Major Shareholders as of 31 May 2013 

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 MP-Bolagen i Vetlanda AB (Werner
von Seydlitz)
SE 3 828 000

3 692 000

1.0 - 1.8 -
6 Ilmarinen Mutual Pension Insurance Company FI 3 492 740 4 067 189 1.0 -11.2 1.6 -2.4
7 Nordea Investment Funds SE 0 27 127 923 3.4 -6.6 1.1 -6.6
8 Erik Johan Ljungberg's Education Foundation SE 1 780 540 2 336 224 0.5 - 0.8 -
9

AMF - Insurance and Funds

SE 0

17 086 789

2.2 7.7 0.7

7.7

10 Swedbank Robur Funds SE 0 10 330 044 1.3 -5.2 0.4 -5.2
11

Bergslaget's Healthcare Foundation

SE 626 269 1 609 483 0.3 - 0.3 -
12

Mandatum Life Insurance Company

FI 0 7 840 444 1.0 - 0.3 -
13 The State Pension Fund FI 0 7 080 000 0.9 -4.1 0.3 -4.1
14

Kaleva Mutual Insurance Company

FI 603 718 378 545 0.1 - 0.3 -
15

Unionen (Swedish trade union)

SE 0 5 997 200 0.8 - 0.3 -
16 Catella  Funds SE 0 5 437 728 0.7 11.8 0.2 11.8
17 Lannebo Funds SE 0 5 318 000 0.7 6.6 0.2 6.6
18 Keva (Local Government Pensions Institution) FI 0 3 850 001 0.5 - 0.2 -
19 SEB Investment Management SE 0 3 822 034 0.5 n/a 0.2 n/a
20  The First National Pension Fund SE 0 3 671 848 0.5 n/a 0.2 n/a
  Total 20 largest   168 447 793 171 045 792 43.0   77.9  

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 April 2013).

*) As informed to Stora Enso.
**) Entirely owned by the Finnish State.