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Stora Enso shares subscribed under 1997

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STORA ENSO OYJ  Stock Exchange Announcement 4 March 2004 at 11.00


Stora Enso shares subscribed under 1997 bonds with warrants

A total of 75 000 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 
492 000 Series R shares may be subscribed under the Stora Enso 
option programme for management (1997).

Breakdown of shares following the increase:

A shares		181 172 833
R shares		683 386 666
Total			864 559 499
New share capital	EUR 1 469 751 148.30

		 
The issue of new shares will increase the company's share 
capital by EUR 127 500 to EUR 1 469 751 148.30 and the total number
of shares issued to 864 559 499 comprising 181 172 833 Series A 
shares and 683 386 666 Series R shares. The increase in share capital
was registered in the Finnish Trade Register on 4 March 2004 and the 
new shares will be eligible for trading on the Helsinki 
Exchanges from 24 March 2004.

For further information, please contact:
Ulla Paajanen-Sainio, Vice President, Investor Relations and 
Financial Communications, tel. +358 2046 21242
Heidi Puusa, Financial Communications, tel. +358 2046 21309


STORA ENSO OYJ



p.p.	Jussi Siitonen	Jukka Marttila

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