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Stora Enso shares subscribed under 1997

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STORA ENSO OYJ Stock Exchange Announcement 8 April 2004 at 11.00


Stora Enso shares subscribed under 1997 bonds with warrants

A total of 492 000 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 was 1 December 1998 to 31 March 2004, during 
which a maximum of 3 000 000 new Stora Enso Series R shares were 
subscribed at a subscription price of FIM 45.57 (about EUR 7.66) 
each. The option programme has increased the share capital in 
total by EUR 5 094 998.67.

Breakdown of shares following the increase:

A shares                 181 164 733
R shares                 656 078 666
Total                    837 243 399
New share capital  EUR 1 423 313 778.30

		 
The issue of new shares will increase the company’s share 
capital by EUR 836 400 to EUR 
1 423 313 778.30 and the total number of shares issued to 
837 243 399 comprising 181 164 733 Series A shares and 
656 078 666 Series R shares. The increase in share capital was 
registered in the Finnish Trade Register on 8 April 2004 and the 
new shares will be eligible for trading on the Helsinki 
Exchanges from 13 April 2004.

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


STORA ENSO OYJ



  Jyrki Kurkinen   Ulla Paajanen-Sainio

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