Operations in 2002 Quarterly Data and Key Figures Board Report Consolidated Financial Statements Parent Company Financial Statements Financial Notes Auditors’ Report The Share Corporate Governance

	The Share Share Capital Share Listings and Registers Changes in Share Capital Option Programmes Shareholders Share Price Performance and Volumes Indices Key Share Ratios		Reports 2002  >  Financials 2002  >  The Share  >  Changes in Share Capital Changes in Share Capital Conversion 2002 According to the Articles of Association, holders of Stora Enso A shares may convert these shares into R shares during an annual period determined by the Board of Directors. During the conversion period 16-27 September 2002 a total of 1 691 requests for conversion were made. On the basis of these requests 1 143 700 A shares were converted into R shares. The shares were registered on 3 October 2002. Authorisations for 2002 The Annual General Meeting (AGM) on 19 March 2002 authorised the Board of Directors to repurchase and dispose of not more than 9 100 000 A shares and not more than 35 500 000 R shares in the Company. The number of shares repurchased shall not exceed 5% of the votes or the share capital. The authorisation is valid up to and including 18 March 2003. The Board of Directors currently has no authorisations to issue shares, convertible bonds or bonds with warrants. Share Repurchases and Cancellations The (AGM) on 19 March 2002 decided to lower the Company's share capital by EUR 13 826 100 through the cancellation of 813 200 A shares and 7 319 800 R shares. The shares were repurchased under the authorisation of the AGM 2001. Repurchases under the AGM 2002 authorisation were initiated on 24 May 2002. By 31 December 2002, 85 400 A shares and 25 326 834 R shares had been repurchased, representing 0.9% and 71.3% of the target amounts respectively. The average price paid for the A shares was EUR 11.84 and for the R shares EUR 11.09.
	Changes in Share Capital 1998–2002 No. of A Shares Issued No. of R Shares Issued Total No. of Shares Share Capital (FIM million) Share Capital (EUR million) Enso Oyj, 1 Jan 1998 116 729 125 194 361 705 311 090 830 3 110.9   Conversion of A shares into R shares, 7–11 Sep 1998 -1 357 954 1 357 954       Conversion of STORA A and B shares into Stora Enso Oyj A and R shares, 23 Dec 1998 128 023 484 320 465 375 448 488 859 1 374.0   Stora Enso Oyj, 31 Dec 1998 243 394 655 516 185 034 759 579 689 7 595.8   Conversion of A shares into R shares, 6–24 Sep 1999 -34 443 467 34 443 467       Subscription of new R shares, 26 Oct 1999   30 000 30 000     Stora Enso Oyj, 31 Dec 1999 208 951 188 550 658 501 759 609 689 7 596.1   Subscription of new R shares, 26 Jan 2000   246 000 246 000     Conversion of share capital into euro denomination, 4 May 2000         1 291.8 Share issue (Consolidated Papers, Inc.), new R shares in ADR form, 11 Sep 2000   167 367 577 167 367 577   284.5 Conversion of A shares into R shares, 16–27 Oct 2000 -14 454 732 14 454 732       Stora Enso Oyj, 31 Dec 2000 194 496 456 732 726 810 927 223 266   1 576.3 Subscription of new R shares, 5 Jan 2001   312 000 312 000     Subscription of new R shares, 16 Mar 2001   964 201 964 201     Cancellation of repurchased shares, 9 Apr 2001 -910 600 -22 260 100 -23 170 700   -39.4 Subscription of new R shares, 29 May 2001   228 000 228 000     Subscription of new R shares, 20 Jul 2001   773 522 773 522     Conversion of A shares into R shares, 17–28 Sep 2001 -9 312 271 9 312 271       Subscription of new R shares, 17 Oct 2001   238 287 238 287     Subscription of new R shares, 29 Nov 2001   184 723 184 723     Stora Enso Oyj, 31 Dec 2001 184 273 585 722 479 714 906 753 299   1 541.5 Subscription of new R shares, 10 Jan 2002   1 158 000 1 158 000     Cancellation of repurchased shares, 3 Apr 2002 -813 200 -7 319 800 -8 133 000   -13.8 Conversion of A shares into R shares, 16–27 Sep 2002 -1 143 700 1 143 700       Stora Enso Oyj, 31 Dec 2002 182 316 685 717 461 614 899 778 299   1 529.6 Subscription of new R shares, 9 Jan 2003   3 000 3 000     Stora Enso Oyj, 9 Jan 2003 182 316 685 717 464 614 899 781 299   1 529.6