Restatement of Prior Year Results: Finnish TEL System Note 1 Accounting Principles Note 2 Financial Risk Management Note 3 Segment Information Note 4 Acquisitions and Disposals Note 5 Other Operating Income & Expense Note 6 Staff Costs Note 7 Net Financial Items Note 8 Income Taxes Note 9 Valuation Provisions Note 10 Depreciation, Amortisation and Fixed Asset Impa Note 11 Fixed Assets Note 12 Biological Assets Note 13 Associated Companies Note 14 Available-for-Sale Investments Note 15 Other Non-Current Assets Note 16 Inventories Note 17 Receivables Note 18 Shareholders' Equity Note 19 Minority Interests Note 20 Post-Employment Benefits Note 21 Borrowings Note 22 Other Provisions Note 23 Operative Liabilities Note 24 Financial Instruments Note 25 Cumulative Translation Adjustment Note 26 Commitments and Contingencies Note 27 Principal Subsidiaries as at 31 December 2004 Note 28 Employee Bonus and Equity Incentive Schemes Note 29 Related Party Transactions Note 30 Earnings per Share and Equity per Share Note 31 Post-Balance Sheet Events Note 1 Accounting Principles Note 2 Other Operating Income Note 3 Materials and Services Note 4 Personnel Expenses Note 5 Other Operating Expenses Note 6 Net Financial Items Note 7 Depreciation According to Plan Note 8 Extraordinary Items Note 9 Fixed Assets Note 10 Depreciation Reserve Note 11 Receivables from Management Note 12 Long-term Investments and Loan Receivables Note 13 Inventories Note 14 Short-term Receivables Note 15 Interest-bearing Receivables Note 16 Shareholders' Equity Note 17 Long-term Liabilities Note 18 Short-term Borrowings Note 19 Other Current Liabilities Note 20 Commitments and Contingent Liabilities Note 21 Fair Value of Open Financial Instruments

Notes to the Consolidated Financial Statements

The following is a list of the Company’s fifty principal operating subsidiary undertakings ranked by external sales; these companies, along with the parent, account for 98% (95%) of Group external sales. The principal country in which each subsidiary operates is the country of incorporation. The Group’s effective interest in the undertakings is 100% except where indicated and is held in each case by a subsidiary undertaking except for those companies marked with “+” which are held directly by the Parent Company. The countries operating outside the Euro area are indicated by “*”.

Subsidiary Companies (ranked by external sales)

	Country	% Sales	Publication Paper	Fine Paper	Merchants	Packaging Boards	Wood Products	Wood supply Europe	Other
Stora Enso Oyj	Finland	17.73	X	X		X		X	X
Stora Enso North America Corp +*	USA	13.28	X	X		X			X
Stora Enso Publication Papers Oy Ltd +	Finland	5.36	X
Stora Enso Skoghall AB *	Sweden	3.80				X
Stora Enso Maxau GmbH & Co KG	Germany	3.12	X
Stora Enso Kabel GmbH & Co KG	Germany	3.07	X
Stora Enso Hylte AB *	Sweden	2.78	X
Stora Enso Kvarnsveden AB *	Sweden	2.74	X
Stora Enso Fors AB *	Sweden	2.45				X
Stora Enso Corbehem SA	France	2.25	X
Stora Enso Port Hawkesbury Ltd *	Canada	2.22	X
Stora Enso Timber Oy Ltd +	Finland	2.12					X
Stora Enso Timber AG	Austria	2.11					X
Stora Enso Nymölla AB *	Sweden	1.93		X
Stora Enso Skog AB *	Sweden	1.91						X
Stora Enso Langerbrugge NV +	Belgium	1.69	X
Puumerkki Oy	Finland	1.67					X
Stora Enso Pulp AB *	Sweden	1.57	X	X
Stora Enso Uetersen GmbH & Co KG	Germany	1.42		X
Papyrus Sweden AB *	Sweden	1.38			X
Berghuizer Papierfabriek NV +	Netherlands	1.32		X
Stora Enso Sachsen GmbH	Germany	1.30	X
Stora Enso Baienfurt GmbH & Co KG	Germany	1.21				X
Stora Enso Grycksbo AB *	Sweden	1.11		X
Stora Enso Timber AB *	Sweden	1.08					X
Stora Enso Ingerois Oy +	Finland	1.06				X
Sydved AB (66.7%) *	Sweden	1.05						X
Stora Enso Barcelona S.A.	Spain	1.04				X
Stora Enso Reisholz GmbH & Co KG	Germany	1.01	X
Stora Enso Timber AS (66.0%) *	Estonia	1.00					X
Laminating Papers Oy +	Finland	0.91				X
Stora Enso Timber US Corp. *	USA	0.88					X
Stora Enso Suzhou Paper Co Ltd (80.9%) *	China	0.83		X
Enocell Oy (98.4%) +	Finland	0.82				X
Papyrus France SA	France	0.80			X
Stora Enso Packaging Oy +	Finland	0.77				X
Papyrus A/S *	Denmark	0.74			X
Stora Enso Packaging AB *	Sweden	0.71				X
Papyrus SA	Belgium	0.57			X
Stora Enso Timber Zdirec sro *	Czech	0.49					X
Celulose Beira Industrial SA	Portugal	0.48		X
Stora Enso Timber Bad St Leonard GmbH	Austria	0.47					X
Corenso United Oy Ltd (71.0%) +	Finland	0.42				X
ZAO Stora Enso Packaging (93.5%) *	Russia	0.37				X
Stora Enso Pankakoski Oy Ltd	Finland	0.36				X
Stora Enso Bois SA	France	0.33					X
Sydved Energileveranser AB (66.7%) *	Sweden	0.32						X
Stora Enso Lumber Trading GmbH	Austria	0.31					X
Papyrus Norge A/S *	Norway	0.30			X
Papyrus Finland Oy +	Finland	0.29			X				X
Scaldia Papier BV	Netherlands	0.28			X