Largest shareholders as of 30 June 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 18.5 27.2 2.0
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

16 744108

2.6 2.0 2.2 0.8
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 228 184 0.7 1.8 1.6 0.3
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 0.2 0.8 -0.5
8 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3 - 0.3 -
9 The State Pension Fund FI 0 6 500 000 0.8 - 0.3 -
10 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
11 Lamar Mary (ADRs) US 0 3 600 000 0.5 - 0.2 -
12 SEB Investment Management SE 3 526 302 0.4 - 0.1 -
13 Swedbank Robur Funds SE 0 3 306 001 0.4 0.2 0.1 0.2
14 OP-delta Investment Fund FI 0 3 267 419 0.4 -15.5 0.1 -15.5
15 Mutual Insurance Company Etera FI 0 2 400 000 0.3 -1.2 0.1 -1.2
16 Skadia Funds SE 0 2 40389 774 0.3 -0.5 0.1 -0.5
17 Brothers Molander Foundation SE 200 000 355 600 0.1 - 0.1 -
18 Special Mutual Fund Avenir FI 0 2 309 757 0.3 n/a 0.1 n/a
19 Life Insurance Skandia SE 0 2 287 585 0.3 n/a 0.1 n/a
18 The Government Pension Fund (Norway) SE 0 2 070 050 0.3 -1.9 0.1 -1.9
Total 20 largest 168 484 864 116 330 827 36.1 75.6

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 2009).

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