Stora Enso’s Interim Review for January - September 2011 published on 21 October 2011. Presentation.

1. Financial results Q3 2011
21 October 2011

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.
Financial results Q3 2011 21 October 2011 2

3. Solid quarter
• EUR 204 million operating profit
excl. NRI and FV
• Strong cash flow after Capex
EUR 282 million
• Improved liquidity at EUR 1 181
million
• Increased curtailments to control
inventories
Financial results Q3 2011 21 October 2011 3

4. Higher prices continue to support result
EBIT excl NRI and fair valuation EBIT margin*, % 4 Q avg
300 10 %
240 8%
EUR million
180 6%
120 4%
60 2%
0 0%
*excluding NRI and fair valuation
Financial results Q3 2011 21 October 2011 4

5. Early curtailments are important
Operative working capital
2 800 28,0 %
2 600 26,0 %
2 400 24,0 %
2 200 22,0 %
EUR million
2 000 20,0 %
1 800 18,0 %
1 600 16,0 %
1 400 14,0 %
1 200 12,0 %
1 000 10,0 %
09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3
Operative Working Capital at the end of Q Working Capital per Sales ratio
*Operative working capital = trade receivables + inventories – trade payables
Financial results Q3 2011 21 October 2011 5

6. We have jumped the curve
Operating Rate % vs. EBIT %*
10 %
8%
EBIT %*
6% Q3 2011
4%
Q3 2008
2%
0%
90 % 91 % 92 % 93 % 94 % 95 % 96 % 97 % 98 %
Operating Rate %
*Excluding NRIs and FV
Financial results Q3 2011 21 October 2011 6

7. Continued to increase flexibility
FY2007- Q3 YTD 2011
0,30
0,28
Fixed Costs/Sales
0,26
0,24
0,22
FY2007 FY2008 FY2009 FY2010 Q3 YTD 2011
Financial results Q3 2011 21 October 2011 7

8. Our market pulp and magazine paper deliveries up
Market pulp Magazine Paper*** Industrial Packaging*
120 101
110
115
105 100
110
INDEX
INDEX
99
INDEX
105 100
98
100 95
95 97
90
90 96
85
Q3/10 Q2/11 Q3/11 Q3/10 Q2/11 Q3/11
Q3/10 Q2/11 Q3/11
Wood Products **** Fine Paper Consumer Board Newsprint**
110 102 108
105
100 106
105 100
104
98
INDEX
INDEX
INDEX
INDEX
100 102 95
96 100
95 90
94 98
90 92 96 85
94 80
85 90
Q3/10 Q2/11 Q3/11 Q3/10 Q2/11 Q3/11
Q3/10 Q2/11 Q3/11 Q3/10 Q2/11 Q3/11
*Index is calculated average of paper and board deliveries (1 000 t) index and ** Includes Varkaus and Maxau mills
the corrugated packaging deliveries (million m2) index. Includes Kotka mill. ***Includes Kotka mill
**** Includes Kotka mill
Financial results Q3 2011 21 October 2011 8

9. Summary financials Q3 2011
Change % Change %
EUR million III/2011 II/2011 III/2010
Q311/Q310 Q311/Q211
Sales 2 739 2 817 2 624 4.4 -2.8
EBITDA, excl. NRI and fair valuations 339 358 366 -7.3 -5.1
Operating profit, excl. NRI and fair valuations 204 228 255 -19.9 -10.6
Profit before tax, excl. NRI 111 182 220 -49.7 -39.0
Loss/profit before tax -17 150.1 225.8 -107.7 -111.5
Earnings per share, excl. NRI (EUR) 0.10 0.21 0.23 -56.5 -52.4
ROCE, excl. NRI and fair valuations (%) 9.3 10.4 12.4 -25.0 -10.6
Cash flow from operations 362 207 304 19.1 74.7
Cash flow after investing activities 282 122 230 22.4 131.5
Debt/equity 0.45 0.41 0.43 4.7 9.8
NRI = Non-recurring items
Fair valuations include synthetic options net of realised and open hedges,
CO2 emission rights, and valuations of biological assets related to forest assets in equity accounted investments
Financial results Q3 2011 21 October 2011 9

10. Operating profit by segments
Change % Change %
EUR million III/2011 II/2011 III/2010
Q311/Q310 Q311/Q211
Consumer Board 64 85 78 -17.0 -23.8
% of sales 10.3 12.8 13.1 -21.4 -19.5
Industrial Packaging 20 20 19 7.5 3.1
% of sales 7.9 8.1 8.3 -4.8 -2.5
Newsprint and Book Paper 34 28 0 n/m 22.2
% of sales 10.2 8.2 0.0 n/m 24.4
Magazine Paper 48 34 46 6.2 42.5
% of sales 8.6 6.6 8.4 2.4 30.3
Fine Paper 38 49 71 -46.7 -22.4
% of sales 7.1 9.2 12.6 -43.7 -22.8
Wood Products 10 35 25 -61.1 -72.2
% of sales 2.4 7.6 5.9 -59.3 -68.4
excluding non-recurring items
Financial results Q3 2011 21 October 2011 10

11. Solid platform for growth
Net Debt Net Debt/EBITDA excl NRI and fair valuations
5 000 6,0
4 500 5,0
4 000 4,0
EUR million
3 500 3,0
3 000 2,0
2 500 1,0
2 000 0,0
SENA divestment closed in Q4 2007 EBITDA: Continuing operations
Merchants divestment closed in Q2 2008 Net debt: Total operations
Financial results Q3 2011 21 October 2011 11

12. Near term outlook
• Our production curtailments to Demand Price
development development
control inventory levels have Q4/11 vs Q4/11 vs
increased in Q3 and will continue Q4/10 Q3/11
in Q4
Consumer Board
Industrial
• EBIT excl. NRI and FV in Q4 Packaging
estimated to be somewhat lower
Newsprint and
year on year Book Paper
Coated
Magazine Paper
Uncoated
Magazine Paper
Coated Fine
Paper
Uncoated Fine
Paper
Wood Products
Financial results Q3 2011 21 October 2011 12

13. Solid third quarter
• Strong cash flow and balance
sheet
• Production curtailments continue
• Growth projects proceeding
Financial results Q3 2011 21 October 2011 13

14. Rethinking continues!

16. Cost inflation diminishing
Realised Realised
Q3/11 vs Q3/11 vs
Q3/10 Q2/11
Pulp wood
Sawlogs
RCP
Pulp
Chemicals
Energy
Financial results Q3 2011 21 October 2011 16

17. Net Financial Items
Change % Change %
EUR million III/2011 II/2011 III/2010
Q311/Q310 Q311/Q211
Net interest expense -35.9 -28.3 -23.9 -50.2 -26.9
Foreign exchange gains and losses -11.4 -0.7 -18.1 37.0 n/m
Other financial items, of which -146.1 -5.6 -9.1 n/m n/m
PIK notes 2.1 1.9 1.5
Fair valuation of interest rate derivates* -16.4 -3.3 4.3
Fair valuation of long-term debt -1.1 0.4 -2.6
NewPage lease provision -128.2 0.0 0.0
Other items -2.5 -4.6 -12.3
Total net financial items -193.4 -34.6 -51.1 n/m n/m
*Not hedge accounted interest rate derivatives.
Financial results Q3 2011 21 October 2011 17

18. Softwood pulp prices still on high level
Stora Enso’s market pulp is softwood
1 100
1 000
900
Bleached softwood kraft
USD/tonne
800
pulp
Bleached hardwood kraft
700
pulp
600
500
400
07Q1
07Q2
07Q3
07Q4
08Q1
08Q2
08Q3
08Q4
09Q1
09Q2
09Q3
09Q4
10Q1
10Q2
10Q3
10Q4
11Q1
11Q2
11Q3
Source: FOEX
Financial results Q3 2011 21 October 2011 18

19. Pulp wood and saw log prices decreased from Q2 2011
Wood prices in Finland
80
70
60
50
EUR/m 3
Pulpwood, Pine
40
Sawlogs, Pine
30
20
10
0
06Q2
06Q4
07Q2
07Q4
08Q2
08Q4
09Q2
09Q4
10Q2
10Q4
11Q2
06Q1
06Q3
07Q1
07Q3
08Q1
08Q3
09Q1
09Q3
10Q1
10Q3
11Q1
11Q3
Source: METLA
Financial results Q3 2011 21 October 2011 19

20. Wood prices in Sweden
600
500
400
Pulpwood
SEK/m 3
300
Sawlogs
200
100
0
06Q3
06Q4
07Q1
08Q1
08Q2
09Q2
09Q3
09Q4
10Q4
11Q1
06Q1
06Q2
07Q2
07Q3
07Q4
08Q3
08Q4
09Q1
10Q1
10Q2
10Q3
11Q2
11Q3
Pulpwood includes pine, spruce and birch.
Sawlogs include pine and spruce.
Source: SDC, Skogsstyrelsen
Financial results Q3 2011 21 October 2011 20

21. RCP prices decreasing from Q2 2011
200
160
EUR/tonne
120 Mixed
OCC
80
De-inking
40
0
07Q1
07Q2
07Q3
07Q4
08Q1
09Q3
09Q4
10Q1
10Q2
08Q2
08Q3
08Q4
09Q1
09Q2
10Q3
10Q4
11Q1
11Q2
11Q3
German RCP price development, free delivered
Source: Verband Deutscher Papierfabriken/Stora Enso
Financial results Q3 2011 21 October 2011 21

22. Capital expenditure and depreciation
Q1 2008 – Q3 2011
250 10 %
200 8%
EUR million
150 6%
100 4%
50 2%
0 0%
Capex Depreciation and impairment excl NRI Capex % of sales
Financial results Q3 2011 21 October 2011 22

23. Debt/equity
2005 – Q3 2011
0,8
0,70
0,7
0,6 0,56
0,54
0,51
0,5 0,45
0,41
0,39 0,39 0,38
0,4
0,3
0,2
0,1
0
2005 2006 2007 2008 2009 2010 Q1 2011 Q2 2011 Q3 2011
Total operations
Financial results Q3 2011 21 October 2011 23

24. Transaction risk and hedges
as at 30 September 2011
EUR million USD GBP SEK
Estimated annual net operating cash flow exposure 1 040 570 -790
Transaction hedges as at 30 September 2011 -560 -250 470
Hedging percentage as at 30 September 2011 for the next 12 months 54% 44% 59%
USD, GBP and SEK have additional hedges for 13-16 months which will increase the
hedging percentage 8%, 4% and 7% respectively.
Operating Profit: Currency strengthening of + 10%
Based on estimated next 12 months net operating EUR million
cash flow exposure.
USD 104
SEK -79
GBP 57
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.
Financial results Q3 2011 21 October 2011 24

25. Maturity profile
30 September 2011
€m Bonds Other loans / liabilities Commercial paper
SEK 500m 3.5% 2015
1 000 SEK 1.4 bn S+3.7% 2015
SEK 2.4 bn 5.75% 2015
900
800
EUR 750m 5.125% 2014
EUR 390m E+4.21% 2016
700 USD 507m 6.404% 2016
600
USD 300m 7.25% 2036
500
400
300
200
100
0
2011 2012 2013 2014 2015 2016 2017 2018 2019-2035 2036
Revolving Credit Facility € 700 million matures in January 2014 and is fully undrawn
Financial results Q3 2011 21 October 2011 25

26. Energy balance Q3 2011
Total energy self
sufficiency 60%
Self sufficiency 53% Self sufficiency 62%
50 Impact** on operating profit from
40 EUR million p.a.
30 10% change in:
20
10
0
Electricity Fuels Electricity market price ~8
Internal External (hedged) External (non-hedged) Fossil fuel price ~14
**) Remaining impact on non-hedged volume
Financial results Q3 2011 21 October 2011

27. Stora Enso Electricity procurement Q3 2011
20000
GWh/a
18000
16000
14000
12000
Sales to market
Open position
10000
Local tariff
Financial contracts
8000 Physical contracts
PVO production
Own production
6000
4000
2000
0
2011 2012 2013 2014
27
-2000