Stora Enso has decided to commence a feasibility study for an integrated pulp and paper mill in the Nizhny Novgorod region in Russia, as the findings of the recently completed pre-feasibility study begun in July 2007 supported continuation of the process at this point. The feasibility study, which is expected to be completed by April 2009, will evaluate the profitability of the project to manufacture paper for Russian consumers from Russian wood in Russia.

　　If the results of the feasibility study are favourable, preconditions are met and the necessary permits are obtained, the Stora Enso Board of Directors then considers the final decision on implementation.

　　For further information, please contact:

　　Hannu Ryöppönen, Deputy CEO and CFO, tel. +358 2046 21450
　　Kari Vainio, EVP, Corporate Communications, tel. +44 7799 348 197
　　Keith Russell, SVP, Investor Relations, tel. +44 7775 788 659
　　Ulla Paajanen-Sainio, VP, Investor Relations and Financial Communications, tel. +358 2046 21242

　　Previous press releases concerning Stora Enso’s recent major projects in Russia are available at www.storaenso.com/press

　　• 17 July 2007: Stora Enso starts pre-feasibility study for a world-class pulp and paper mill in Russia
　　• 20 December 2007: Stora Enso signs letter of intent concerning possible pulp and paper mill in Russia