The document provides information from Stora Enso's Annual General Meeting held on April 23, 2014. The summary is: 1) Stora Enso reported full year 2013 sales of EUR 10.5 billion and operational EBIT of EUR 578 million. Lower costs improved first quarter 2014 profits year-over-year. 2) The CEO discussed the company's strategy of lowering fixed costs and growing in renewable packaging, pulp, and building materials. 3) The meeting covered topics like adoption of annual accounts, dividend payments, discharge of board members from liability, board remuneration, and appointment of auditors.

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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.

4. Welcome!
Gunnar Brock, Chairman of the Board of Directors

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6. Stora Enso’s Annual General Meeting
23 April 2014

7. Jouko Karvinen, CEO

8. Our performance

9. Full year 2013 results
as reported
Sales EUR 10 544 million
Operational EBIT EUR 578 million
Operational ROCE 7.1%
Cash flow from operations EUR 1 246 million
EPS excl. NRI EUR 0.40
Debt/equity ratio 0.47
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10. Lower costs improved profits
Q1 2014 year-on-year
• Clearly higher Operational EBIT due to lower costs, lower depreciation and
restructuring
– Operational EBIT EUR 182 million or 7.1% (4.4%), increase EUR 64 million
• Nearly all of the original cost reductions of the EUR 200 million programme visible in
the financial results, earlier than anticipated
• Net debt to Operational EBITDA decreased to 2.8 (3.1)
• Operational ROCE 8.6% (5.1%)
10

11. Operational EBIT 54% improvement year-on-year
Lower costs and depreciation
11
MEUR

12. Fixed cost decrease continued
Fixed cost 4 quarter rolling average
12
MEUR

13. Cash
Printing and Reading
Nordic market pulp
Low cost base sawmilling
Growth
Renewable Packaging
Plantation based pulp
Building and Living
13

14. Strategy in action 2013
EUR 1.25 billion cash flow and fixed costs down
Ostrołęka containerboard machine
Montes del Plata Pulp Mill
Inpac Packaging
Bulleh Shah Packaging
Building Solutions
Guangxi Packaging
Sunila Biorefinery
14

15. Bulleh Shah Packaging in Pakistan
Jouko Karvinen, CEO & Ambreen Waheed, Director, Global Responsibility,
Bulleh Shah Packaging

16. Child labour sector distribution
• 67% Agriculture
• 11% Manufacturing
• 22% Others - Including: Glass Bangles, Tanneries, Rag
Picking (waste paper), Ship Breaking, Deep Sea Fishing and
Surgical instruments
Condition of children working
• 70% of children are unpaid labour
• 46% of children work more than 35 hours per
week
• 1/3 of these children are literate
7
12
13
13
14
15
16
0 5 10 15 20
Indonesia
India
Afghanistan
Bangladesh
Pakistan
Sri Lanka
Vietnam
%
Percentage of children working from
age 5 to 14
(Source: UNICEF & ILO 2010)
Child labour realities
16

17. Bulleh Shah domestic fibre supply chain
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Bulleh Shah
Direct Suppliers
Collectors*
Source
*Includes sub-suppliers
Wheat straw: 30 000
tonnes from farms,
30 direct suppliers
Old corrugated containers (OCC) and Old
newspapers (ONP): 64 000 tonnes from
households, shops, institutions, 55 direct suppliers
OCC: 12 000 tonnes directly from own
manufacturing, converters & institutions
Used cartonboard: 2 000 tonnes production
waste, in parts directly and via 1 direct supplier
Used cartonboard: 3 000 tonnes from garbage
and dump sites, 3 direct suppliers

18. • We do not accept child labour
• We are committed to the ILO conventions on child labour
• No child labour in our operations, and we prohibit it in our supplier contracts
• All Bulleh Shah direct suppliers trained and committed to our code of conduct
• Any violation of this commitment leads to 30 day notice and either sustainable
corrective action or termination of contract
We do not accept child labour and work to eliminate it
Any child and his or her family will be supported by us
irrespective of supplier contract or termination
18

19. Actions with sustainable impact
all to be reported quarterly, and externally monitored by SGS
* New biomass boiler starts in 2015, biomass collection in 2014 will be about 100 000t, final volume 250 000t
Fibre Source Actions Done
Used Carton
Board
garbage &
dump sites
• Families identified and support started
• Supplies stopped and rebuilding of an
sustainable supply chain starts
April 20
April 20
Old Corrugated
Containers/
Old Newspapers
households,
shops &
institutions
• All direct suppliers CoC committed
• Supply base audits & corrective action
April 18
Since January
Wheat straw/
Biomass
farms • All suppliers CoC committed
• Biomass collection* starts
• Supply base audits & corrective action
March 30
April (harvesting)
April (harvesting)
19

20. Action
Year 13 14 15 16
Quarter 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Train direct suppliers
Commit direct suppliers
Audit all tiers of supply base
Correct violations
Monitoring by SGS
Train, commit, audit and follow-up – supply base
1 Train direct suppliers and commit them to code of conduct
2 Audit, correction and monitoring cover all tiers of supply
3 Follow-up and correction = 30 day notice for correction or termination of contract
4 Children or vulnerable supported by Bulleh Shah Packaging even if contract terminated
100% signed Code of Conduct
95% of tier 1 recycled fibre audited*
* audit of wheat straw chain possible only now as harvesting starts20

22. • We can simply terminate the risky supply agreements immediately and
import the necessary fibre – then we would have no child labour. As a
concequence thousands of people would lose their livelihood.
OR
• We will do everything we can to help the children taking into consideration
local circumstances – identify the children in our supply chain and support
them to get education
We ask for your support and welcome you to join us in
taking small steps towards a better future for children through
livelihood for their parents and education and health for all.
The choice we must make
22

23. Our messages today on Responsibility
• We do not accept child labour
• But we will not just walk away and let the children down
• We have shown today real results, based on a one year effort
• We will be transparent
• We have started a global external human rights assessment to
be completed 2014
23

24. More transparent Global Responsibility

25. Our Lead Areas
Corner stones of our Global Responsibility strategy
Forests and Land Use Environment and
Efficiency
People and Ethics
25

26. Global Responsibility integrated in all our processes
and strategy
Group Global
Responsibility
Code of Conduct, Business Practise Policies and Ethical Supply Chain
Environmental Performance, Responsible Forestry and Land Use
Occupational Health and Safety, Human and Labour Rights
Renewable packaging Printing and Living Biomaterials

27. Human Rights Assessment 2014
In Dec 2013, our Global Responsibility Council approved a public target to:
• By the end of 2014, perform human rights assessments covering:
– All industrial operations
– All countries where we own or manage forests/plantations/land
• By the end of 2015, to have action plans in place based on results of the
assessments.
• In China we are moving faster and carrying out a thorough human rights
investigation with the Danish Institute for Human Rights
– Results to be published before the end of 2014
27

28. Human Rights Assessment 2014
Overall timeline
• Pre-assessment
information
material
• Training plans
• Pre-assessment
workshops and
trainings
• Finalise external
partners for audits
• Self-assessments
• External audits
• Stakeholder
interviews
• Stakeholder and
human rights risks
mapping
• Internal and
external
communications
Timeline
Project
phase
External assessments in China, Pakistan, South America and Laos follow their
own individual timelines
Scope and plan Build up capacity Act and assess Compile results and
communicate
Q1 Q1 – Q2 Q2 – Q3 Q3 – Q4 & After
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30. Adoption of the annual accounts

31. 31

32. Dividend

33. • The Parent Company distributable shareholders’ equity on 31 December
2013 amounted to EUR 1 329 281 064.43, including the profit for the period
of EUR 37 396 834.18.
• The Board of Directors proposes to the Annual General Meeting of the
Company that it pays to its shareholders a dividend of EUR 0.30 per share,
total of EUR 236 585 996.10
• Record date 28 April 2014
• Payment date 15 May 2014
Dividend
33

35. Discharge of the members of the Board of
Directors and the CEO from liability

37. Nomination Board Report

38. Board remuneration
EUR ’000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Chairman
135 135 135 135 135 135 67.5 135 135 170 170
Vice
Chairman 85 85 85 85 85 85 42.5 85 85 100 100
Member 60 60 60 60 60 60 30 60 60 70 70
In 2013, 40% of the above mentioned annual remuneration was used for
purchasing Stora Enso R shares from the market.

39. Board of Directors
Chairman EUR 170 000
Deputy Chairman EUR 100 000
Members EUR 70 000
The Nomination Board also proposes that the members of the Board of Directors, based on the AGM’s decision, use 40% of the
above mentioned annual remuneration for purchasing Stora Enso R shares from the market and that the purchases will be
carried out within two weeks from the AGM.
In addition, annual remuneration shall be paid to members of the Board Committees as follows:
Financial and Audit Committee
Chairman EUR 20 000
Members EUR 14 000
Remuneration Committee
Chairman EUR 10 000
Members EUR 6 000
Global Responsibility and Ethics Committee
Chairman EUR 7 500
Members EUR 4 000
Remuneration shall be paid only to non-executive Board members.
Annual remuneration
39

40. Composition of the Board of Directors
The Nomination Board proposes to the AGM that the Board of Directors shall
have nine (9) members.
Gunnar Brock
Anne Brunila
Elisabeth Fleuriot
Hock Goh
Birgitta Kantola
Mikael Mäkinen
Juha Rantanen
Hans Stråberg
Richard Nilsson
40

41. Richard Nilsson
• Born 1970, Swedish citizen
• B.Sc. (Business Administration and Economics)
• Investment Manager at Foundation Asset Management (FAM)
• Member of the Board of Directors of Bergvik Skog AB, Boston-Power Inc. and
Cellutech AB
• Earlier positions include:
– pulp & paper research analyst at SEB Enskilda (2000–2008), Alfred
Berg (1995–2000) and Handelsbanken (1994–1995)
41

42. Appointment of Nomination Board
Duties
The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning
(a) the number of members of the Board of Directors
(b) The election of members of the Board of Directors
(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors
(d) the remuneration for the Chairman and members of the committees of the Board of Directors
Members
• The Chairman of the Board of Directors
• The Vice Chairman of the Board of Directors
• Two members appointed by the two largest shareholders (one each)
as of 30 September 2014
Remuneration
• Members of the Nomination Board shall not receive separate compensation.
42

44. Board of Directors
Chairman EUR 170 000
Deputy Chairman EUR 100 000
Members EUR 70 000
The Nomination Board also proposes that 40% of the remuneration be paid in Stora Enso R shares purchased from the market.
In addition, annual remuneration shall be paid to members of the Board Committees as follows:
Financial and Audit Committee
Chairman EUR 20 000
Members EUR 14 000
Remuneration Committee
Chairman EUR 10 000
Members EUR 6 000
Global Responsibility and Ethics Committee
Chairman EUR 7 500
Members EUR 4 000
Remuneration shall be paid only to non-executive Board members.
Annual remuneration
44

46. Number of members in the Board of Directors

48. Composition of the Board of Directors
The Nomination Board proposes to the AGM that the Board of Directors shall
have nine (9) members.
Gunnar Brock
Anne Brunila
Elisabeth Fleuriot
Hock Goh
Birgitta Kantola
Mikael Mäkinen
Juha Rantanen
Hans Stråberg
Richard Nilsson
48

50. Auditor’s fees

52. Election of Auditors
• The Board of Directors proposes to the AGM that Authorised Public
Accountants Deloitte & Touche Oy continue as the statutory auditor of the
Company until the end of the following AGM.
52

54. Appointment of Nomination Board
Duties
The Nomination Board proposes that the AGM appoint a Nomination Board to prepare proposals concerning
(a) the number of members of the Board of Directors
(b) The election of members of the Board of Directors
(c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors
(d) the remuneration for the Chairman and members of the committees of the Board of Directors
Members
• The Chairman of the Board of Directors
• The Vice Chairman of the Board of Directors
• Two members appointed by the two largest shareholders (one each)
as of 30 September 2014
Remuneration
• Members of the Nomination Board shall not receive separate compensation.
54

56. Swedish shareholder association Sveriges
Aktiesparares Riksförbund’s request for a resolution
on a special examination concerning acquisition of
Consolidated Papers

58. Thank You