Major shareholders as of 30 June 2010 

Please note that the following list has been compiled by the company, based upon shareholder information from Euroclear Finland Oy and Euroclear Sweden AB share registers and a database managed by Deutsche Bank Trust Company Americas (as the company's ADR agent bank). This information includes only direct registered holdings, thus certain holdings (which may be substantial) of ordinary shares and ADRs held in nominee or brokerage accounts can not be included. The list is therefore incomplete.

By voting power A share R share % of shares Change % of shares % of votes Change % of votes
1 Foundation Asset Management SE 63 123 386 17 000 000* 10.1 - 27.2 -
2 Solidium Oy** FI 55 595 937 41 483 501  12.3 - 25.1 -
3 Social Insurance Institution of Finland FI 23 825 086 2 775 965 3.4 - 10.1 -
4 Varma Mutual Pension Insurance Company FI 15 572 117 140 874 2.0 - 6.5 -
5 Ilmarinen Mutual Pension Insurance Company FI 3 492 740

20 794 108

3.1 1.6 2.3 0.7
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 348 184 0.8 - 1.6 -
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 - 0.8 -
8 BNP Paribas Arbitrage FI 0 8 614 402 1.1 12.2 0.4 12.2
9 Bergslaget's Healthcare Foundation SE    626 269   1 609 483 0.3 - 0.3 -
10 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
11 The State Pension Fund FI 0 5 500 000 0.7 - 0.2 -
12 SEB Investment Management SE 0 5 026 597 0.6 -2.4 0.2 -2.4
13 OP-delta Investment Fund FI 0 4 989 455 0.6 -5.7 0.2 -5.7
14

Etera Mutual Pension Insurance Company

FI 0 4 000 000 0.5 51.5 0.2 51.5
15

Lamar Mary (ADRs)

US 0 3 400 000 0.4 - 0.1 -
16 Swedbank Robur Funds SE 0 2 674 054 0.3 -3.1 0.1 -3.1
17

Life Insurance Skandia

SE 0 2 621 835 0.3 -1.0 0.1 -0.1
18 Gyllenberg Finlandia Investment Fund FI 0 2 530 500 0.3 -6.5 0.1 -6.5
19 Mutual Insurance Company Pension Fennia FI 0 2 366 300 0.3 n/a 0.1 n/a
20

Mandatum Life Insurance Company

FI 0 2 330 000 0.3 -17.7 0.1 -17.7
  Total 20 largest   168 284 864 132 541 482 38.1   76.2  

The change % of shares and votes refers to the percentual change in the number of shares owned or the number of votes, compared to the previous month (31 May 2010).

*) As informed to Stora Enso on 14 January 2010.
**) Entirely owned by the Finnish State