Major Shareholders as of 31 December 2008 

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 4 500 000 *) 8.6 - 26.7 -
2 Solidium Oy **) FI 55 595 937 41 483 501 12.3 n/a 25.1 n/a
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 11 444 108 1.9 - 1.9 -
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 122 000 0.7 - 1.6 -
7 Erik Johan Ljungberg's Education Fund SE 1 880 540 2 236 224 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 5 500 000 0.7 - 0.2 -
11 Lamar Mary (ADRs) US 0 3 600 000 0.5 - 0.2 -
12 AMF Pension Insurance Company SE 0 3 600 000 0.5 33.3 0.2 33.3
13 OP-delta Investment Fund FI 0 3 411 540 0.4 6.2 0.1 6.2
14 Brothers Molander Foundation SE 200 000 355 600 0.1 - 0.1 -
15 The Local Government Pensions Institution FI 0 1 921 220 0.2 - 0.1 -
16 Neste Oil Pension Fund FI 140 000 470 601 0.1 - 0.1 -
17 The Government Pension Fund (Norway) FI 0 1 670 050 0.2 - 0.1 -
18 Mutual Insurance Company Etera FI 0 1 663 096 0.2 0.4 0.1 0.4
19 Feith Susan A (ADRs) US 0 1 625 243 0.2 - 0.1 -
20 Swedbank Robur Funds SE 0 1 622 986 0.2 -0.3 0.1 -0.3
Total 20 largest 168 724 864 91 752 491   33.0 74.6

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 (30 November 2008).

*) As informed to Stora Enso on 20 November 2007.

**) Entirely owned by the Finnish State