Major Shareholders as of 31 December 2011 

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

17 249 108

2.6 -8.8 2.2 -3.7
6 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 823 000 2 735 184 0.8 - 1.7 -
7 Erik Johan Ljungberg's Education Fund SE 1 780 540 2 336 224 0.5 - 0.8 -
8 Nordea Investment Funds SE 0 16 508 110 2.1 262.6 0.7 262.6
9 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3 - 0.3 -
10 The State Pension Fund FI 0 7 180 000 0.9 - 0.3 -
11 Kaleva Mutual Insurance Company FI     603 718 130 000 0.1 - 0.3 -
12 Unionen (Swedish trade union) SE 0 5 997 200 0.8 - 0.3 -
13

Swedbank Robur Funds

SE 0 4 803 241 0.6 21.0 0.2 21.0
14 Skandia Funds SE 0 4 174 571 0.5 46.8 0.2 46.8
15 AMF - Insurance and Funds SE 0 4 030 000 0.5 -7.5 0.2 -7.5
16

OP-delta Investment Fund

FI 0 3 300 000 0.4 -1.5 0.1 -1.5
17

Lamar Mary (ADRs)

US 0     3 000 000 0.4 - 0.1 -
18 Mandatum Life Insurance Company FI 0 2 819 597 0.4 -26.1 0.1 -26.1
19 Svenska Handelsbanken FI 0 2 523 925 0.3 -9.8 0.1 -9.8
20 Mutual Insurance Company Pension Fennia FI 0 2 323 300 0.3 n/a 0.1 n/a
  Total 20 largest   168 442 793 142 120 283 39.3   76.6  

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 2011).

*) As informed to Stora Enso on 28 January 2011.
**) Entirely owned by the Finnish State