
growth and developments; expectations for growth and profitability; and         
statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or     
similar expressions, are forward-looking statements within the meaning of the   
United States Private Securities Litigation Reform Act of 1995. Since these     
statements are based on current plans, estimates and projections, they involve  
risks and uncertainties, which may cause actual results to materially differ    
from those expressed in such forward-looking statements. Such factors include,  
but are not limited to: (1) operating factors such as continued success of      
manufacturing activities and the achievement of efficiencies therein, continued 
success of product development, acceptance of new products or services by the   
Group's targeted customers, success of the existing and future collaboration    
arrangements, changes in business strategy or development plans or targets,     
changes in the degree of protection created by the Group's patents and other    
intellectual property rights, the availability of capital on acceptable terms;  
(2) industry conditions, such as strength of product demand, intensity of       
competition, prevailing and future global market prices for the Group's products
and the pricing pressures thereto, price fluctuations in raw materials,         
financial condition of the customers and the competitors of the Group, the      
potential introduction of competing products and technologies by competitors;   
and (3) general economic conditions, such as rates of economic growth in the    
Group's principal geographic markets or fluctuations in exchange and interest   
rates.                                                                          



www.storaenso.com                                                               
www.storaenso.com/investors                                                     




STORA ENSO OYJ                                                                  


Jari Suvanto		Ulla Paajanen-Sainio

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