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Stora Enso shares subscribed under 1997

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STORA ENSO OYJ  Stock Exchange Announcement 9 January 2003 at 11.00


Stora Enso shares subscribed under 1997 bonds with warrants

A total of 3 000 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 (approx. EUR 
7.66) each. Following the share capital increase, a further 
864 000 R shares may be subscribed under the Stora Enso option 
programme for management (1997).

Breakdown of shares following the increase:
A shares		182 316 685 (no change)
R shares		717 464 614
Total			899 781 299
New share capital	EUR 1 529 628 208.30

The issue of new shares will increase the company's share 
capital by EUR 5 100 to EUR 1 529 628 208.30 and the total 
number of shares issued to 899 781 299 comprising 182 316 685 
Series A shares and 717 464 614 Series R shares. The increase 
in share capital was registered in the Finnish Trade Register 
on 9 January 2003 and the new shares will be eligible for trading 
on the Helsinki Exchanges from 10 January 2003.

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



STORA ENSO OYJ



p.p.		Jussi Siitonen		Pauli Mäkimaa

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