Major Shareholders as of 31 December 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 - 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

15 344 108

2.4 1.8 2.1 0.7
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 650 000 2 228 184 0.7 - 1.6 -
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 - 0.8 -
8 OP-delta Investment Fund FI    0 9 999 856 1.3 -11.6 0.4 -11.6
9 Bergslaget's Healthcare Foundation SE 626 269     1 609 483 0.3 - 0.3   -
10 The State Pension Fund FI 0 6 500 000 0.8 - 0.3 -
11 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
12 Swedbank Robur Funds SE 0 3 945 230 0.5 -0.1 0.2 -0.1
13 Lamar Mary (ADRs) US 0 3 600 000 0.5 - 0.2 -
14 Mutual Insurance Company Etera FI 0 3 392 914 0.4 42.9 0.1 42.9
15 SEB Investment Management SE 0 3 354 322 0.4 -1.4 0.1 -1.4
16 Life Insurance Skandia SE 0 2 637 585 0.3 - 0.1 -
17 Life Insurance Company Henki-Sampo FI  0 2 585 269 0.3 n/a 0.1 n/a
18 Brothers Molander Foundation SE 200 000 355 600 0.1 - 0.1

-

19 Mutual Insurance Company Eläke-Fennia FI 0 2 276 300 0.3 - 0.1 -
20

Alfred Berg Finland Investment fund

FI 0 2 223 842 0.3 -13.1 0.1 -13.1
  Total 20 largest   168 484 864 123 789 257 37.0   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 (30 November 2009).

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