Stora Enso reported financial results for Q4 and full year 2012. Key highlights include: - Operational EBIT improved in Q4 year-over-year due to lower costs. Cash flow from operations remained strong. - Printing and Reading operational EBITDA improved year-over-year and quarter-over-quarter despite capacity reductions. - Building and Living showed improvement is needed, and plans were announced to streamline operations and reduce costs. - Strategic investments in Montes del Plata, Ostroleka and Skoghall are progressing as planned.

1. Financial Results Q4 and Full Year 2012
CEO Jouko Karvinen and CFO Karl-Henrik Sundström
5th February 2013

2. 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.
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 2

3. Q4 Operational EBIT Improved due to lower costs y-on-y
Cash Flow from Operations continued Strong
*Operational EBIT comprises the operating profit excluding NRI and fair valuations of the segments and Stora Enso’s share of the operating
profit excluding NRI and fair valuations of its equity accounted investments (EAI). Fair valuations include equity incentive schemes. synthetic
options net of realised and open hedges. CO2 emission rights and valuations of biological assets related to forest assets in EAI.
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 3

4. Q4 Performance
• Operational EBIT at EUR 155 million
• Strong cash flow from Operations at
EUR 471 million
• Strong liquidity EUR 1 845 million
• Operational ROCE 7.1%
• Stable dividend
– Dividend proposal of EUR 0.30
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 4

5. Printing and Reading Operational EBITDA Improved y-
on-y and q-on-q even without capacity cuts
Printing and Reading, EUR million 2009 2010 2011 2012
Operational EBITDA 497 411 548 489
Cash Flow from Operations 710 415 406 506
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 5

6. European paper* Demand 2007-2012
Jan/2007 = 100%
105% 5%
European paper demand growth y-o-y [%]
European paper demand [Jan-2007 = 100%]
100% 0%
95% -5%
90% -10%
85% -15%
80% SA European paper demand y-o-y -20%
SA European paper demand
75% -25%
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
*Paper: News, UMO, UMI, SC, CM, WFC & WFU
Source: EuroGraph & PPPC
SA = seasonally adjusted
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 6

7. European paper* Demand & Forecasting Track Record
46000
44000
42000
European paper demand [kt/a]
40000
38000
36000
Monthly SA demand (annualized)
34000 RISI forecast Mar-2010
RISI forecast Feb-2011
32000
RISI forecast Feb-2012
30000
Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
* Paper: News, UMO, UMI, SC, CM, WFC & WFU
SA = seasonally adjusted
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 7

8. Reducing Capacity to meet declining Paper Demand
Printing and Reading plans to shut down 475 000 tonnes
• PM 2 Hylte Mill and PM11 Kvarnsveden Mill,
Sweden
• 475 000 tonnes newsprint
– Shut down in Q2 2013
• Annual cost savings EUR 24 million
– Fixed assets and working capital write-down
of EUR 42 million in Q1 2013
– Provisions with cash impact EUR 40 million
• 300 people impacted
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 8

9. Building and Living
Evident Improvement needs
Building and Living, EUR million 2010 2011 2012
Operational EBITDA 111 102 59
Cash Flow from Operations 82 95 63
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 9

10. Adjusting Cost Structure
Building and Living plans to streamline operations
• Annual cost reductions EUR 30 million
– full impact early 2014
• Provision with cash impact of EUR 6
million
• Up to 300 employees impacted
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 10

11. Strategic Investments
Montes del Plata, Ostroleka and Skoghall
Montes del Plata
Over 80% completed,
Start-up mid-year 2013
Ostroleka
Investment started up in
Jan 2013, 6 weeks
ahead of schedule
Skoghall
Investment
started up on
time, on 8 Nov
2012
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 11

12. Guangxi Board and Pulp mills project
• Preparations proceeding
• The construction and production schedule will be updated when the final
approvals are given and detailed plans are in place
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 12

13. Business Area ROOC %, excl. and incl. Strategic Projects
Impact to Group ROCE % was 1.5% in Q4 2012
Renewable Packaging Biomaterials
30
25
20
15
% 13,0 13,4
10
9,2
7,7
5
0
11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4
ROCE ROCE excl. Strategic inv Q4 2012 Q4 2012 excl. Strategic inv Current WACC
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 13

14. Stable Cash flow enabling the transformation
Cash flow from operation is EUR 1 253 million in 2012
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 14

15. Summary financials
Q4 and Full Year 2012
Change % Change %
EUR million Q4/12 Q3/12 2012 Q4/11 2011
Q4 12/Q4 11 2012/2011
Sales 2 727.0 2 694.1 10 814.8 2 681.6 10 964.9 1.7 -1.4
Operational EBITDA 272.8 299.6 1 082.6 242.9 1 308.0 12.3 -17.2
Operational EBITDA margin, % 10.0 11.1 10.0 9.1 11.9 9.9 -16.1
Operational EBIT 155.0 174.7 618.3 144.9 866.7 7.0 -28.7
Operational EBIT margin, % 5.7 6.5 5.7 5.4 7.9 5.6 -27.8
Profit before tax excl, NRI 83.5 102.2 318.5 141.4 639.1 -40.9 -50.2
EPS excl. NRI, EUR 0.11 0.10 0.33 0.10 0.63 10.0 -47.6
EPS (basic), EUR 0.33 0.10 0.61 0.12 0.43 175.0 41.9
Operational ROCE, % 7.1 8.0 7.1 6.7 10.0 6.0 -29.0
Cash Flow from Operations 471.0 312.4 1 252.7 302.3 1 034.3 55.8 21.1
Net debt/last 12 months’
2.5 2.8 2.5 2.1 2.1 19.0 19.0
operational EBITDA
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 15

16. Group Variance – Operational EBIT
Positive impact from lower cost
• Q4 vs. Q3 • Q4 y-on-y
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 16

17. Efficient operative working capital management
Q1 2010 – Q4 2012
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 17

18. Balance Sheet enabling the transformation
Q1 2010 – Q4 2012
*Last twelve months’ operational EBITDA
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 18

19. Guidance for Q1 2013
• Compared to Q4 2012:
– Sales at roughly similar level
– Operational EBIT in the order of
magnitude one-third lower due to
deterioration in European paper and
Building and Living markets
• The restructuring plans to impact the
Group’s result from H2 2013 onwards
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 19

20. Projected Capex and Equity Injections for 2013
Excluding China investment
Capital Expenditure, Equity injections and Depreciation Forecast 2013
EUR million Forecast 2013
350-400
Capital expenditure*
110-130
Equity injections
460-530
Total
600-620
Depreciation
* Excluding China investment
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 20

21. Summary
• Improved Q4 EBIT year-on-year
• Strong cash flow and liquidity
• Paper capacity reductions plans to
address declining paper markets and
adjusting Building and Living cost
structure
• Skoghall and Ostroleka investments
started up and ramping up
• Montes del Plata start up mid-year 2013
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 21

22. Stora Enso Q4 and Full Year 2012 Results 5 February 2013 22

23. Permanent pulp, paper and board capacity reductions
since 2006
Mill Date Grade Capacity reduction, t
Corbehem PM 3 and PM 4 Jun 2006 LWC 250 000
Varkaus PM 1 End 2006 WFC 95 000
Berghuizer Mill Oct 2007 WFU 235 000
Reisholz Mill End 2007 SC 215 000
Summa Mill Jan 2008 Newsprint, uncoated mag, book paper 415 000
Anjala Mill PM1 Feb 2008 Coated magazine paper 155 000
Baienfurt Mill End 2008 FBB 190 000
Kabel Mill PM 3 End 2008 Coated magazine 140 000
Kemijärvi Pulp Mill April 2008 Long-fibre (SW) pulp 250 000
Norrsundet Pulp Mill Dec 2008 Long-fibre (SW), pulp 300 000
Varkaus Mill coreboard machine Dec 2008 Coreboard 100 000
Imatra PM 8 Mar 2010 WFU 210 000
Varkaus PM 2 and PM 4 Sep 2010 Newsprint, directory paper 290 000
Maxau PM 7 Nov 2010 Newsprint 195 000
Hylte PM1 Dec 2012 Newsprint 180 000
Total 3 220 000
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 23

24. Permanent sawn wood capacity reductions
since 2006
Mill Date Capacity reduction, m3
Veitsiluoto Sawmill 2006 100 000
Honkalahti Sawmill 2006 90 000
Sauga Sawmill Jun 2007 130 000
Sollenau Sawmill 2007 110 000
Näpi Sawmill 2007-2008 100 000
Kotka Sawmill 2007-2008 70 000
Paikuse Sawmill End 2008 220 000
Zdirec Sawmill 2008 120 000
Ybbs Sawmill 2008 & Jun 2009 200 000
Kitee Sawmill 2008 & Jun 2009 130 000
Varkaus Sawmill Jun 2009 60 000
Tolkkinen Sawmill End 2009 260 000
Kopparfors Sawmill End 2011 310 000
Total 1 900 000
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 24

25. Operational EBIT by segments
Change % Change %
EUR million Q4/12 2012 Q4/11 2011
Q4 12/ Q4 11 2012/ 2011
Printing and Reading 58.0 218.1 55.6 285.3 4.3 -23.6
% of sales 4.9 4.5 4.3 5.7 14.0 -21.1
Biomaterials 27.7 82.1 27.2 169.2 1.8 -51.5
% of sales 10.8 8.1 10.6 15.5 1.9 -47.7
Building and Living 6.8 28.8 6.0 62.8 13.3 -54.1
% of sales 1.5 1.7 1.6 3.8 -6.3 -55.3
Renewable Packaging 54.8 271.9 32.8 301.3 67.1 -9.8
% of sales 6.9 8.5 4.3 9.4 60.5 -9.6
Other 7.7 17.4 23.3 48.1 -67.0 -63.8
% of sales 1.1 0.6 3.6 1.8 -69.4 -66.7
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 25

26. Net Financial Items
Change Change
EUR million Q4/2012 Q3/2012 Q4/2011
Q412/Q411 Q412/Q312
Net interest expense -47.3 -44.0 -35.1 -34.8 -7.5
Foreign exchange gains and losses -1.0 -0.4 -3.0 66.7 -150.0
Other financial items. of which 0.9 -14.7 -21.1 n/a n/a
PIK notes 2.7 2.7 2.0
Fair valuation of interest rate derivatives* -8.6 -16.4 -4.4
Fair valuation of long-term debt - -0.2 -0.4
NewPage lease provision 10.5 - -
Arktos write-off - - -10.2
Other items -3.7 -0.8 -8.1
Total net financial items -47.4 -59.1 -59.2 19.9 19.8
*Not hedge accounted interest rate derivatives.
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 26

27. Transaction risk and hedges
as at 31 December 2012
EUR million USD SEK GBP
Estimated annual net operating cash flow exposure 1 030 -930 600
Transaction hedges as at 31 Dec 2012 -530 470 -270
Hedging percentage as at 31 Dec 2012 for the next 12 months 51 51 45
Additional GBP hedges for 13-15 months increase the hedging percentages by 3 .
Operational EBIT: Currency strengthening of + 10 EUR million
USD 103
SEK -93
GBP 60
The sensitivity is based on estimated next 12 months net operating cash flow. The
calculation does not take into account currency hedges. and assumes no changes occur
other than a single currency exchange rate movement. Weakening would have the
opposite impact.
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 27

28. Softwood pulp prices
Stora Enso’s market pulp is softwood
Source: FOEX
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 28

29. Pulp wood and saw log prices
Wood prices in Finland
Source: METLA
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 29

30. Wood prices in Sweden
Pulpwood includes pine. spruce and birch.
Sawlogs include pine and spruce.
Source: SDC. Skogsstyrelsen
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 30

31. Paper for Recycling prices
German RCP price development. free delivered
Source: Verband Deutscher Papierfabriken/Stora Enso
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 31

32. Maturity profile Q4 2012
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 32

33. Energy balance* Q4 2012
Total energy self
sufficiency 59
Self sufficiency 47 Self sufficiency 63
Impact** on operating profit from
EUR million p.a.
10 change in:
Electricity market price ~5
Fossil fuel price ~15
*) Pulp. paper and board mills. Europe and overseas **) Remaining impact on non-hedged volume
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 33

34. Stora Enso Electricity procurement* Q4 2012
*) Pulp. paper and board mills. Europe and overseas
Stora Enso Q4 and Full Year 2012 Results 5 February 2013 34