Major Shareholders as of 30 September 2009 

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

17 744 108

2.7 0.5 2.2 0.2
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 228 184 0.7 - 1.6 -
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 - 0.8 -
8 OP-delta Investment Fund FI    0 11 909 551 1.5 31.6 0.5 31.6
9 Bergslaget's Healthcare Foundation SE 626 269     1 609 483 0.3 - 0.3   -
10 The State Pension Fund FI 0 6 500 000 0.8 - 0.3 -
11 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
12 Lamar Mary (ADRs) US 0 3 600 000 0.5 - 0.2 -
13 Swedbank Robur Funds SE 0 3 171 383 0.4 n/a 0.1 n/a
14 SEB Investment Management SE 0 2 743 822 0.3 n/a 0.1 n/a
15 Life Insurance Skandia SE 0 2 637 585 0.3 15.3 0.1 19.9
16 Skandia Funds SE 0 2 617 876 0.3 3.2 0.1 3.2
17 Alfred Berg Finland Investment fund FI 0 2 558 842 0.3 9.7 0.1 6.4
18 Mutual Insurance Company Etera FI 0 2 531 000 0.3 -13.5 0.1 -13.5
19 Suomi Mutual Life Insurance Company FI 0 2 400 000 0.3 2.3 0.1 2.3
20 Brothers Molander Foundation SE 200 000 355 600 0.1 - 0.1 -
  Total 20 largest   168 484 864 126 343 998 37.3   76.0  

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 August 2009).

*) As informed to Stora Enso on 6 February 2009.
**) Entirely owned by the Finnish State