2015 capital markets day presentation by jari latvanen

1. The renewable materials company
Jari Latvanen
Executive Vice President, Head of Division Consumer Board
The renewable materials company
• Solid track record from food industry
– Chief Executive Officer, Findus Nordic 2010-2014
• Awarded with the Swedish Food Prize 2013 for
managing the infamous horse meat scandal and acting
as a whistle blower, White Guide award, Taste
Developer of the Year 2013
– Various leadership positions within Nestlé e.g. Managing
Director, Nestlé Czech Republic and Slovakia, Assistant
Vice President, Zone Europe Nestlé, HQ Switzerland,
Managing Director Nestlé Sweden, Marketing Director
Nestlé Nordics
• Brings unique understanding of consumers and retailers
from working with strong brands in the food industry
• Strategic leader and food industry specialist leading
innovative and interactive organization's focusing on active
consumer based marketing

2. London, 28 May 2015
Jari Latvanen
EVP Stora Enso Consumer Board
Division Consumer Board
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 companyStora Enso Capital Markets Day, 28 May 2015
Disclaimer

4. The renewable materials company
A broad range of solutions to fit customer demands
High quality board for premium segments
The renewable materials company
Liquid Packaging Food Service Board General Packaging Cigarette Graphical

5. The renewable materials company
A broad range of solutions to fit customer demands
High quality board for premium segments
The renewable materials company
Liquid Packaging Food Service Board General Packaging Cigarette Graphical
Chocolate and
confectionary
Cosmetics and
luxury
Pharmaceuticals Food packaging Drinks, wines and
spirits

6. The renewable materials company
Versatile and competitive range of boards
Strong brands supporting demanding end-uses
The renewable materials company
SBS
Solid Bleached
Sulphate
SUB
Solid
Unbleached
Board
FBB
Folding
Boxboard
WLC
White Lined
Chipboard
Cupstock
LPB
Liquid
Packaging
Board
Our products
Our brands

7. The renewable materials company
Consumers benefit from packaging
But also believe packaging is excessive, expensive
and bad for the environment
The renewable materials company
The modern consumer
• Responsible
• Convenient and stress-free
• Zero tolerance
• Digital adoption
• It’s all about information

8. The renewable materials company
Packaging sells!
Good packaging strengthens brand identity and
increase consumer satisfaction
The renewable materials company
Stora Enso Ensocoat™
64%of consumers say the brand
is important when
purchasing products used
on a regular basis
Source: Stora Enso Consumer Board consumer survey 2014

9. The renewable materials company
Packaging sells!
Good packaging strengthens brand identity and
increase consumer satisfaction
The renewable materials company
33%of consumers have
purchased a new product
due to the packaging
Source: Stora Enso Consumer Board consumer survey 2014
Stora Enso Ensocoat™

10. 9751
10175
11552
2000 2013 2020
9761
9069
9307
2000 2013 2020
1592
2644
3261
2000 2013 2020
The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
7611
10507
12992
2000 2013 2020
5166
13824
181572000 2013 2020
434
608
760
2000 2013 2020
Latin America North America Europe Rest of AsiaChina Africa
Source: Pöyry Management Consulting

11. The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
Source: Pöyry Management Consulting
SBS 0.3%
WLC 0.3%
LPB -0.7%
SBS 1.7%
LPB 1.6%
WLC 1.5%
CUK 2.8%
FBB 2.4%
SBS 1.9%
WLC 2.6% LPB 3.1%
WLC 2.8%
Latin America North America Europe China Rest of Asia Africa
3.0% 0.4% 1.8% 3.3%4.0% 3.1%3.0% 0.4% 1.8% 4.0% 3.1% 3.3%

12. The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
LPB 7.8%
FSB 7.6%
FBB 7.4%
CUK 6.3%
SBS 4.3%
Above region average
Source: Pöyry Management Consulting
SBS 0.3%
WLC 0.3%
LPB -0.7%
SBS 1.7%
LPB 1.6%
WLC 1.5%
CUK 2.8%
FBB 2.4%
SBS 1.9%
WLC 2.6% LPB 3.1%
WLC 2.8%
Latin America North America Europe China Rest of Asia Africa
Below region average
3.0% 0.4% 1.8% 3.3%4.0% 3.1%3.0% 0.4% 1.8% 4.0% 3.1% 3.3%

13. The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
FSB 3.2%
FBB 3.0%
CUK 1.8%
LPB 7.8%
FSB 7.6%
FBB 7.4%
CUK 6.3%
SBS 4.3%
Above region average
Source: Pöyry Management Consulting
SBS 0.3%
WLC 0.3%
LPB -0.7%
SBS 1.7%
LPB 1.6%
WLC 1.5%
CUK 2.8%
FBB 2.4%
SBS 1.9%
WLC 2.6% LPB 3.1%
WLC 2.8%
Latin America North America Europe China Rest of Asia Africa
Below region average
3.0% 0.4% 1.8% 3.3%4.0% 3.1%3.0% 0.4% 1.8% 4.0% 3.1% 3.3%

14. The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
FBB 1.5%
FSB 1.5%
CUK 0.5%
FSB 3.2%
FBB 3.0%
CUK 1.8%
LPB 7.8%
FSB 7.6%
FBB 7.4%
CUK 6.3%
SBS 4.3%
Above region average
Source: Pöyry Management Consulting
SBS 0.3%
WLC 0.3%
LPB -0.7%
SBS 1.7%
LPB 1.6%
WLC 1.5%
CUK 2.8%
FBB 2.4%
SBS 1.9%
WLC 2.6% LPB 3.1%
WLC 2.8%
Latin America North America Europe China Rest of Asia Africa
Below region average
3.0% 0.4% 1.8% 3.3%4.0% 3.1%3.0% 0.4% 1.8% 4.0% 3.1% 3.3%

15. The renewable materials company
The global consumer board market is growing
Growth of 9 million tonnes expected 2013-2020
The renewable materials company
FBB 1.5%
FSB 1.5%
CUK 0.5%
FBB 5.0%
CUK 4.2%
WLC 4.1%
FSB 4.0%
LPB 3.6%
SBS 3.4%
FSB 3.2%
FBB 3.0%
CUK 1.8%
LPB 3.9%
FSB 3.8%
WLC 3.6%
LPB 7.8%
FSB 7.6%
FBB 7.4%
CUK 6.3%
SBS 4.3%
FBB 5.7%
FSB 4.5%
CUK 3.2%
SBS 3.2%
Above region average
Source: Pöyry Management Consulting
SBS 0.3%
WLC 0.3%
LPB -0.7%
SBS 1.7%
LPB 1.6%
WLC 1.5%
CUK 2.8%
FBB 2.4%
SBS 1.9%
WLC 2.6% LPB 3.1%
WLC 2.8%
Latin America North America Europe China Rest of Asia Africa
Below region average
3.0% 0.4% 1.8% 3.3%4.0% 3.1%3.0% 0.4% 1.8% 4.0% 3.1% 3.3%

16. The renewable materials company
Huge opportunities in expanding our coverage
Our potential market is much higher than current
board packaging demands
The renewable materials company
Source: SmithersPIRA
2008 2009 2010 2011 2012 2013
Board
Other
packaging
materials

17. The renewable materials company
Huge opportunities in expanding our coverage
Our potential market is much higher than current
board packaging demands
The renewable materials company
2008 2009 2010 2011 2012 2013
Board
Other
packaging
materials
Future
Source: SmithersPIRA…

18. The renewable materials company
Board’s merits compared to other materials
Consumers prefer board
The renewable materials company
70
62 61
47 46 43
Paperboard
Glass
Wood
Metal
Aluminium
Plastic
55%
19
10 8 4 3 2
Paperboard
Glass
Plastic
Wood
Dontknow
Aluminium
Metal
Source: Stora Enso Consumer Board consumer survey 2014
“What is your attitude
towards the following
packaging materials?”
“Which type of packaging do
you think is the most
environmentally friendly?
% positive
Consumer appeal Premium perception
Stora Enso Ensocoat 2S

19. The renewable materials company
Board’s merits compared to other materials
We are aiming for a 100% renewable packaging
The renewable materials company
Renewable & Recyclable Sustainable
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
50
100
150
200
250
300
350
400
450
1998 2000 2002 2004 2006 2008 2010 2012
Beverage carton recycling (EU28+CH+NO)
Volume (tonnes)
Source: ACE

20. The renewable materials company
A focused strategy for growth
Finding growth in a demanding business environment
The renewable materials company
Consistent quality
Right price
Good service
Efficient supply chain
Global responsibility
License to operate

21. The renewable materials company
A focused strategy for growth
Finding growth in a demanding business environment
The renewable materials company
Customer focused portfolio
Strong brands and top quality
Innovation and R&D
Marketing and Communication
Consistent quality
Right price
Good service
Efficient supply chain
Global responsibility
Premium offering
License to operate

22. The renewable materials company
A focused strategy for growth
Finding growth in a demanding business environment
The renewable materials company
Consumer foresight
Full value chain understanding
Service offering to brand owners
Customer focused portfolio
Strong brands and top quality
Innovation and R&D
Marketing and Communication
Consistent quality
Right price
Good service
Efficient supply chain
Global responsibility
Partner-
ship offering
Premium offering
License to operate

23. The renewable materials company
Our strengths
We focus on adding value to our customers
The renewable materials company
• Renewable Solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D

24. The renewable materials company
Our strengths
We focus on adding value to our customers
The renewable materials company
“The Brand Tracking Survey – Cartonboard for consumer packaging 2014” defines and ranks the most valuable virgin fibre
cartonboard brands in Western Europe according to consumer goods brand owners. The Opticom Brand Equity Index, takes
into account both awareness of and satisfaction with the brand. Satisfaction encompasses quality and service associations,
perceived brand performance as well as loyalty towards the cartonboard brand.
No.1
“Stora Enso Tambrite most valuable cartonboard
brand among European brand owners.”
• Renewable Solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D

25. The renewable materials company
Our strengths
Global products, local contacts
The renewable materials company
Countries where Stora Enso Consumer Board has sales
Stora Enso Consumer Board mills
• Renewable Solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D

26. The renewable materials company
Our strengths
Global products, local contacts
The renewable materials company
Countries where Stora Enso Consumer Board has sales
Stora Enso Consumer Board mills
• Renewable Solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D

27. The renewable materials company
Investing in China part of the winning strategy
Capitalising on our strategic board grades
The renewable materials company
* Source: Pöyry Management Consulting
0
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
18 000
20 000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Cartonboard demand in China 2000-2020
CAGR
6.5%
• Continued good demand for virgin
fibre board in China
• Strengthen leading global LPB
position
• Asian production base

28. The renewable materials company
Our strengths
Investing for top quality and competitiveness
The renewable materials company
• Renewable solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D

29. The renewable materials company
Our strengths
Thinking out of the box mentality
The renewable materials company
Stora Enso CKB
• Renewable solutions
• Customer focus
• Global coverage
• Competitive assets
• Exciting Innovation and R&D
Photo courtesy by Hörauf

30. Best-in-class margins
The renewable materials company
2 223 2 209 2 241 2 297
2011 2012 2013 2014
Sales
16,5%
15,4%
16,1%
19,1%
2011 2012 2013 2014
EBITDA margin
15,8%
13,6%
14,4%
17,8%
2011 2012 2013 2014
ROOC

31. Focus on costs and working capital
The renewable materials company
Fixed costs
80
85
90
95
100
105
2011 2012 2013 2014
100
101
97
Variable costs per tonne
80
85
90
95
100
105
2011 2012 2013 2014
99
97
94
OWC/sales
80
85
90
95
100
105
2011 2012 2013 2014
100
89
85
Index 2010=100 Index 2010=100 Index 2010=100
100 100
95

32. Building the future Consumer Board
The renewable materials company
FOCUSED CUSTOMER BASED STRATEGY
STRONG FINANCIAL PERFORMANCE
CONSUMER DRIVEN INNOVATIONS

33. World of packaging