The bond matures in 2018 and pays a

fixed coupon of 5.00 percent. The issue price was 99.580, equivalent to a yield of

5.096 percent. There are no financial covenants

in the bond.

The bond will be listed on the Luxembourg Stock Exchange. The proceeds of the

offering will be used for general corporate purposes.

Barclays, Citigroup, J.P. Morgan and Nordea acted as joint bookrunners for the

transaction.

“We decided to take advantage of the strong credit market conditions and issued

a bond to strengthen our liquidity further. We continue to manage our maturity

profile proactively,” says Jyrki Tammivuori, Senior Vice President and Group Treasurer, Stora Enso.