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Jump the Curve Jouko Karvinen

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It should be noted that certain statements herein which are not historical facts, including, withoutlimitation those regarding expectations for market growth and developments; expectations for growthand profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similarexpressions, are forward-looking statements within the meaning of the United States Private SecuritiesLitigation Reform Act of 1995. Since these statements are based on current plans, estimates andprojections, they involve risks and uncertainties which may cause actual results to materially differ fromthose 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 ofefficiencies therein, continued success of product development, acceptance of new products or servicesby 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 protectioncreated by the Group’s patents and other intellectual property rights, the availability of capital onacceptable 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 theGroup, 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 geographicmarkets or fluctuations in exchange and interest rates.

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Q3 2011

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Scorecard Q3 2011 Q3 2010EBIT excl. €204m €255mone timesCash after €282m €230m CAPEXLiquidity €1,181m €1,121m

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Scorecard Q3 2011 Q3 2010Working 19% 17%capital %Personnel 28 771 27 785 Debt to 0.45 0.43 equity

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Outlook

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Demand Price development development Q4/11 vs Q4/11 vs• Production Q4/10 Q3/11 curtailments Consumer Board increased in Q3 Industrial Packaging• will continue in Q4 Newsprint and Book Paper Coated• Q4 EBIT excl. NRI Magazine Paper Uncoated and FV Magazine Paper• somewhat lower Coated Fine Paper year on year Uncoated Fine Paper Wood Products 11

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Next

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Competition

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Future thatalready happened

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digital TV radio print 100 75 50 25 0 ad spend time spentWestern Europe 2010

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Five years

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telephone PCmobilephone TV radio DVD youtube Facebook 0% 10% 20% 30% 40% 50%US population use 5 years after launch

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50 %

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Magazine

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Flexibility

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• From • To • Minimum cost at • Lowest delivered cost full operating rate at real operating rates • Sharing • Focus curtailments to curtailments highest cost units • Machine • Asset base specialisation optimisation

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Stora Enso comp comp rest 250% 200% 150% 100% 50% 0% Newsprint SC CMR Capacity reduction to market share 2005-2011Announced and completed permanent closures

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Restructuring Free Cash Flow InvestmentsUse of cash flow from operations 2006-2010

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0.30Fixed cost to revenue 0.28 0.26 0.24 0.22 2007 2008 2009 2010 YTD 2011

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Jump

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Margin vs. Operating Rate 10% 8%EBIT % 6% 4% 2% 0% 90% 91% 92% 93% 94% 95% 96% Operating Rate

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Margin vs. Operating Rate 10% 8%EBIT % 6% 4% 2% 0% 90% 91% 92% 93% 94% 95% 96% Operating Rate

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RenewRecycleRe-use

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Competition

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100 million tons

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25 %

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Wood is good

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manufacturing CO2 Carbon sink 1000 500grams per kilogram 0 -500 -1000 -1500 -2000 steel frame concrete block brick concrete wood

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Prepared

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• Good inventory levels• Flexibility up• Strong liquidity• Executing on strategic growth

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So much more to do!

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Flexibility

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Working Capital to Sales25%20%15%10%5%0% Q no be 2n 3r 32 d w d st 00 se 8 gm en t

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Less is more

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MFC for 7 billion in 2012 • Lighter• Stronger• Less energy

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50%40%30%20%10%0% Promoters Passives Retractors Net Promoter Score

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positives neutral negative80%60%40%20%0% 2010 2011 Customer response on Rethink

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