Stora Enso divests its North American paper operations to NewPage

Stora Enso has signed an agreement to sell Stora Enso North America (SENA), its North American subsidiary, to NewPage Holding Corporation, a leading North American coated paper producer. The combined company will be called NewPage.

The transaction value is approximately USD 2 520 million (EUR 1 816 million) and consists of USD 1 500 million (EUR 1 080 million) in cash, USD 200 million (EUR 144 million) in vendor notes and 19.9% of the shares in the new company valued at approximately USD 370 million (EUR 267 million). NewPage will also assume net liabilities of about USD 450 million (EUR 324 million). The transaction is expected to be finalised during the first quarter of 2008, subject to customary regulatory approvals.

The divestment is not expected to have any material impact on the annual operating profit of the Stora Enso Group as the North American businesses being divested are currently about breakeven at the operating profit level. The divestment will simplify Stora Enso's Group structure and strengthen their focus on Europe and their growth markets.

The combined annual sales in 2006 of NewPage and SENA were approximately USD 4 300 million (EUR 3 099 million) and their combined EBITDA USD 525 million (EUR 378 million). The new company will consist of 12 paper mills with estimated production capacity of 4 754 000 tonnes. NewPage's headquarters is in Miamisburg, Ohio. Stora Enso will maintain and interest (19.9%).

As part of the transaction, Stora Enso will divest eight publication, fine paper and speciality paper mills which will reduce the Group's annual production capacity by 2 745 000 tonnes and the number of personnel by about 4 350. The divested mills include Biron, Duluth, Kimberly, Niagara, Port Hawkesbury, Stevens Point, Whiting and the Wisconsin Rapids mills.

Stora Enso will retain Corenso's North American operations. Corenso produces cores and coreboard for industrial use in various fields of business.

Further details can be found at:

www.storaenso.com

www.storaenso.com/investors

About NewPage Corporation

NewPage Corporation, with headquarters Miamisburg, Ohio, is a leading US producer of coated papers in North America. The company produces coated papers in sheets and rolls with many finishes and weights. With more than 4 300 employees, NewPage operates integrated pulp and paper manufacturing mills Escanaba, Michigan; Luke, Maryland; Rumford, Maine; and Wickliffe, Kentucky; and a converting and distribution centre in Chillicothe, Ohio.