Stora Enso shares subscribed and convert

STORA ENSO OYJ Stock Exchange Announcement 15 January 2004 at 11.00

Stora Enso shares subscribed and converted

1997 bonds with warrants

A total of 195 000 new Stora Enso Series R shares have been 
subscribed under the terms of the bonds with warrants issued to 
members of the senior management on 10 April 1997. Enso Oy's 
Annual General Meeting approved the option programme on 7 April 
1997. According to the terms of the option programme, the 
exercise period is 1 December 1998 to 31 March 2004, during 
which a maximum of 3 000 000 new Stora Enso Series R shares may 
be subscribed at a subscription price of FIM 45.57 (about EUR 
7.66) each. Following the share capital increase, a further 
567 000 Series R shares may be subscribed under the Stora Enso 
option programme for management (1997). 

Conversion of A shares into R shares

During the 29 November–30 December 2003 conversion period there 
were 9 conversions and a total of 27 906 Series A shares were 
converted into R shares. 

Effect on share capital and breakdown of shares

The issue of new shares will increase the company's share 
capital by EUR 331 500 to EUR 1 469 623 648.30. The increase in 
share capital and converted shares were registered in the 
Finnish Trade Register on 15 January 2004 and the new R shares 
will be eligible for trading on the Helsinki Exchanges from 16 
January 2004.

Breakdown of shares following the increase and after conversion:
A shares	181 183 174
R shares	683 301 325
Total		864 484 499
New share capital EUR 1 469 623 648.30

For further information, please contact:
Ulla Paajanen-Sainio, Vice President, Investor Relations and 
Financial Communications, tel +358 2046 21242


p.p. Minna Taukojärvi 	Jukka Marttila