Dividend policy

The current policy is to distribute half of the net profit over the cycle to shareholders as dividend. The proposed dividend for year 2004 is EUR 0.45.

Combined shareholder value of dividend and share buy-backs

Stora Enso aims to keep the dividend unchanged and to continue buying back its own shares. The Annual General Meeting on 18 March 2004 approved the share buy-back programme under Finnish legislation. By the end of 2004 the Company had purchased 45.5% of the authorisation for R shares.