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  >  Option Programmes Option Programmes Option/Synthetic Option Programmes Stora Enso has four option/synthetic option programmes for key personnel. The years of issuance for the options/synthetic options are 1999, 2000, 2001 and 2002. Depending on local circumstances, holders will receive either cash compensation or an option to purchase shares already issued (not new shares). Warrants The management option programme comprises warrants issued in 1997 to members of the senior management. One warrant entitles the holder to subscribe for 3 000 new R shares. Stora Enso North America Option Programme Following the acquisition of Consolidated Papers, Inc. the Board of Directors decided to convert the Consolidated Papers' share option plans into Stora Enso share option plans. The options entitle the holder to either cash compensation or an option to subscribe for shares already issued (not new shares). Option programmes are described in detail in Note 24.
	Option programmes Option Programme Type Year of Issuance Number of Staff Strike Price Number of Options Issued Exercise Period Options Outstanding 2002 Synthetic 2002 1 000 EUR 16.50 5 902 000 8 Feb 2005- 7 Feb 2009 5 902 000 2001 Synthetic 2001 500 EUR 11.70 4 215 000 1 Apr 2004- 31 Mar 2008 4 215 000 2000 Synthetic 2000 200 EUR 12.25 2 800 000 1 Apr 2003- 31 Mar 2007 2 800 000 1999 Synthetic 1999 200 EUR 11.75 2 750 000 15 Jul 2002- 15 Jul 2006 2 750 000 1997 Warrants 1997 15 FIM 45.57 (EUR 7.66) 3 000 000 1 Dec 1998- 31 Mar 2004 864 000 North America Stock options 2000 839 USD 6.9687 (EUR 7.91) 5 680 000 11 Sep 2000- 4 Feb 2010 2 469 984