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Stora Enso Oyj: Stora Enso's Nordic forest associates change the fair value of forest assets


Stora Enso's equity accounted investments Tornator Oyj in Finland and
Bergvik Skog AB in Sweden increase the IFRS fair value of their
biological assets, i.e. growing trees. Stora Enso's shares of the
increases are approximately EUR 87 million for Tornator and
approximately SEK 490 million (EUR 50 million) for Bergvik Skog,
totalling EUR 137 million, subject to normal year end verification.
After taking into account the SEK/EUR related translation loss of EUR
164 million, the impact on Stora Enso's IFRS operating profit in the
fourth quarter of 2016 will be approximately EUR 27 million negative,
subject to year-end exchange rates. The change will not have any
impact on Stora Enso's operational EBIT, and it will not be
classified as an item affecting comparability (IAC).

Stora Enso's share of the fair value of the biological assets is
expected to be approximately EUR 515 million in Tornator and SEK 22
516 million (EUR 2 282 million) in Bergvik Skog. In the end of 2015,
the respective values were EUR 428 million for Tornator and EUR 2 397
million for Bergvik Skog.

The change in Tornator's fair value is due to an increase in felling
plan and a decrease in the discount rate. As for Bergvik Skog, the
change is due to a decrease in discount rate, an adjustment to the
price curve, and a correction in the model from last year.

Stora Enso's shareholding in Tornator Oyj is 41% and in Bergvik Skog
AB 49%.

For further information, please contact:

Ulla Paajanen-Sainio, SVP, Investor Relations, tel. +358 40 763 8767

Stora Enso is a leading provider of renewable solutions in packaging,
biomaterials, wooden constructions and paper on global markets. Our
aim is to replace fossil based materials by innovating and developing
new products and services based on wood and other renewable
materials. We employ some 26 000 people in more than 35 countries,
and our sales in 2015 were EUR 10.0 billion. Stora Enso shares are
listed on Nasdaq Helsinki (STEAV, STERV) and Nasdaq Stockholm (STE A,
STE R). In addition, the shares are traded in the USA as ADRs (SEOAY)
on the International OTCQX over-the-counter market.


For further information, please contact:
Ulla Paajanen-Sainio
SVP, Investor Relations
tel. +358 40 763 8767


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