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Stora Enso shares subscribed under 1997

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STORA ENSO OYJ   Stock Exchange Announcement 8 January 2004 at 11.00


Stora Enso shares subscribed under 1997 bonds with warrants

A total of 27 000 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 
762 000 Series R shares may be subscribed under the Stora Enso 
option programme for management (1997).

Breakdown of shares following the increase:
A shares		181 211 080 
R shares		683 078 419
Total			864 289 499
New share capital EUR 1 469 292 148.30

The issue of new shares will increase the company's share 
capital by EUR 45 900 to EUR 
1 469 292 148.30 and the total number of shares issued to 
864 289 499 comprising 181 211 080 Series A shares and 
683 078 419 Series R shares. The increase in share capital was 
registered in the Finnish Trade Register on 8 January 2004 and 
the new shares will be eligible for trading on the Helsinki 
Exchanges from 9 January 2004.

For further information, please contact:
Jyrki Kurkinen, General Counsel, tel. +358 2046 21217

STORA ENSO OYJ


	
p.p. Minna Taukojärvi 	Jukka Marttila

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