2015 capital markets day presentation by gilles van nieuwenhuyzen

1. The renewable materials company
CV – Gilles van Nieuwenhuyzen
Executive Vice President, Packaging Solutions
The renewable materials company
Experience from driving results in large multinationals
• President Enablers Division, Danisco/DuPont, 2010-2014
• Managing Director, Executive Interim Management, 2008-2010
• Division President, Purac, CSM (now Corbion), 2001-2007
• Business leadership roles in Rexam and DSM
• McKinsey & Company in early career
Brings in new competencies to Packaging Solutions
• Experience from leading companies in other industries: Food
ingredients, chemicals, biotechnology
• Accelerating growth via innovation and differentiation
• Margin improvements track record
• Global experience

2. Gilles van Nieuwenhuyzen
EVP Stora Enso Packaging Solutions
London, 28 May 2015
Division Packaging
Solutions
The renewable materials company

3. 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.
The renewable materials company
Disclaimer

4. The renewable materials company
Containerboard: from commodity to
differentiated supplier
The renewable materials company
High quality virgin and
recycled fiber based
containerboards...
Rightweighting / Rightgrading
Technical Customer Service
eFlow supply chain services
Recycling Services
A holistic approach to
creating value for customers
... combined with high quality
services

5. Key segments
Household & Furniture
(5%)
Food (31%) Consumer Electronics
(7%)
Beverages (9%)
Retail (5%)Industrial (31%) External Converters
(12%)
The renewable materials company

6. Packaging Solutions provides offerings
in containerboard and corrugated packaging
6
Consumer
Forest
mgmt
Stora Enso
Customers
Recycled fibre
Containerboard
Converter /
Corrugator
Converter /
Corrugator
Brand owner /
Producer
Online retail
Retail
The renewable materials company
Note: SC = Semi chemical, RCP = Recycled paper
Containerboard
• SC / RCP Fluting
• Kraftliner / Testliner
Corrugated packaging
• Corrugated solutions for multiple
segments
• Services e.g. design and packaging
automation

7. Packaging Solutions business fundamentals
The renewable materials company
Geographic span
Recycled
Corrugated
packagingVirgin
Capital intensity
Asset and cost
competitiveness
Global Regional Local
High High Low
Containerboard
• High volume
• Technological
differentiation
• Access to wood fiber
• Integrated pulp and
efficient energy
• High volume
• Technological
differentiation
• Access to recycled
fiber
• Efficient energy
• Proximity to
customer
• Access to growth
markets
• Technological
differentiation
Customers
Converters and Brand
owners
Converters and Brand
owners
Brand owners and
retailers
Offering Full portfolio of containerboards
Boxes incl design
services

8. Strong financial track record with room to grow
Note: Proforma non-audited financial data for the period 2010-2012
Sales 2010 – 2014* EBITDA / EBITDA-margin 2010 – 2014*
ROOC 2010 – 2014* Production 2010 – 2014*
(MEUR) (MEUR)
800
900
1 000
1 100
2010 2011 2012 2013 2014
10%
12%
14%
16%
18%
100
120
140
160
180
200
2010 2011 2012 2013 2014
8%
10%
12%
14%
16%
2010 2011 2012 2013 2014
700
800
900
1 000
1 100
700
800
900
1 000
1 100
2010 2011 2012 2013 2014
Board (Kt) Corrugated (M sqm)
(Kt
)
(M sqm)
The renewable materials company

9. Trends shaping our industry create
new opportunities
The renewable materials company
Recycled fiber
deterioration
Growth in retail
Growth in online
shopping
Intelligence in
packaging
Competitive advantage for our
containerboards
Shift in power creating new customers
Shift in consumption creates new demand
growth
New functionality and value add from
packaging
Opportunities based on trends
Rightweighting
Sustainability
From selling weight to selling performance
Demand for sustainable fiber based
materials

10. The renewable materials company
Containerboard expansion into kraftliners
through conversion of Varkaus with
attractive margins
Varkaus mill, Finland
New production of kraftliners
Business transformation
• From declining fine paper (280kton) to growing kraftliners (390kton)
• EBITDA margin >15%
Appealing story
• Attractive demand growth for kraftliners
• Serve Global markets
• Complete portfolio enabling cross selling
• Among largest / most cost competitive machines
Low CAPEX / capacity ton
• 110 M EUR CAPEX => 281 EUR / capacity ton
• Integrated pulp mill, power plant, well fitting paper machine and
infrastructure in place

11. The renewable materials company
Strengthening Stora Enso position
in Containerboard
Containerboard capacity position
from #10 to #6 in Europe
1
2
3
4
5
10
Smurfit Kappa
SAICA
DS Smith
Mondi
Prinzhorn
Stora Enso
6 Stora Enso including Varkaus
Competitive assets complemented with
new Varkaus investment
High volume
• Large scale machines in all product areas
Technological differentiation
• Ostroleka - one of the most modern
containerboard machines using recycled fiber
• Varkaus asset quality one of the best in Europe
Access to fiber
• Own network for collecting recycled paper in
Poland
• Competitive virgin fibre sourcing in Finland
Integrated pulp and efficient energy
• Integrated pulp mill and power plant in all mills
Capacity +46%
Source: Pöyry
Note: Containerboard position measured in capacity tonnes as of 2014

12. Packaging Solutions Regional break-down
Our markets
8 900 mn sqm
• Stora Enso is the largest player overall
• The market is very fragmented
Russia
4 100 M sqm
CEE
3 800 M sqm
Nordics
1000 M sqm
• 1) Market share within 300 km radius from plant
• Source: ICCA, Pöyry, Stora Enso
• Note: Nordics = Sweden and Finland, CEE = Poland, Hungary,
Estonia, Latvia and Lithuania
No.1
No.1 No.3 No.4
The renewable materials company
Leading position in our corrugated
packaging markets
Market shares in corrugated packaging focus markets
Year 2014, M sqm

13. Well positioned to capture growth markets
Kristiinankaupunki
Heinola
LahtiJonköping
Skene
Vikingstad
Tallinn
Riga
Kaunas
Mosina
Lodz
Tychy
Komarom
Ostroleka
Corrugated Packaging
Containerboard
Varkaus (Q4 2015)
Balabanovo
Arzama
s
Lukhovits
y
Dongguan
Shanghai
Beijing
+1,0%
+3,7%2
+1,3%1 +2,6%
+4-7%
• Higher growth rates in most
corrugated packaging markets where
Stora Enso is present
• Attractive global sales opportunities
to capture growth in containerboard
markets
The renewable materials company
Source: Pöyry’s World Paper Markets up to 2030; Stora Enso; Rosstat
Note: CAGR data for 2015-2020. 1) Nordics = Sweden and Finland, 2) CEE = Poland, Hungary, Estonia, Latvia and Lithuania

14. Stora Enso provides customer value through
thought leadership and innovation
Proof points
• Customer insights sharing
• Advisory to brand owners and retailers
• Basis for new business
• Strong international media attention
I love it, sharing
insights is in line with
the trend of open
innovation.
Packaging Innovator,
Global brand owner
“ • DesignStudio, 8 in Europe and 3 in China
• 3D virtual store
• Modern lightweight boards
Thought leadership Innovation in design solutions
and material performance
The renewable materials company

15. Customer case examples showing how corrugated
delivers customer value beyond the box
Increasing customer sales Decreasing customer costs
Before AfterBefore After
Sales increase
+40%
Box weight reduction
-20%
Truck load
+60%
Box weight reduction
-38%
The renewable materials company

16. The renewable materials company
Stora Enso is well positioned for
profitable growth
The renewable materials company
Deep customer understanding
Strong offering
Well positioned
Innovative
Proven track record

17. World of packaging