Largest shareholders as of 31 March 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 11 844 108 1.9 5.5 2.0 1.7
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 OP-delta Investment Fund FI 0 8 728 826 1.1 447.6 0.4 447.6
9 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3 - 0.3 -
10 The Local Government Pensions Institution FI 0 7 072 754 0.9 80.4 0.3 80.4
11 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
12 The State Pension Fund FI 0 6 000 000 0.8 9.1 0.3 9.1
13 Seventh Swedish National ension Fund SE 0 3 875 000 0.5 n/a 0.2 n/a
14 Special Mutual Fund Avenir FI 0 3 776 809 0.5 n/a 0.2 n/a
15 Lamar Mary (ADRs) US 0 3 600 000 0.5 - 0.2 -
16 AMF Pension Insurance Company SE 0 3 000 000 0.4 -16.7 0.1 -16.7
17 Brothers Molander Foundation SE 200 000 355 600 0.1 - 0.1 -
18 Mutual Insurance Company FI 0 2 132 096 0.3 -12.3 0.1 -12.3
19 Neste Oil Pension Fund FI 140 000 470 601 0.1 - 0.1 -
20 The Government Pension Fund (Norway) FI 0 1 840 050 0.2 5.7 0.1 5.7
Total 20 largest 168 724 864 120 063 891 36.6 75.8

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 (28 February 2009).

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