Deutsche Bank Trust Company Americas Trust and Securities Services Global Equity Services

DEPOSITARY RECEIPTS

Depositary's Notice of Annual General Meeting of Shareholders of Stora Enso Oyj:

Issue: Stora Enso Oyj / CUSIP 86210M106

Meeting Details: Annual General Meeting of Shareholders of Stora Enso Oyj on April 23, 2013 at Marina Congress Center, Katajanokanlaituri 6, Helsinki, Finland – at 4 PM (local time)

Meeting Agenda: The Company's Notice of Meeting is attached

ADS Record Date: February 12, 2013

Voting Deadline: On or before April 9, 2013 at 10:00 AM (New York City time)

Ordinary: ADS ratio 1 Ordinary Series R Share: 1 ADS

Holders of American Depositary Shares (ADSs) representing ordinary Series R Shares of Stora Enso Oyj are hereby notified of an Annual General Meeting of Shareholders of Stora Enso Oyj (the "Company"). A copy of the Notice of Meeting from the Company is attached.

Holders at the close of business of the above-referenced ADS Record Date who held their ADSs through the close of business on April 9, 2013, and who are recorded in the Register of Shareholders of the Company on April 11, 2013, will be entitled to those voting rights as outlined in the Deposit Agreement between Deutsche Bank Trust Company Americas, as depositary ("the Depositary") and the Company (“the Deposit Agreement”), subject to any applicable law, the provisions of the Deposit Agreement, the Company's Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder's ADSs.

Upon the timely receipt of voting instructions from a Holder of ADSs on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit Agreement, the Articles of Association of the Company and the provisions of the Deposited Securities, to register to the Company temporary shareholder register dated April 11, 2013 and to vote, or cause the Custodian to vote, the Deposited Securities represented by ADSs held by such Holder in accordance with such instructions.

Inasmuch as each holder of Shares is entitled to one vote for each ten (10) Shares held and that each holder of Shares is entitled to a minimum of one vote, voting instructions may be given by Holders of ADSs only (i) in respect of even multiples of ten (10) ADSs or (ii) if the Holder holds less than ten (10) ADSs, in respect of one ADS.

Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of, for purposes of establishing a quorum or otherwise the Deposited Securities except pursuant to and in accordance with voting instructions from Holders.

If the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder's ADSs, the Depositary will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have instructed the Depositary to vote in favor of the items set forth in such voting instructions. Deposited Securities represented by ADS for which no specific voting instructions are received by the Depositary from the Holders shall not be voted.

Under Finnish law and the Company's Articles of Association, it is a precondition for exercising any voting rights that a Holder is registered in the Company's register as a shareholder eight business days prior to the date of the meeting (April 11, 2013) and gives notice of his intention to attend the meeting, in person or by power of attorney, not later than a date specified in the notice convening the meeting, which is in this case April 16, 2013 at 12 noon Finnish time. Pursuant to these requirements, Holders will be entitled to instruct the Depositary to request the Custodian to cause the equivalent underlying Shares to be registered in the Finnish Book-Entry Securities System in the name of the Holder and to give notice to the Company of the Holder's intention to attend the meeting and to vote the Shares at such meeting in person or by proxy. Upon receipt of timely instructions to that effect from, and satisfaction of all conditions established by the Depositary for such purposes by, a Holder as of the ADS Record Date, the Depositary shall (i) instruct the Custodian to register the Shares representing such Holder's ADSs in the name of such Holder for the purpose of enabling the Holder to vote the Shares represented by the Holder's ADSs, (ii) provide notice to the Company of such Holder's intent to attend the meeting in person or by power of attorney, (iii) vote, or cause the Custodian to vote, the Deposited Securities in accordance with the instructions of the Holder, (iv) instruct the Custodian to re-register the Shares in the name of the Custodian, the Depositary or their respective nominees upon the conclusion of the meeting, and (v) to the extent the ADSs were immobilized with the Depositary, return the ADSs to the Holder thereof upon receipt of notice of re-registration from the Custodian.

Notwithstanding anything else contained in the Deposit Agreement or this Receipt, the Depositary shall not have any obligation to take any action with respect to any meeting, or solicitation or consents or proxies, of holders of Deposited Securities if the taking of such action would violate U.S. laws. There can be no assurance that Holders generally or any Holder in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

The Depositary and its agent shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith.

For more information, please contact: Deutsche Bank Trust Company Americas Depositary Receipts 1 800 776 9437 (Toll Free) 1 212 250 9100 (Tel) 1 732 544 6346 (Fax)

For more information about Stora Enso please visit the Company's website at: www.storaenso.com/investors

In addition to the Depositary's Notice of Meeting, please find enclosed: Voting Card and Return Envelope Questions and Answers on the Voting Process, including instructions on how to vote Questions and Answers pertaining to items on the agenda and summons for the AGM Stora Enso's Notice of Meeting (Summons of the AGM) Stora Enso Press Release on 2012 Results Introduction of the Stora Enso Board of Directors Stora Enso Key Facts 2012 2

Questions and Answers on How to Vote Your Stora Enso ADRs

How can an ADR holder vote? There are four ways to vote:

1. Through the Internet A registered ADR holder can vote through the Internet as follows:  Access http://www.voteproxy.com  Enter the Voter Control Number on your Voting Card and complete the Voting Instructions provided on the Internet site by the ADR Voting Deadline (April 8, 2013 - 11:59 PM New York City time).

An ADR holder who holds ADSs through a custodian, broker or other agent, in order to vote through the Internet, should refer to other information provided by his/her agent.

2. By Voting Card sent via Mail A registered ADR holder can also vote by completing all the required information on the enclosed Voting Card, signing and dating it and returning the Voting Card by the ADR Voting Deadline (April 9, 2013 - 10:00 AM New York City time) in the enclosed postage paid envelope.

An ADR holder who holds ADSs through a custodian, broker or other agent, may have special instructions from his/her agent.

3. By Telephone Voting If you are a registered ADR holder you can vote over the telephone as follows:  by calling the voting access number 1 800 776 9437(within the United States) and 1 718 921 8500 (outside the United States)

 Enter the Voter Control Number (located on your Voting Card) and complete the Voting Instructions by the Voting Deadline (April 8, 2013 - 11:59 PM New York City time).

An ADR holder who holds ADSs through a custodian, broker or other agent, may have special instructions from his/her agent.

4. Attending Meeting in Person In addition, you may attend the Meeting in Helsinki, Finland in person or by appointing your own representative. An ADR holder can vote in person at the meeting in Helsinki, Finland by temporarily canceling your ADSs and becoming a direct registered shareholder of the Company's Series R shares on the Register of Shareholders of the Company on April 11, 2013 and by notifying the Company of your intention to attend the Meeting by April 16, 2013 at 12 noon Finnish time. If you wish to temporarily cancel your ADSs and attend the meeting in person, please contact Deutsche Bank Trust Company Americas ADR Dept. at 1 212 250 9100 to cancel your ADSs.

By voting through the Internet or on the telephone or by signing and returning the Voting Card, you are:

 Certifying that you are a record holder of ADSs as of the close of business on April 9, 2013 Requesting the Depositary to arrange for the temporary registration of the Deposited Securities represented by your ADSs in your name on the Register of Shareholders of the Company, as the Finnish Record Date of April 11, 2013;  Authorizing and directing the Depositary to disclose your account or Voting Card control number to the Company, and to the Finnish Registrar for the purpose of temporarily recording your name on the Register of Shareholders of the Company.

What happens to incomplete instructions received via the Internet, by Telephone or by Voting Card?

 PLEASE NOTE THAT YOUR INTERNET VOTING INSTRUCTIONS OR TELEPHONE VOTING INSTRUCTIONS OR VOTING CARD WILL NOT BE PROCESSED AND YOUR VOTES WILL NOT BE COUNTED IF YOU DO NOT SIGN (IF APPLICABLE) OR COMPLETE ALL REQUIRED INFORMATION, INCLUDING YOUR NAME, ADDRESS, ACCOUNT NUMBER AND NUMBER OF ADSs HELD AS OF APRIL 9, 2013  The address and account number must be provided for the BENEFICIAL OWNER - the person or entity owning the beneficial interest in the ADSs  If a broker, custodian or other agent signs for his/her client (who is the beneficial owner of the ADSs), such agent must give the name and address of the beneficial owner and provide evidence to the Depositary that it has the full authority to vote on behalf of the beneficial owner of the ADSs. Brokers, custodians or other agents fulfilling these requirements should also complete the “Agent Authorization Form” separately provided by the agent

How can I obtain an Agent Authorization Form? Brokers, custodians, or other agents signing for his/her client must complete an “Agent Authorization Form”. The form can be obtained from Deutsche Bank Trust Company Americas ADRs at 1 212 250 9100 or by accessing the Deutsche Bank Trust Company Americas ADR website at www.adr.db.com, selecting "Stora Enso" from the Company Menu, and clicking on "Company News" from the drop down menu.

If you have any questions or if you need further information, please call Deutsche Bank Trust Company Americas ADRs at 1 800 776 9437 (for registered ADR holders) or 1 212 250 9100 (for brokers). You may also find additional information on the Deutsche Bank Trust Company Americas website which is located at www.adr.db.com.

For more information about Stora Enso, please visit www.storaenso.com/investors

Disclaimer The information contained in this notice regarding the Meeting has been provided by the Company. Deutsche Bank Trust Company Americas is providing the attached notice solely as Depositary and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. Neither this announcement nor the information contained herein, nor the documents provided at the request of the Company constitute an offer or solicitation by Deutsche Bank Trust Company Americas.

Annual General Meeting 2013 Questions and Answers

Questions and Answers for items on agenda and summons for AGM 2013

1. Which accounting principles are used for Stora Enso’s financial statements? A: Stora Enso’s financial statements are prepared in accordance with international financial reporting standards (IFRS). The full-year results are attached to the proxy material. The annual report will be published as a PDF file at www.storaenso.com/annualreport during the week commencing Monday 18 February 2013. The report will also be available at www.db.com.

2. What is the proposed dividend for 2012? A: The proposed dividend for the year 2012 is EUR 0.30 per share. It is in line with Stora Enso’s dividend policy announced at www.storaenso.com/investors.

3. When will the dividend be paid? A: The dividend payable to ADR holders will be forwarded by Deutsche Bank Trust Company Americas and paid in US dollars. The dividend payment shall be made 15 May 2013 onwards. In order to get the distribution the ADR holder should be registered as a shareholder on the dividend record date, 26 April 2013.

4. Why is temporary registration for nominee-registered shareholders needed? A: According to Finnish law only shareholders that on the record date, 11 April 2013, are registered as shareholders in Stora Enso’s shareholder register are entitled to attend and vote at the AGM. Nominee registered shares must be temporarily registered in the shareholder register.

5. What does “discharge of the members of the Board of Directors and the CEO from liability” mean? A: This is one of the standard matters that, according to Finnish law, must be discussed and resolved at each Annual General Meeting. In principle, the resolution provides a release from liability for the Chairman, members of the Board and the CEO, for matters, which occurred within financial year 2012, and are known to Stora Enso or the shareholders when the resolution is presented.

6. Is it possible for ADR holders to vote on members of the Board of Directors by slate? A: No. Nomination Board has made a proposal for the Board of Directors as in attached Summons of the AGM. If an ADR holder (or other shareholder) wants to make a counter proposal he/she must attend the meeting in person. See page 3:4. Attending Meeting in Person.

7. Is it possible for ADR holders to vote on the proposal of membership and number of members comprising the Board of Directors, or remuneration of the Board of Directors? A: Yes. Under items 10, 11 and 12 an ADR holder may either cast a vote to support the proposal made by the Nomination Board, or abstain. ADR holders cannot vote against the proposal, as it is only possible to make counter proposals at the Annual General Meeting. If an ADR holder (or other shareholder) wants to make a counter proposal he/she must attend the meeting in person. See page 3:4. Attending Meeting in Person. The proposal is published in the Notice of Annual General Meeting, which is attached to the proxy material.

8. Is it possible for ADR holders to vote on proposed auditor or auditor remuneration? A: Yes. Under items 13 and 14 an ADR holder may either cast a vote to support the proposal made by the Board of Directors, or abstain. ADR holders cannot vote against the proposal, as it is only possible to make counter proposals at the Annual General Meeting. If an ADR holder (or other shareholder) wants to make a counter proposal he/she must attend the meeting in person. See page 3:4. Attending Meeting in Person. The proposal is published in the Notice of Annual General Meeting, which is attached to the proxy material.

9. Why is the Nomination Board to include representatives of the two largest shareholders? A: The Nomination Board has proposed this composition of the Nomination Board following AGM’s decision last year. The Finnish Corporate Governance Code 2010 recognises that the Companies may have instead of the Nomination Committee that consist of the Board member also a Nomination Board that has been appointed by the shareholders meeting and consist of shareholder representatives. It is proposed that Stora Enso’s Nomination Board shall comprise the Chairman and the Vice Chairman of the Board and two other members appointed by the two largest shareholders according to the register of shareholders as of 30 September.

10. Would the new composition of the Nomination Board follow the common practice among Finnish companies and what are the main differences compared with US practices? A: This is a common practice among Finnish companies, where the Finnish State is a large shareholder or otherwise clearly identified major shareholders. Stora Enso’s second largest shareholder (measured by voting power) Solidium is 100% Finnish State owned. In the USA the Nomination Committee is typically appointed by the Board and consists of independent Board members, whereas in Sweden Nomination Boards typically have shareholder representatives.

11. When is the Chairman of the Board elected? A: The Chairman of the Board is elected in the first meeting of the new Board of Directors after the Annual General Meeting.

12. Why Stora Enso proposes to cancel its treasury shares? Stora Enso is in possession of 918 512 Series R treasury shares (approximately 0.12% of the issued shares) which have been acquired in several occasions on the basis of AGM resolutions in 2006 and before. The Board of Directors does not foresee any reason for the company to possess the treasury shares for the purposes stated in the respective AGM resolutions.

Although a decision to cancel treasury shares according to current legislation would fall under the decision- making power of the Board of Directors, the relevant past AGM resolutions require that the matter be brought to be decided upon by the Shareholders’ Meeting.

As a consequence of the cancellation, the retained earnings and other equity of the Parent Company remain unchanged. As regards the consolidated financial statements, the cancellation of shares will be booked in accordance with International Financial Reporting Standards (IFRS).

After the cancellation of 918 512 Series R shares, the company would not be in possession of treasury shares.

Annual General Meeting 2013 Board of Directors

Current members of the Board of Directors proposed for re-election:

Gunnar Brock Chairman of Stora Enso’s Board of Directors since March 2010. Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders.

Born 1950. M.Sc. (Econ.). Swedish citizen. Member of Stora Enso’s Financial and Audit Committee and Chairman of the Remuneration Committee since March 2010. Member of the Nomination Board. Chairman of the Board of Mölnlycke Healthcare AB and Rolling Optics. Member of the Board of Total SA, Investor AB, SOS-Children’s Villages, Sweden, Stockholm School of Economics, GreenGold Capital AB, Stena AB and Syngenta International AG. Member of the Royal Swedish Academy of Engineering Sciences (IVA). President and CEO of Atlas Copco Group 2002–2009, President of Thule International 2001–2002, President and CEO of Tetra Pak Group 1994–2000, President and CEO of Alfa Laval 1992–1994. Owns 39 362 R shares in Stora Enso.

Juha Rantanen Vice Chairman of Stora Enso’s Board of Directors since March 2010. Member of Stora Enso’s Board of Directors since March 2008. Independent of the Company and the significant shareholders.

Born 1952. M.Sc. (Econ.). Finnish citizen. Member of Stora Enso’s Financial and Audit Committee since March 2010. Member of the Nomination Board. Member of the Board of Crisis Management Initiative – the Ahtisaari Centre, Suomen Messut – Finnexpo, Onvest Oy, Stalatube Oy and Yara International ASA. President and CEO of Outokumpu Group 2005–2011, President and CEO of Ahlstrom Corporation 1998– 2004, CEO of Borealis A/S 1994–1997. Owns 25 338 R shares in Stora Enso.

Hock Goh Member of Stora Enso’s Board of Directors since April 2012. Independent of the Company and the significant shareholders.

Born in 1955. Bachelor’s degree (honours) in Mechanical Engineering. Singaporean citizen. Chairman of the Board of Advent Energy Limited since 2007, an Australian oil and gas exploration company. Operating Partner of Baird Capital Partners Asia 2005–2012. Has held several senior management positions in Schlumberger Limited, the leading oilfield services provider, in 1995–2005. Chairman of the Board of MEC Resources. Member of the Board of Santos Australia, BPH Energy, KS Distribution Pte Ltd and THISS Technologies Pte Ltd. Owns 5 783 R shares in Stora Enso.

Birgitta Kantola Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders.

Born 1948. LL.M., Econ.Dr.H.C. Finnish citizen. Member of Stora Enso’s Financial and Audit Committee since March 2005 and Chair of the Committee since April 2009. Member of the Board of Skandinaviska Enskilda Banken AB (publ) and Nobina AB. Vice President and CFO of International Finance Corporation (World Bank Group), Washington D.C. 1995–2000. Executive Vice President of Nordic Investment Bank 1991–1995. Owns 21 988 R shares in Stora Enso.

Mikael Mäkinen Member of Stora Enso’s Board of Directors since March 2010. Independent of the Company and the significant shareholders.

Born 1956. M.Sc. (Eng.). Finnish citizen. Chairman of the International Chamber of Commerce Finland. Member of the Board of Lemminkainen Corporation and East Office of Finnish Industries Oy. Deputy Member of the Federation of Finnish Technology Industries. President and CEO of Cargotec Oyj from 2006 until 8 October 2012, President of Cargotec Marine from 8 October 2012 onwards. Chairman of the Board of Moving Cargo. Group Vice President, Ship Power, Wärtsilä 1999–2006. Managing Director of Wärtsilä NSD Singapore 1997–1998, Vice President, Marine, Wärtsilä SACM Diesel 1992–1997. Owns 12 676 R shares in Stora Enso.

Hans Stråberg Member of Stora Enso’s Board of Directors since April 2009. Independent of the Company and the significant shareholders.

Born 1957. M.Sc. (Eng.). Swedish citizen. Member of Stora Enso’s Remuneration Committee since March 2010. Chairman of Roxtec AB, Orchid First Holding AB and CTEK First Holding AB. Member of the Board of Investor AB and N Holding AB. President and CEO of AB Electrolux 2002–2010. Several management positions at Electrolux in Sweden and the USA 1983–2002. Owns 15 561 R shares in Stora Enso.

Matti Vuoria Member of Stora Enso’s Board of Directors since March 2005. Independent of the Company and the significant shareholders.

Born 1951. LL.M., B.Sc. (Arts). Finnish citizen. Member of Stora Enso’s Remuneration Committee since March 2005. President and CEO of Varma Mutual Pension Insurance Company. Vice Chairman of the Board of Sampo plc and Wärtsila Oyj Abp. Executive Vice President of Varma Mutual Pension Insurance Company from January 2004 to May 2004. Executive Chairman of the Board of Fortum Corporation 1998– 2003. Secretary General of Ministry of Trade and Industry 1992–1997. Owns 27 488 R shares in Stora Enso.

Marcus Wallenberg Member of Stora Enso’s Board of Directors since December 1998. Independent of the Company.* Born 1956. B.Sc. (Foreign Service). Swedish citizen. Member of Stora’s Board of Directors from March 1998 until the merger with Enso in 1998. Chairman of the Board of Skandinaviska Enskilda Banken AB, AB Electrolux, Saab AB and LKAB. Member of the Board of AstraZeneca PLC, Investor AB, Knut and Alice Wallenberg Foundation and Temasek Holdings Limited. President and CEO of Investor AB 1999– 2005. Vice President of Stora Feldmühle AG, a Stora subsidiary, 1990–1993. Owns 2 541 A and 23 203 R shares in Stora Enso. ------

The independence is evaluated in accordance with Recommendation 15 of the Finnish Corporate Governance Code. The full recommendation can be found at www.cgfinland.fi. A significant shareholder according to the Recommendation is a shareholder that holds more than 10% of all company shares or the votes carried by all the shares or a shareholder that has the right or the obligation to purchase 10% of already issued shares.

* Marcus Wallenberg (member of the investment committee of Foundation Asset Management) is not independent of significant shareholders of the Company. The Board has evaluated that Marcus Wallenberg is independent of the Company despite his 14-year membership of the Board of Directors.

Proposed new members of the Board of Directors:

Elisabeth Fleuriot, M.Sc. (Econ), born 1956, French citizen, has gained extensive management experience through her past positions, including Senior Vice President, Emerging Markets and Regional Vice President, France, Benelux, Russia and Turkey, in Kellogg Company (2001–2012), General Manager, Europe, in Yoplait, Sodiaal Group (1998–2001) and several management positions in Danone Group (1979–1997). She is a member of the Board of Directors of Carlsberg Company.

Anne Brunila, D.Sc. (Econ.), born 1957, Finnish citizen, served as Executive Vice President, Corporate Relations and Strategy and Member of the Management Team of Fortum 2009–2012. Previously she has also served as President and CEO of the Finnish Forest Industries Federation (2006–2009) and has held several positions in the Finnish Ministry of Finance (2002–2006) and the Bank of Finland and the European Commission (2000–2002). Ms Brunila is member of the Board of Sampo Plc, Kone Plc, the Research Institute of the Finnish Economy ETLA and the Finnish Business and Policy Forum EVA. She is Chairman of the Board of the International Chamber of Commerce Finland and Vice Chairman of the Board of Aalto University Foundation.

Ms Fleuriot and Ms Brunila would strengthen and bring substantial experience to the Board of Directors. Both of them are independent of the Company and significant shareholders thereof.

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