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Stora Enso Announces Exchange Offer Pricing

Stora Enso (NYSE: SEO) today announced the pricing terms for its exchange offer for its 7.375% Notes Due 2011 (CUSIP No. 86210MAA4; ISIN No. US86210MAA45) (the "old notes").

The total exchange price to be paid for old notes validly tendered and not withdrawn by the early participation date is USD 1 067.07 per USD 1 000 principal amount of old notes. Holders of old notes who tender after the early participation date will receive the total exchange price less the early participation payment, or USD 1 057.07 per USD 1 000 principal amount of old notes. The total exchange price for the old notes was determined using the bid-side yield on the 4.5% US Treasury Note due 28 February, 2011 as of 10:00 a.m., New York City time, on 6 April, 2006 (the "pricing time"), which was 4.831%, plus 1.00%, resulting in an exchange offer yield of 5.831%. In addition, holders of notes accepted in the exchange will receive accrued and unpaid interest up to but not including the settlement date.

The new notes will bear interest at a fixed rate per annum of 6.404% from the settlement date to 15 April, 2016. The fixed interest rate was determined using the bid-side yield on the 4.5% US Treasury Note due 15 February, 2016 as of the pricing time, which was 4.874%, plus 1.53%.

The exchange offer will expire at midnight, New York City time, on 10 April, 2006, unless extended, and the settlement date for the exchange offer is expected to be 13 April, 2006.

The exchange offer is based on and subject to the conditions in the Exchange Offering Memorandum, dated 14 March 2006. The new notes, any additional notes and any longer dated notes have not been and will not be registered with the US Securities and Exchange Commission under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act. This offer is not being made in Italy and other restrictions apply including in Belgium, France, Germany and the UK. See the Exchange Offer Memorandum dated 14 March 2006 for details.

Additional information concerning the exchange offer and copies of the Exchange Offering Memorandum and related documents may be obtained by contacting Global Bondholder Services Corporation, the information agent, tel. +1 866 488 1500.

STORA ENSO IN BRIEF

Stora Enso is an integrated paper, packaging, and forest products company, producing publication and fine paper, packaging board, and wood products - all areas in which the Group is a global market leader. Stora Enso's sales totalled EUR 13.2 billion in 2005. The Group has some 46 000 employees in more than 40 countries on five continents. Stora Enso has an annual production capacity of 16.9 million tonnes of paper and board and 7.7 million cubic metres of sawn wood products, including 3.3 million cubic metres of value- added products. Stora Enso's shares are listed in Helsinki, Stockholm, and New York.

Stora Enso Oyj
Kanavaranta 1
FIN-00160 HELSINKI, Finland
Tel. +358 2046 131
www.storaenso.com
Business ID 1039050-8

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