Major Shareholders as of 30 June 2008 

Please note that the following list has been compiled by the company, based upon shareholder information from Arvopaperikeskus and VPC 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 4 500 000* 8.6 - 26.7 -
2 Finnish State FI 55 595 937 41 483 501 12.3 - 25.0 -
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 9 452 421 1.6 -6.5 1.9 -2.0
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 122 000 0.7 0.3 1.6 0.5
7 Erik Johan Ljungberg's Education Fund SE 1 880 540 2 331 804 0.5 - 0.9 -
8 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3 - 0.3 -
9 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
10 The State Pension Fund FI 0 5 300 000 0.7 - 0.2 -
11 OP-delta Investment Fund FI 0 4 041 540 0.5 94.1 0.2 94.1
12 Lamar Mary (ADRs) US 0 3 600 000 0.5 -5.3 0.2 -5.3
13 Mutual Insurance Company Etera FI 0 2 775 000 0.4 -21.8 0.1 -21.8
14 Foundation for Knowledge and Competence Development SE 250 000 100 000 0.0 - 0.1 -
15 Brothers Molander Foundation SE 200 000 355 600 0.1 5.7 0.1 1.3
16 Mutual Insurance Company Pension-Fennia FI 0 2 300 000 0.3 -26.1 0.1 -26.1
17 The Local Government Pensions Institution FI 0

2 102 792

0.3 n/a 0.1 n/a
18 Neste Oil Pension Fund FI 140 000 465 601 0.1 - 0.1 -
19 Feith Susan A (ADRs) US 0 1 625 243 0.2 - 0.1 -
20 Mead George W (ADRs) US 0 1 328 106 0.2 - 0.1 -
  Total 20 largest   168 954 864 88 409 930 32.6   74.5  

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 2008).

*) As informed to Stora Enso on 20 November.