Stora Enso Oyj - Company Announcement

Stora Enso’s Nordic forest associates change the fair value of forest assets

STORA ENSO OYJ STOCK EXCHANGE RELEASE 14 November 2016 at 14.05 EET

Stora Enso’s equity accounted investments Tornator Oyj in Finland and Bergvik
Skog AB in Sweden increase the IFRS fair value of their biological assets, i.e.
growing trees. Stora Enso’s shares of the increases are approximately EUR 87
million for Tornator and approximately SEK 490 million (EUR 50 million) for
Bergvik Skog, totalling EUR 137 million, subject to normal year end
verification. After taking into account the SEK/EUR related translation loss of
EUR 164 million, the impact on Stora Enso’s IFRS operating profit in the fourth
quarter of 2016 will be approximately EUR 27 million negative, subject to year
-end exchange rates. The change will not have any impact on Stora Enso’s
operational EBIT, and it will not be classified as an item affecting
comparability (IAC).

Stora Enso’s share of the fair value of the biological assets is expected to be
approximately EUR 515 million in Tornator and SEK 22 516 million (EUR 2 282
million) in Bergvik Skog. In the end of 2015, the respective values were EUR 428
million for Tornator and EUR 2 397 million for Bergvik Skog.

The change in Tornator’s fair value is due to an increase in felling plan and a
decrease in the discount rate. As for Bergvik Skog, the change is due to a
decrease in discount rate, an adjustment to the price curve, and a correction in
the model from last year.

Stora Enso’s shareholding in Tornator Oyj is 41% and in Bergvik Skog AB 49%.

For further information, please contact:

Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767

Stora Enso is a leading provider of renewable solutions in packaging,
biomaterials, wooden constructions and paper on global markets. Our aim is to
replace fossil based materials by innovating and developing new products and
services based on wood and other renewable materials. We employ some 26 000
people in more than 35 countries, and our sales in 2015 were EUR 10.0 billion.
Stora Enso shares are listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq
Stockholm (STE A, STE R). In addition, the shares are traded in the USA as ADRs
(SEOAY) on the International OTCQX over-the-counter market.
storaenso.com (http://www.storaenso.com/)

STORA ENSO OYJ
For further information, please contact:
Ulla Paajanen-Sainio
SVP, Investor Relations
tel. +358 40 763 8767