Notes

Share Listings and Registers

Changes in Share Capital

Incentive Programmes

Shareholders

Share Price Performance and Volumes

Indices

Key Share Ratios

Financials

Shareholders

Management Interests at 31 December 2004

At the end of 2004 members of Stora Enso Oyj’s Board of Directors, the CEO and the Deputy CEO owned an aggregate total of 75 278 Stora Enso shares, of which 15 221 were A shares. These shares represent 0.01% of the Company’s share capital and 0.01% of the voting rights. The CEO holds 607 500 options/synthetic options and the Deputy CEO 498 750.

At the end of 2004 members of the Management Group owned a total of 181 372 shares. These shares represent 0.02% of the share capital and 0.02% of the voting rights. The Management Group holds 4 575 200 options/synthetic options.

Shareholdings of Other Group-related Bodies at 31 December 2004

E.J. Ljungberg’s Education Fund owned 1 880 540 A shares and 4 831 804 R shares, Mr. and Mrs. Ljungberg’s Testamentary Fund owned 5 093 A shares and 13 085 R shares and Bergslaget’s Healthcare Foundation owned 626 269 A shares and 1 609 483 R shares.

Shareholders

When shareholders with holdings of more than 5% of the shares or votes are excluded, the free float of shares is approximately 654 million, corresponding to 78% of the total number of shares issued. The largest single share-holder in the Company is the Finnish State.

At the end of 2004 the Company had approximately 76 000 registered shareholders, of which about 47 000 are Swedish shareholders and about 2 800 ADR holders. Each nominee register is entered in the share register as one shareholder. Approximately 590 million (71%) of the Company’s shares were registered in the name of a nominee.

Major Shareholders as of 31 December 2004

By Voting Power		Series A	Series R	% of Shares	% of Votes

1	Finnish State	55�595�937	41�483�501	11.6	24.4
2	Knut and Alice Wallenberg Foundation	58�379�194	0	7.0	23.8
3	Social Insurance Institution of Finland	23�825�086	3�738�965	3.3	9.9
4	Varma Mutual Pension Insurance Company	8�922�117	140�874	1.1	3.6
5	Sampo Life Insurance Company Limited	6�493�889	0	0.8	2.7
6	Marianne and Marcus Wallenberg Foundation	4�744�192	0	0.6	1.9
7	Ilmarinen Mutual Pension Insurance Company	3�492�740	3�197�262	0.8	1.6
8	MP-Bolagen i Vetlanda AB	2�440�200	1�615�000	0.5	1.1
	Werner von Seydlitz
9	Erik Johan Ljungberg's Education Fund	1�880�540	4�831�804	0.8	1.0
10	Suomi Mutual Life Assurance Company	1�026�300	100�000	0.1	0.4
11	Bergslaget's Healthcare Foundation	626�269	1�609�483	0.3	0.3
12	Kaleva Mutual Insurance Company	774�900	0	0.1	0.3
13	The State Pension Fund	0	7�300�000	0.9	0.3
14	Robur Funds	0	5�211�611	0.8	0.2
15	Lamar Mary (ADRs)	0	4�518�998	0.5	0.2
	Total	168�201�364	73�747�498	29.1	71.7
	Nominee registered shares	74�612�647	515�796�036	70.5	51.5

The list has been compiled by the Company on the basis of shareholder information obtained from the Finnish Central Securities Depository (APK), Swedish Securities Register Center (VPC) and a database managed by Deutsche Bank Trust Company Americas.

In February 2004 the Company was informed that the holding of the mutual funds managed by Franklin Resources, Inc. had exceeded 5% of the paid-up share capital.

At the year end Stora Enso had 179 048 523 A shares and 658 194 876 R shares in issue, of which the Company held 12 300 A shares and 16 794 931 R shares with a nominal value of EUR 28.6 million. The holding represents 2.0% of the Company's share capital and 0.7% of the voting rights.

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