North America option programme 

On 18 August 2000 the Board of Directors decided to convert the Consolidated Papers’ stock option plans for personnel (1989 Stock Option Plan and 1998 Incentive Compensation Plan) into stock option plans of Stora Enso. The maximum number of R shares in the form of ADRs that may be subscribed for is 5,680,000. If fully subscribed the share capital will increase by a maximum of EUR 9,656,000. The exercise period is from 11 September 2000 to 14 June 2010 (depending on the date of grant) and the weighted average subscription price is USD 6.9687. The shares represent some 0.6% of the share capital and 0.2% of the voting rights after the exercise of options.