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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.

Welcome!

Gunnar Brock, Chairman of the Board of Directors

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Stora Enso’s Annual General Meeting

23 April 2014

Jouko Karvinen, CEO

Our performance

Full year 2013 results as reported

Sales EUR 10 544 million

Operational EBIT EUR 578 million

Operational ROCE 7.1%

Cash flow from operations EUR 1 246 million

EPS excl. NRI EUR 0.40

Debt/equity ratio 0.47

9

Lower costs improved profits Q1 2014 year-on-year

• Clearly higher Operational EBIT due to lower costs, lower depreciation and

restructuring

– Operational EBIT EUR 182 million or 7.1% (4.4%), increase EUR 64 million

• Nearly all of the original cost reductions of the EUR 200 million programme visible in

the financial results, earlier than anticipated

• Net debt to Operational EBITDA decreased to 2.8 (3.1)

• Operational ROCE 8.6% (5.1%)

10

Operational EBIT 54% improvement year-on-year Lower costs and depreciation

11

MEUR

Fixed cost decrease continued Fixed cost 4 quarter rolling average

12

MEUR

Cash Printing and Reading

Nordic market pulp

Low cost base sawmilling

Growth Renewable Packaging

Plantation based pulp

Building and Living

13

Strategy in action 2013 EUR 1.25 billion cash flow and fixed costs down

Ostrołęka containerboard machine

Montes del Plata Pulp Mill

Inpac Packaging

Bulleh Shah Packaging

Building Solutions

Guangxi Packaging

Sunila Biorefinery

14

Bulleh Shah Packaging in Pakistan

Jouko Karvinen, CEO & Ambreen Waheed, Director, Global Responsibility,

Bulleh Shah Packaging

Child labour sector distribution

• 67% Agriculture

• 11% Manufacturing

• 22% Others - Including: Glass Bangles, Tanneries, Rag

Picking (waste paper), Ship Breaking, Deep Sea Fishing and

Surgical instruments

Condition of children working

• 70% of children are unpaid labour

• 46% of children work more than 35 hours per

week

• 1/3 of these children are literate

7

12

13

13

14

15

16

0 5 10 15 20

Indonesia

India

Afghanistan

Bangladesh

Pakistan

Sri Lanka

Vietnam

%

Percentage of children working from age 5 to 14

(Source: UNICEF & ILO 2010)

Child labour realities

16

Bulleh Shah domestic fibre supply chain

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Bulleh Shah

Direct Suppliers

Collectors*

Source

*Includes sub-suppliers

Wheat straw: 30 000

tonnes from farms,

30 direct suppliers

Old corrugated containers (OCC) and Old

newspapers (ONP): 64 000 tonnes from

households, shops, institutions, 55 direct suppliers

OCC: 12 000 tonnes directly from own

manufacturing, converters & institutions

Used cartonboard: 2 000 tonnes production

waste, in parts directly and via 1 direct supplier

Used cartonboard: 3 000 tonnes from garbage

and dump sites, 3 direct suppliers

• We do not accept child labour

• We are committed to the ILO conventions on child labour

• No child labour in our operations, and we prohibit it in our supplier contracts

• All Bulleh Shah direct suppliers trained and committed to our code of conduct

• Any violation of this commitment leads to 30 day notice and either sustainable

corrective action or termination of contract

We do not accept child labour and work to eliminate it

Any child and his or her family will be supported by us

irrespective of supplier contract or termination

18

Actions with sustainable impact all to be reported quarterly, and externally monitored by SGS

* New biomass boiler starts in 2015, biomass collection in 2014 will be about 100 000t, final volume 250 000t

Fibre Source Actions Done

Used Carton

Board

garbage &

dump sites

• Families identified and support started

• Supplies stopped and rebuilding of an

sustainable supply chain starts

April 20

April 20

Old Corrugated

Containers/

Old Newspapers

households,

shops &

institutions

• All direct suppliers CoC committed

• Supply base audits & corrective action

April 18

Since January

Wheat straw/

Biomass

farms • All suppliers CoC committed

• Biomass collection* starts

• Supply base audits & corrective action

March 30

April (harvesting)

April (harvesting)

19

Action

Year 13 14 15 16

Quarter 3 4 1 2 3 4 1 2 3 4 1 2 3 4

Train direct suppliers

Commit direct suppliers

Audit all tiers of supply base

Correct violations

Monitoring by SGS

Train, commit, audit and follow-up – supply base

1 Train direct suppliers and commit them to code of conduct

2 Audit, correction and monitoring cover all tiers of supply

3 Follow-up and correction = 30 day notice for correction or termination of contract

4 Children or vulnerable supported by Bulleh Shah Packaging even if contract terminated

100% signed Code of Conduct

95% of tier 1 recycled fibre audited*

* audit of wheat straw chain possible only now as harvesting starts 20

• We can simply terminate the risky supply agreements immediately and

import the necessary fibre – then we would have no child labour. As a

concequence thousands of people would lose their livelihood.

OR

• We will do everything we can to help the children taking into consideration

local circumstances – identify the children in our supply chain and support

them to get education

We ask for your support and welcome you to join us in

taking small steps towards a better future for children through

livelihood for their parents and education and health for all.

The choice we must make

22

Our messages today on Responsibility

• We do not accept child labour

• But we will not just walk away and let the children down

• We have shown today real results, based on a one year effort

• We will be transparent

• We have started a global external human rights assessment to

be completed 2014

23

More transparent Global Responsibility

Our Lead Areas Corner stones of our Global Responsibility strategy

Forests and Land Use Environment and

Efficiency People and Ethics

25

Global Responsibility integrated in all our processes

and strategy

Group Global

Responsibility

Code of Conduct, Business Practise Policies and Ethical Supply Chain

Environmental Performance, Responsible Forestry and Land Use

Occupational Health and Safety, Human and Labour Rights

Renewable packaging Printing and Living Biomaterials

Human Rights Assessment 2014

In Dec 2013, our Global Responsibility Council approved a public target to:

• By the end of 2014, perform human rights assessments covering:

– All industrial operations

– All countries where we own or manage forests/plantations/land

• By the end of 2015, to have action plans in place based on results of the

assessments.

• In China we are moving faster and carrying out a thorough human rights

investigation with the Danish Institute for Human Rights

– Results to be published before the end of 2014

27

Human Rights Assessment 2014 Overall timeline

• Pre-assessment

information

material

• Training plans

• Pre-assessment

workshops and

trainings

• Finalise external

partners for audits

• Self-assessments

• External audits

• Stakeholder

interviews

• Stakeholder and

human rights risks

mapping

• Internal and

external

communications

Timeline

Project

phase

External assessments in China, Pakistan, South America and Laos follow their

own individual timelines

Scope and plan Build up capacity Act and assess Compile results and

communicate

Q1 Q1 – Q2 Q2 – Q3 Q3 – Q4 & After

28

Adoption of the annual accounts

31

Dividend

• The Parent Company distributable shareholders’ equity on 31 December

2013 amounted to EUR 1 329 281 064.43, including the profit for the period

of EUR 37 396 834.18.

• The Board of Directors proposes to the Annual General Meeting of the

Company that it pays to its shareholders a dividend of EUR 0.30 per share,

total of EUR 236 585 996.10

• Record date 28 April 2014

• Payment date 15 May 2014

Dividend

33

Discharge of the members of the Board of

Directors and the CEO from liability

Nomination Board Report

Board remuneration

EUR ’000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Chairman 135 135 135 135 135 135 67.5 135 135 170 170

Vice

Chairman 85 85 85 85 85 85 42.5 85 85 100 100

Member 60 60 60 60 60 60 30 60 60 70 70

In 2013, 40% of the above mentioned annual remuneration was used for

purchasing Stora Enso R shares from the market.

Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000

The Nomination Board also proposes that the members of the Board of Directors, based on the AGM’s decision, use 40% of the above mentioned annual remuneration for purchasing Stora Enso R shares from the market and that the purchases will be carried out within two weeks from the AGM. In addition, annual remuneration shall be paid to members of the Board Committees as follows:

Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000

Remuneration Committee Chairman EUR 10 000 Members EUR 6 000

Global Responsibility and Ethics Committee

Chairman EUR 7 500

Members EUR 4 000

Remuneration shall be paid only to non-executive Board members.

Annual remuneration

39

Composition of the Board of Directors

The Nomination Board proposes to the AGM that the Board of Directors shall

have nine (9) members.

Gunnar Brock

Anne Brunila

Elisabeth Fleuriot

Hock Goh

Birgitta Kantola

Mikael Mäkinen

Juha Rantanen

Hans Stråberg

Richard Nilsson

40

Richard Nilsson

• Born 1970, Swedish citizen

• B.Sc. (Business Administration and Economics)

• Investment Manager at Foundation Asset Management (FAM)

• Member of the Board of Directors of Bergvik Skog AB, Boston-Power Inc. and

Cellutech AB

• Earlier positions include:

– pulp & paper research analyst at SEB Enskilda (2000–2008), Alfred

Berg (1995–2000) and Handelsbanken (1994–1995)

41

Appointment of Nomination Board

Duties

The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning

(a) the number of members of the Board of Directors

(b) The election of members of the Board of Directors

(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors

(d) the remuneration for the Chairman and members of the committees of the Board of Directors

Members

• The Chairman of the Board of Directors

• The Vice Chairman of the Board of Directors

• Two members appointed by the two largest shareholders (one each)

as of 30 September 2014

Remuneration

• Members of the Nomination Board shall not receive separate compensation.

42

Board of Directors Chairman EUR 170 000 Deputy Chairman EUR 100 000 Members EUR 70 000

The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market. In addition, annual remuneration shall be paid to members of the Board Committees as follows:

Financial and Audit Committee Chairman EUR 20 000 Members EUR 14 000

Remuneration Committee Chairman EUR 10 000 Members EUR 6 000

Global Responsibility and Ethics Committee

Chairman EUR 7 500

Members EUR 4 000

Remuneration shall be paid only to non-executive Board members.

Annual remuneration

44

Number of members in the Board of Directors

Composition of the Board of Directors

The Nomination Board proposes to the AGM that the Board of Directors shall

have nine (9) members.

Gunnar Brock

Anne Brunila

Elisabeth Fleuriot

Hock Goh

Birgitta Kantola

Mikael Mäkinen

Juha Rantanen

Hans Stråberg

Richard Nilsson

48

Auditor’s fees

Election of Auditors

• The Board of Directors proposes to the AGM that Authorised Public

Accountants Deloitte & Touche Oy continue as the statutory auditor of the

Company until the end of the following AGM.

52

Appointment of Nomination Board

Duties

The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning

(a) the number of members of the Board of Directors

(b) The election of members of the Board of Directors

(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors

(d) the remuneration for the Chairman and members of the committees of the Board of Directors

Members

• The Chairman of the Board of Directors

• The Vice Chairman of the Board of Directors

• Two members appointed by the two largest shareholders (one each)

as of 30 September 2014

Remuneration

• Members of the Nomination Board shall not receive separate compensation.

54

Swedish shareholder association Sveriges

Aktiesparares Riksförbund’s request for a resolution

on a special examination concerning acquisition of

Consolidated Papers

Thank You