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STORA ENSO OYJ $507,928,000 6.404% Notes Due 2016 and $300,000,000 7.25% Notes Due 2036

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STORA ENSO OYJ $507,928,000 6.404% Notes Due 2016 and $300,000,000 7.25% Notes Due 2036 LISTING MEMORANDUM STORA ENSO OYJ $507,928,000 6.404% Notes due 2016 and $300,000,000 7.25% Notes due 2036 We will pay interest on the 6.404% Notes due 2016 (the “2016 Notes”) and the 7.25% Notes due 2036 (the “2036 Notes,” and together with the 2016 Notes, the “Notes”) on April 15 and October 15 of each year, beginning October 15, 2006. The 2016 Notes will mature on April 15, 2016 and the 2036 Notes will mature on April 15, 2036. We may redeem some or all of the Notes at any time at the redemption prices described in this listing memorandum. We may also redeem all but not some of the Notes in the event of tax law changes requiring payment of additional amounts. 207,938,000 of the 2016 Notes have been issued for cash (the “2016 Cash Notes”) and 299,990,000 have been issued in exchange (the “Exchange Notes”) for part of the $750,000,000 7.375% notes due 2011 having the following ISIN US86210MAA45 (the Existing Notes). The 2016 Cash Notes and the 2036 Notes are together referred to as the “Cash Notes”. This listing memorandum relates to the listing of the 2016 Notes and the 2036 Notes. The aggregate principal amount of the 2016 Notes is $507,928,000 and the aggregate principal amount of the 2036 Notes is $300,000,000. The Notes are unsecured obligations of Stora Enso Oyj and rank equally with our existing and future unsecured and unsubordinated indebtedness. Investing in the Notes involves risks that are described in the “Risk Factors” section beginning on page 6 of this listing memorandum. Listing price: The Notes will be first listed for their nominal value Price of the 2016 Notes: 99.613% plus accrued interest from the date of issuance Price of the 2036 Notes: 98.914% plus accrued interest from the date of issuance The Notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. Unless they are registered, the Notes may not be offered or sold except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act or the securities laws of any other jurisdiction. Accordingly, the Notes are only being offered (i) in the United States, to “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act (“Rule 144A”), or (ii) outside the United States, to persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act (“Regulation S”). For a description of restrictions on resale or transfer of the Notes, see “Transfer Restrictions.” Application has been made to admit the Notes for listing on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF market. The Euro MTF is not a regulated market pursuant to the provisions of Directive 2004/39/EC. The Notes are ready for delivery in book-entry form only through The Depository Trust Company (“DTC”), as depository, for the accounts of its participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear system (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream”), on or about April 13, 2006. Merrill Lynch & Co. Morgan Stanley The date of this listing memorandum is May 26, 2006. TABLE OF CONTENTS SUMMARY ........................................................................... 1 RISKFACTORS........................................................................ 6 USEOFPROCEEDS .................................................................... 13 CAPITALIZATION ..................................................................... 14 SELECTED CONSOLIDATED FINANCIAL INFORMATION .................................. 15 OPERATING AND FINANCIAL REVIEW AND PROSPECTS .................................. 18 DESCRIPTIONOFSTORAENSO......................................................... 44 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES .................................. 78 PRINCIPAL SHAREHOLDERS ........................................................... 93 DESCRIPTIONOFTHENOTES .......................................................... 95 BOOK-ENTRY; DELIVERY AND FORM ................................................... 103 EXCHANGE OFFER .................................................................... 107 TRANSFER RESTRICTIONS ............................................................. 108 TAXATION ........................................................................... 111 PLANOFDISTRIBUTION............................................................... 117 JURISDICTIONAL RESTRICTIONS ....................................................... 120 LEGAL MATTERS ..................................................................... 121 WHEREYOUCANFINDMOREINFORMATION ........................................... 121 GENERALINFORMATION.............................................................. 121 INDEX TO STORA ENSO CONSOLIDATED FINANCIAL STATEMENTS ....................... F-1 THE NOTES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO HOLD THE NOTES AND BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. i CERTAIN INFORMATION WITH REGARD TO THIS LISTING MEMORANDUM In this listing memorandum, the terms “Company,” “we,” “us,” and “our” refer to Stora Enso Oyj or Stora Enso Oyj and its subsidiaries, as the context may require. As used herein, the term “Finnish State” refers to the Republic of Finland. You should rely only on the information contained in this listing memorandum. We have not, and the initial purchasers named under “Plan of Distribution” have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and the initial purchasers are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this listing memorandum is accurate only as of the date on the front cover of this listing memorandum. Our business, financial condition, results of operations and prospects may have changed since that date. We are relying on an exemption from registration under the Securities Act for offers and sales of securities that do not involve a public offering. By purchasing Notes, you will be deemed to have made the acknowledgments, representations, warranties and agreements described under the heading “Transfer Restrictions” in this listing memorandum. You should understand that you will be required to bear the financial risks of your investment for an indefinite period of time. We accept responsibility for the information contained in this listing memorandum, which is based on information provided by us and by other sources that we believe are reliable. To the best of our knowledge, the information in this listing memorandum is accurate in all material respects and is not misleading and contains no omissions likely to affect the import of this listing memorandum. We cannot assure you, however, that this information is accurate or complete. This listing memorandum summarizes certain documents and other information and we refer you to them for a more complete understanding of what we discuss in this listing memorandum . In making an investment decision, you must rely on your own examination of our company and the terms of the offering and the Notes, including the merits and risks involved. We are not making any representation to any purchaser of the Notes regarding the legality of an investment in the Notes by such purchaser under any legal investment or similar laws or regulations. You should not consider any information in this listing memorandum to be legal, business or tax advice. You should consult your own attorney, business advisor and tax advisor for legal, business and tax advice regarding an investment in the Notes. You should contact the initial purchasers with any questions about this offering or if you require additional information to verify the information contained in this listing memorandum. Neither the U.S. Securities and Exchange Commission (the “Commission”orthe“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this listing memorandum is truthful or complete. Any representation to the contrary is a criminal offense. ii PRESENTATION OF FINANCIAL INFORMATION We publish our consolidated financial statements in euro. As used in this listing memorandum: •“euro”or“€” means the common currency of those member states of the European Union (“EU”) participating in the European Union’s Economic and Monetary Union; •“U.S. dollar”or“$” means the lawful currency of the United States of America; •“Swedish krona,” “Swedish kronor”or“SEK” means the lawful currency of the Kingdom of Sweden; •“British pound sterling”or“GBP” means the lawful currency of the United Kingdom of Great Britain and Northern Ireland; and •“Canadian dollar” means the lawful currency of Canada. Solely for the convenience of the reader, certain euro amounts as of and for the year ended December 31, 2005 have been translated into U.S. dollars at the rate of $1.00 = €0.8445, the noon buying rate in New York City for cable transfers in foreign
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