Option programme (1999) 

The plan is an integrated part of the top management compensation structure. Participation and terms of future plans will be decided each year. The 1999 plan comprises synthetic options. The seven-year options may be exercised between 15 July 2002 and 15 July 2006 entitling the participant to cash compensation in the form of the difference between the strike price and the prevailing share price. The strike price is EUR 11.75 based on the average Series R share price from May through July plus a premium of 10%. In an attempt to minimise the cost of the option plan, Stora Enso has entered into a financial derivative agreement. Since these options are synthetic, there is no dilution on outstanding shares. The options are not transferable and expire if the employee leaves the Group.