Annual General Meeting 2012

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It should be noted that certain statements herein which are not historical facts, including, without limitation

those regarding expectations for market growth and developments; expectations for growth and profitability;

and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are

forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of

1995. Since these statements are based on current plans, estimates and projections, they involve risks and

uncertainties which may cause actual results to materially differ from those expressed in such forward-looking

statements. Such factors include, but are not limited to: (1) operating factors such as continued success of

manufacturing activities and the achievement of efficiencies therein, continued success of product

development, acceptance of new products or services by the Group’s targeted customers, success of the

existing and future collaboration arrangements, changes in business strategy or development plans or targets,

changes in the degree of protection created by the Group’s patents and other intellectual property rights, the

availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand,

intensity of competition, prevailing and future global market prices for the Group’s products and the pricing

pressures thereto, price fluctuations in raw materials, financial condition of the customers and the competitors

of the Group, the potential introduction of competing products and technologies by competitors; and (3)

general economic conditions, such as rates of economic growth in the Group’s principal geographic markets

or fluctuations in exchange and interest rates.

24 April 2012 Stora Enso AGM 2012

Welcome!

Gunnar Brock, Chairman of the Board of Directors

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Stora Enso’s Annual General Meeting

24 April 2012

Rethink

Jouko Karvinen, CEO

Our Performance

Full year 2011 operational EBIT improved by 9%

Operational EBIT EUR 867 million

Operational ROCE 10.0%

Strong cash flow EUR 1 034 million

EPS excl. NRI 0.63

Debt/equity ratio 0.47

8 April 24, 2012 Stora Enso AGM 2012

Solid year

April 24, 2012 Stora Enso AGM 2012 9

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

50

100

150

200

250

300

EU

R m

illio

n

Operational EBIT

Operational EBIT margin %, 4 Q avg

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

100

200

300

400

500

600

700

800

900

2010 2011

EU

R m

illio

n

Operational EBIT

Operational EBIT margin %

Our Direction

0

100

200

300

400

500

600

700

800

900

In November 2011 Facebook market share among social networking

services was 55%. Twitter was the second with a market share of 12%.

24 April 2012

Aug 2008 Aug 2009 Aug 2010 Aug 2011

+180%

+85%

+50%

Over 50% of current

users are mobile

Nu

mb

er

of

ac

tive

Fa

ce

bo

ok

us

ers

,

mil

lio

n

Sources: Facebook, ComScore Stora Enso AGM 2012

0

20

40

60

0 1 2 3 4 5 6 7 8 9 10

Apple iPad Apple iPhone +

iTouch Nintendo Wii

Nintendo DS

Sony PSP

Apple iPod

iPad’s take-off has been a great success


RIM Blackberry

Global shipments (million units)

Quarters after product launch

Source: KPCB; Apple; Morgan Stanley

50

60

70

80

90

100

110

120

Ja

n-0

0

Ja

n-0

1

Ja

n-0

2

Ja

n-0

3

Ja

n-0

4

Ja

n-0

5

Ja

n-0

6

Ja

n-0

7

Ja

n-0

8

Ja

n-0

9

Ja

n-1

0

Ja

n-1

1

Industrial production based model

OECD composite leading indicator based model

Seasonally adjusted graphic paper demand

The development has caused a structural change to

West Europe paper demand development


Gra

ph

ic P

ap

er

Dem

an

d [

2005=

100]

Strongest growth in demand of fibre-based consumer

board will be in Asia

2010–2020

Million tonnes

Source: Pöyry and Stora Enso

1.1

1.5

0.5

0.7

3.8

4.4

Asia

CAGR

6.9 %

Eastern

Europe

CAGR

4.6 %

Western

Europe

CAGR

1.4 %

Middle East &

Africa

CAGR

3.3 %

South

America

CAGR

3.5 %

North

America

CAGR

0.2 %

0.9

1.5


CAGR = Compound Annual Growth Rate

Rethink strategy

24 April 2012

• Growth markets

• Renewable

packaging

• Biomaterials

• Competitive paper


Cash engines

• Printing and Reading

• Nordic market pulp

• Low cost base saw milling

Growth engines

• Renewable Packaging

• Plantation based pulp

• Building and Living

24 April 2012 24 April 2012 Stora Enso AGM 2012

Population Growth

Growing Environmental

Pressures

Doing more with less

24 April 2012 24 April 2012 Stora Enso AGM 2012


Local operations with global values

• We have one set of values that are

applied wherever we operate

• Our Code of Conduct defines the

common rules for all our employees

on ethical business practises

• Stora Enso is committed to UN

Global Compact and all its

principles including human rights,

labour standards, environment and

anti-corruption


Sustainability

Presentation of the Auditor’s report

Adoption of the annual accounts

Dividend

Dividend

• The Parent Company distributable shareholders’ equity on 31 December

2011 amounted to EUR 1 101 070 862.18, including the loss for the period of

EUR 152 155 315.91

• The Board of Directors proposes to the Annual General Meeting of the

Company that it pays to its shareholders a dividend of EUR 0.30 per share,

total of EUR 236 861 549.70

• Record date 27 April 2012

• Payment date 16 May 2012


Discharge of the members of the Board of

Directors and the CEO from liability

Nomination Board Report

Remuneration

April 24, 2012 Stora Enso AGM 2012 33

2008 onwards 40% of Board remuneration is in R shares

Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000

The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market. In addition, annual remuneration shall be paid to members of the Board Committees as follows:

Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000

Remuneration Committee Chairman EUR 10 000 Members EUR 6 000

Remuneration shall be paid only to non-executive Board members.

Annual remuneration


Composition of the Board of Directors


The Nomination Board proposes to the AGM that the Board of Directors shall

have eight (8) members.

Gunnar Brock

Birgitta Kantola

Mikael Mäkinen

Juha Rantanen

Hans Stråberg

Matti Vuoria

Marcus Wallenberg

Hock Goh

Hock Goh


• Born 1955, Singaporean citizen

• Bachelor’s degree (honours) in Mechanical Engineering

• Operating Partner of Baird Capital Partners Asia since 2005, a US

private equity group. Earlier positions:

– 1995–2005 held several senior management positions in

Schlumberger.

– Division President of Schlumberger Ltd 2002–2005,

– President of Schlumberger Asia 1998–2002 and Vice President

and General Manager of China 1995–1998

Chairman of the Board of Advent Energy and MEC Resources, and

member of the Board of BPH Energy, KS Distribution Pte Ltd and

THISS Technologies Pte Ltd.

Appointment of Nomination Board


Duties

The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning

(a) the number of members of the Board of Directors

(b) the members of the Board of Directors

(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors

(d) the remuneration for the Chairman and members of the committees of the Board of Directors

Members

• The Chairman of the Board of Directors

• The Vice Chairman of the Board of Directors

• Two members appointed by the two largest shareholders (one each)

as of 30 September 2012

Remuneration for 2012

• EUR 3 000/year (payable only to non-board members)

Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000

The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market. In addition, annual remuneration shall be paid to members of the Board Committees as follows:

Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000

Remuneration Committee Chairman EUR 10 000 Members EUR 6 000

Remuneration shall be paid only to non-executive Board members.

Annual remuneration


Number of members in the Board of Directors

Composition of the Board of Directors


The Nomination Board proposes to the AGM that the Board of Directors shall

have eight (8) members.

Gunnar Brock

Birgitta Kantola

Mikael Mäkinen

Juha Rantanen

Hans Stråberg

Matti Vuoria

Marcus Wallenberg

Hock Goh

Auditor’s fees

Election of Auditors


• The Board of Directors proposes to the AGM that Authorised Public

Accountants Deloitte & Touche Oy continue as the statutory auditor of the

Company until the end of the following AGM.

Appointment of Nomination Board


Duties

The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning

(a) the number of members of the Board of Directors

(b) the members of the Board of Directors

(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors

(d) the remuneration for the Chairman and members of the committees of the Board of Directors

Members

• The Chairman of the Board of Directors

• The Vice Chairman of the Board of Directors

• Two members appointed by the two largest shareholders (one each)

as of 30 September 2012

Remuneration for 2012

• EUR 3 000/year (payable only to non-board members)

Thank You

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Annual General Meeting 2012

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