Stora Enso's Capital Markets Day on 22 March 2012

1. Growth
engine
Hannu Kasurinen, EVP, Building and Living

4. Wood with superior carbon footprint
g/k
g
Source: Puuinfo / Finnish Forest Industries

5. If European homes were built out of wood…
100
80
60
40
20
0
Source: Building information environmental declarations

6. MARKETS
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7. European construction market
Construction value in 2010 prices; 2007 = 100
Source: Euroconstruct 2011

8. Global construction market forecast
CAGR 4.9%
9180 bn €
5400 bn €
Share in 2009, % 25 17 13 8 37
Share in 2020, % 20 18 20 5 37
% of growth, 2009-20 13 19 30 1 37
CAGR, %, 2009-20 2.8 5.5 9.1 0.6 4.9
Source: Euroconstruct 2010

9. Global soft wood resources

10. Rethinking base sawn timber…

11. RETHINK
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12. NPS development 2010 – 2012
2010 2011 2012
12

13. Building and Living
Key Figures 2008 - 2011
EBIT exc. NRI, ROOC% 2008-2011
EBIT excl. NRI, ROOC% 2008 - 2011
Sales 2010-2011 MEUR EBIT, MEUR EBIT % (4 quarters average) ROOC % (4 quarters average) %
50 25,0
40 35 20,0
30
30 25 15,0
20 15 10,0
9 10 12 10
10 5 6 5,0
0 0,0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11
-10 -5,0
-11 -9
-20 -15 -10,0
-18
-30 -24 -24 -15,0
Sales 1000 eur/person 2010-2011 Fixed costs 2008-2011

14. Building & Living compared with
competition EBIT%
14

15. PRODUCTS AND INNOVATION
15

16. Today…

17. …5-7 YEARS…

18. HOW TO WIN THIS GAME?
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19. Cash flow generation from base sawmilling
NORDIC –
importance in fibre
supply
BALTIC AND RUSSIA -
continue to develop
CENTRAL EUROPE -
maintain cash flow

20. Growing with customers
Overseas and distribution Industrial components
 expand offering by  expand outside of Nordic
external products based on region
customer needs  take market share by modified
products
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21. Big potential Building solution
• from single family
houses to multi-
storey buildings
• Current focus in
Europe, grow with
customers in Japan
& China
• target to double,
even triple sales by
2015

22. 10% increase in wood construction use…
MULTI-STOREY 1+2 FAMILY HOUSES
• 78 500 new appartments • 67 000 new building units
• using 25 m3 of CLT per appartment • using 50 m3 of CLT per unit
 2 million m3 more CLT  3,4 million m3 more CLT

23. Heat and lit for 29 years

24. From saw milling to Building & Living
2007 TODAY by 2015
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25. Conclusions
 Construction continues to grow globally
 Wood winning market share
 Continuous improvement for every unit every day
 Cash flow generation from low cost saw mills
 Growing with Building solutions, components and
modification

27. 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.
27