Stora Enso CMD - Presentation by Jouko Karvinen, CEO

Next Jouko Karvinen, CEO

March 22, 2012 Jouko Karvinen 2

Accelerate what

works

Start with

consumer Build value

Engines

Ecosystems

Self-finance

transformation

March 22, 2012 Jouko Karvinen 3

60 seconds

Net Promoter Score

March 22, 2012 Jouko Karvinen 4

Fixed Cost

March 22, 2012 Jouko Karvinen 5

Fixed costs / sales Fixed costs

Variable Cost % of sales

March 22, 2012 Jouko Karvinen 6

People

March 22, 2012 Jouko Karvinen 7

Personnel costs/sales Productivity, Revenue/employee

Working Capital

March 22, 2012 Jouko Karvinen 8

Cash in & out

March 22, 2012 Jouko Karvinen 9

-8%

-4%

0%

4%

8%

2007-2011 % of sales

restructuring Capex Net cash from operations Inv for future

8%

4%

0%

-4%

-8%

2007-2011% of sales

Restructuring Capex Net cash from operations Inv for future

March 22, 2012 Jouko Karvinen 10

Accelerate what

works

Fixed costs/ sales Rolling Average 4Q

March 22, 2012 Jouko Karvinen 11

Yellow > Aloe Vera

Summa

closure Kemijärvi

closure

Maxau

closure

Varkaus

closure

Next step

Program,

EUR 250 million

annual cost

reduction

Comparison of cash production costs

as percentage of sales

March 22, 2012 Jouko Karvinen 12

March 22, 2012 Jouko Karvinen 13

Engines

Rethink strategy

March 22, 2012 Jouko Karvinen 14

• Growth markets

• Renewable

packaging

• Biomaterials

• Competitive paper

March 22, 2012 Jouko Karvinen 15

Growth engines

Renewable Packaging

Plantation based pulp

Building and living

Cash engines

Printing and Reading

Nordic market pulp

Low cost base saw milling

Cash in & out

March 22, 2012 Jouko Karvinen 16

-8%

-4%

0%

4%

8%

2007-2011 % of sales

restructuring Capex Net cash from operations Inv for future

8%

4%

0%

-4%

-8%

2007-2011% of sales

Restructuring Capex Net cash from operations Inv for future

Cash in & out

March 22, 2012 Jouko Karvinen 17

-8,0%

-4,0%

0,0%

4,0%

8,0%

12,0%

Printing &Reading

Biomaterials Building &Living

RenewablePackaging

Group

restructuring Capex Net cash from operations Inv for future

2007-2011% of sales

Restructuring Capex Net cash from operations Inv for future

12,0%

8,0%

0,0%

-4,0%

-8,0%

4,0%

Printing &

Reading

Biomaterials Building &

Living

Renewable

Packaging Group

March 22, 2012 Jouko Karvinen 18

% of Group 2011

Sales Y-on-Y Sales Growth

% of Group 2011

March 22, 2012

Jouko Karvinen

19

Net cash from operations

Total CAPEX

Jouko Karvinen

March 22, 2012 Jouko Karvinen 20

Self-finance

transformation

March 22, 2012 Jouko Karvinen 21

-1 000

-500

0

500

1 000

2007 2008 2009 2010 2011

restructuring Capex Net cash from operations Inv for future

2007-2011 EUR million

Restructuring Capex Net cash from operations Inv for future

1 000

500

-500

-1 000

0

2007 2008 2009 2010 2011

March 22, 2012 Jouko Karvinen 22

Start with

consumer

March 22, 2012 Jouko Karvinen 23

1.5 billion

29 years

March 22, 2012 Jouko Karvinen 24

Biomaterials

March 22, 2012 Jouko Karvinen 25

March 22, 2012 Jouko Karvinen 26

Ecosystems

March 22, 2012 Jouko Karvinen 27

March 22, 2012 Jouko Karvinen 28

Build value

Graphic Paper Western Europe

Jouko Karvinen March 22, 2012 29

Graphic Paper Western Europe

Jouko Karvinen March 22, 2012 30

Shareholder value

March 22, 2012 Jouko Karvinen 31

1% 2% 3%

-5%

-10%

Average sales price

Lo

st vo

lum

e

Buyer

0% 1% 2% 3%

5%

10%

Average sales price

Ga

ine

d v

olu

me

Rest of the market

0%

March 22, 2012 Jouko Karvinen 32

Investment for

future and net

cash from

operations 2011

Growth Operating Capital

March 22, 2012 Jouko Karvinen 33

2011 20XX

March 22, 2012 Jouko Karvinen 34

Accelerate what

works

Start with

consumer Build value

Engines

Ecosystems

Self-finance

transformation

March 22, 2012 Jouko Karvinen 35

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.

March 22, 2012 Jouko Karvinen 36