In accordance with the Articles of Association, the minimum share capital of Stora Enso Oyj (hereafter “Company” or “Stora Enso”) is EUR 850 million and the maximum EUR 3 400 million within which limits the share capital may be increased or decreased without amending the Articles of Association. The nominal value of the shares is EUR 1.70 per share. On 31 December 2004 the Company’s fully paid-up share capital entered in the Finnish Trade Register was EUR 1 423.3 million. In December 2004, 114 series A shares were converted into series R shares. These shares were registered in the Finnish Trade Register on 17 January 2005.

Shares and Voting Rights

The Company’s shares are divided into series A and series R shares. All shares carry equal rights to dividend but different voting rights. At a shareholders’ meeting, each A share and each ten R shares carry one vote. However, each shareholder has at least one vote. On 31 December 2004 the total number of shares was 837 243 399 and the number of votes 244 868 011.