Major Shareholders as of 31 March 2010  

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

14 994 108

2.3 -6.9 2.1 -2.7
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 348 184 0.8 - 1.6 -
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 - 0.8 -
8 Bergslaget's Healthcare Foundation SE    626 269   1 609 483 0.3 - 0.3 -
9 BNP Paribas Arbitrage FI   0 7 199 379 0.9 n/a 0.3   n/a
10 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
11 OP-delta Investment Fund FI 0 5 589 455 0.7 -16.8 0.2 -16.8
12 The State Pension Fund FI 0 5 500 000 0.7 -8.3 0.2 -8.3
13 SEB Investment Management SE 0 4 462 197 0.6 59.7 0.2 59.7
14 Etera Mutual Pension Insurance Company FI 0 3 918 682 0.5 n/a 0.2 n/a
15 Lamar Mary (ADRs) US 0 3 400 000 0.4 - 0.1 -
16

The Local Government Pensions Institution

FI 0 3 167 438 0.4 n/a 0.1 n/a
17 Catella Capital SE  0 2 758 072 0.3 n/a 0.1 n/a
18

Special Investment Fund Avenir

FI 0 2 663 626 0.3 16.9 0.1

16.9

19

Life Insurance Skandia

SE 0 2 637 585 0.3 - 0.1 -
20

Swedbank Robur Funds

SE 0 2 412 769 0.3 -39.3 0.1 -39.3
  Total 20 largest   168 284 864 126 397 542 37.3   75.9  

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 2010).

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