Stora Enso's Capital Markets Day on 22 March 2012

1. Next
Jouko Karvinen, CEO

2. Start with
Ecosystems Build value
consumer
Accelerate what Self-finance
Engines
works transformation
Jouko Karvinen March 22, 2012 2

3. 60 seconds
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4. Net Promoter Score
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5. Fixed Cost
Fixed costs Fixed costs / sales
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6. Variable Cost
% of sales
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7. People
Personnel costs/sales Productivity, Revenue/employee
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8. Working Capital
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9. Cash in & out
Restructuring Capex Net cash from operations Inv for future
8%
4%
0%
-4%
-8%
2007-2011% of sales
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10. Accelerate what
works
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11. Fixed costs/ sales
Rolling Average 4Q
Summa
closure
Kemijärvi Varkaus
closure closure
Next step Maxau
Program, closure
EUR 250 million
annual cost
reduction
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12. Comparison of cash production costs
as percentage of sales
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13. Engines
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14. Rethink strategy
• Growth markets
• Renewable
packaging
• Biomaterials
• Competitive paper
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15. Cash engines Growth engines
Printing and Reading Renewable Packaging
Nordic market pulp Plantation based pulp
Low cost base saw milling Building and living
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16. Cash in & out
Restructuring Capex Net cash from operations Inv for future
8%
4%
0%
-4%
-8%
2007-2011% of sales
Jouko Karvinen March 22, 2012 16

17. Cash in & out
Restructuring Capex Net cash from operations Inv for future
12,0%
8,0%
4,0%
0,0%
-4,0%
-8,0%
Biomaterials Building & Renewable Group
Printing &
Living Packaging
Reading
2007-2011% of sales
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18. % of Group 2011
Sales Y-on-Y Sales Growth
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19. % of Group 2011
Net cash from operations Total CAPEX
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20. Self-finance
transformation
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21. Restructuring Capex Net cash from operations Inv for future
1 000
500
0
-500
-1 000
2007 2008 2009 2010 2011
2007-2011 EUR million
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22. Start with
consumer
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23. 1.5 billion
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24. 29 years
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25. Biomaterials
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26. Ecosystems
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27. Jouko Karvinen March 22, 2012 27

28. Build value
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29. Graphic Paper Western Europe
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30. Graphic Paper Western Europe
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31. Shareholder value
Buyer Rest of the market
Average sales price Average sales price
0% 1% 2% 3% 0% 1% 2% 3%
Gained volume
Lost volume
-5% 5%
-10% 10%
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32. Investment for
future and net
cash from
operations 2011
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33. Growth
Operating Capital
2011 20XX
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34. Start with
Ecosystems Build value
consumer
Accelerate what Self-finance
Engines
works transformation
Jouko Karvinen March 22, 2012 34

35. Jouko Karvinen March 22, 2012 35

36. 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.
Jouko Karvinen March 22, 2012 36