Major Shareholders as of 31 July 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

21 114 108

3.1 1.3 2.4 0.6
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 OP-delta Investment Fund FI     0 7 189 455 0.9 44.1 0.3 44.1
10 Kaleva Mutual Insurance Company FI 618 789 0 0.1 - 0.3 -
11 The State Pension Fund FI 0 6 000 000 0.8 9.1 0.3 9.1
12 SEB Investment Management SE 0 4 964 814 0.6 -1.2 0.2 -1.2
13 AMF - Insurance and Funds SE 0 3 460 000 0.4 n/a 0.1 n/a
14

Etera Mutual Pension Insurance Company

FI 0 3 408 700 0.4 -14.8 0.1 -14.8
15

Lamar Mary (ADRs)

US 0 3 400 000 0.4 - 0.1 -
16 Swedbank Robur Funds SE 0 3 026 025 0.4 13.2 0.1 13.2
17

Gyllenberg Finlandia Investment Fund

FI 0 2 880 500 0.4 13.8 0.1 13.8
18 Life Insurance Skandia SE 0 2 586 635 0.3 -1.3 0.1 -1.3
19 Mutual Insurance Company Pension Fennia FI 0 2 366 300 0.3 - 0.1 -
20

Mandatum Life Insurance Company

FI 0 2 330 000 0.3 - 0.1 -
  Total 20 largest   168 284 864 130 420 768 37.8   76.1  

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 June 2010).

*) As informed to Stora Enso on 14 January 2010.
**) Entirely owned by the Finnish State