Q&A 

Why convert A shares into R shares?

There are at least the following three reasons why a shareholder may wish to convert A shares into R shares. First, the R shares are more heavily traded on the stock markets. Second, the share price has sometimes been higher for R shares than A shares. Third, it might be an advantage for a shareholder that owns both A and R shares to combine the holdings into one share series, for example cost savings from reduced deposit fees.

What are the effects of conversion?

The conversion ratio is 1:1, thus the number of shares held and the right to dividends will remain unchanged, whereas the shareholder's total number of votes will decrease. Stora Enso is not aware of any tax consequences resulting from converting A shares into R shares.

Costs of conversion?

An account operator/custodian is entitled to charge a fee for the conversion in accordance with the applicable fee schedule as agreed between the account operator/custodian and the shareholder. Shareholders are advised to check the applicable fees in advance with their own account operator/custodian. In Sweden there are no fees applicable for shareholders holding the shares in a VP account.

How are the series A shares converted?

A conversion request must be made in writing using the enclosed conversion request forms. The forms for APK-registered shareholders are available in Finnish, Swedish and English and for VPC-registered shareholders in Swedish and English. The forms are also available in Finland at Nordea Bank's asset management branches and in Sweden at Nordea Bank's branch offices. Fax, telephone or e-mail instructions cannot be accepted.

How to cancel a conversion request?

The request for the conversion may be cancelled at any time until the conversion is entered in the Finnish Trade Register. In Sweden the cancellation must be given before the A shares are transferred from VPC to Finland. The request for cancellation must be submitted in writing and by giving the same information as was given in the conversion request. The cancellation must be delivered in the same way as the conversion request. After the cancellation, the restriction of transfer will be removed from the shareholder’s book-entry account.