Stora Enso shares subscribed under Enso Oy's management options scheme

12/30/1999 8:33 AM EST

STORA ENSO SHARES SUBSCRIBED UNDER ENSO OY'S MANAGEMENT OPTIONS SCHEME

A total of 246,000 new Stora Enso Oyj Series R shares have been subscribed
under the bond with warrants issue of 10 April 1997, approval for which
was given at Enso Oy's Annual General Meeting on 7 April 1997. As a
result, the company's share capital will increase by FIM 2,460,000. The
new shares will be entered in the Trade Register in January. Stora Enso
Oyj's new share capital will then be FIM 7,598,556,890 and the number of
shares 759,855,689, comprising 208,951,188 Series A shares and 550,904,501
Series R shares. Previously a total of 30,000 shares were subscribed under
the issue concerned.

The FIM 1 million warrant bond issue offered to directors of the Enso
Group was fully subscribed. Each of the 1,000 bonds, which have a nominal
value of FIM 1,000, carries one warrant. Each warrant entitles the holder
to subscribe 3,000 Series R shares, nominal value FIM 10, at a
subscription price of FIM 45.57. The subscription period is 1 December
1998 to 31 March 2004, during which time a maximum of 3,000,000 new Stora
Enso Oyj Series R shares may be subscribed, providing for an increase in
the company's share capital of FIM 30,000,000.