Exhibit 8.1



|                                                       |  |                      |  |              
|------------------------------------------------------ |  | -------------------- |  | -------------
|Company                                                |  | Country of Ownership |  | Ownership (%)
|AB Nykvarns Bruk                                       |  | Sweden               |  | 100.00       
|AB Siefvert & Fornander                                |  | Sweden               |  | 100.00       
|Alluma SA                                              |  | Belgium              |  | 100.00       
|Altpapier Verw Wattenschied GmbH                       |  | Germany              |  | 100.00       
|AS Imavere Saeveski                                    |  | Estonia              |  | 96.19        
|AS Papyrus                                             |  | Estonia              |  | 100.00       
|AS Stora Enso Mets                                     |  | Estonia              |  | 100.00       
|As. Oy Hanhirinne                                      |  | Finland              |  | 77.22        
|As. Oy Petronrinne                                     |  | Finland              |  | 75.78        
|Bäcke Emballage AB                                     |  | Sweden               |  | 100.00       
|Berghuizer Papierfabriek N.V.                          |  | Netherlands          |  | 100.00       
|Carl Emil AS                                           |  | Norway               |  | 100.00       
|Carl Emil Bergen AS                                    |  | Norway               |  | 100.00       
|Carl Emil Stavanger AS                                 |  | Norway               |  | 100.00       
|Cartiberia SA                                          |  | Spain                |  | 100.00       
|Cefortia AB                                            |  | Sweden               |  | 100.00       
|Celbinave - Trafego e Estiva, Ltda                     |  | Portugal             |  | 100.00       
|Celulose Beira Industrial (Celbi) S.A.                 |  | Portugal             |  | 100.00       
|Chai Narai Co Ltd                                      |  | Thailand             |  | 49.00        
|Consolidated Papers Int. Leasing L.L.C.                |  | USA                  |  | 100.00       
|Consolidated Water Power Co.                           |  | USA                  |  | 100.00       
|Corenso (UK) Ltd                                       |  | United Kingdom       |  | 86.00        
|Corenso Edam B.V.                                      |  | Netherlands          |  | 100.00       
|Corenso France SAS                                     |  | France               |  | 100.00       
|Corenso North America Corp.                            |  | USA                  |  | 100.00       
|Corenso Svenska AB                                     |  | Sweden               |  | 100.00       
|Corenso Tolosana S.A.                                  |  | Spain                |  | 77.30        
|Corenso United (Deutschland) GmbH & Co. KG             |  | Germany              |  | 71.00        
|Corenso United (Deutschland) Verwaltungs GmbH & Co. KG |  | Germany              |  | 100.00       
|Corenso United Oy Ltd                                  |  | Finland              |  | 71.00        
|Corenso-Elfes GmbH & Co. KG                            |  | Germany              |  | 90.33        
|D.I.Y. Timber Ltd                                      |  | United Kingdom       |  | 100.00       
|DJKN Förvaltnings AB                                   |  | Sweden               |  | 100.00       
|Dormant Co                                             |  | Sweden               |  | 100.00       
|Elfes Beteiligungs GmbH                                |  | Germany              |  | 90.33        
|Enocell Oy                                             |  | Finland              |  | 98.74        
|Enotuhka Oy                                            |  | Finland              |  | 100.00       
|Enso Alueverkko Oy                                     |  | Finland              |  | 100.00       
|Euro Timber Handelsges.mbH                             |  | Austria              |  | 100.00       
|Euro Timber Spol. s.r.o.                               |  | Slovakia             |  | 100.00       
|Fastbränsle AB                                         |  | Sweden               |  | 100.00       
|Feldmühle Finance BV                                   |  | Netherlands          |  | 100.00       
|Formeca Oy                                             |  | Finland              |  | 100.00       
|Formwood Technologies AB                               |  | Sweden               |  | 100.00       
|Fortek AB                                              |  | Sweden               |  | 75.00        
|Fortek Oy                                              |  | Finland              |  | 75.00        
|FPB Holding GmbH + Co. KG                              |  | Germany              |  | 99.87        
|Guangxi Stora Enso Forestry Co Ltd                     |  | China                |  | 100.00       
|Hangzhou Corenso Hualun Paper Core Co. Ltd             |  | China                |  | 51.00        
|Helsingin Pirkäpuu Oy                                  |  | Finland              |  | 100.00       



---

|                                     |  |                      |  |              
|------------------------------------ |  | -------------------- |  | -------------
|Company                              |  | Country of Ownership |  | Ownership (%)
|Herman Andersson Oy                  |  | Finland              |  | 100.00       
|HESPOL Sp.z.o.o.                     |  | Poland               |  | 100.00       
|Houtpak B.V.                         |  | Netherlands          |  | 100.00       
|Houttransport Amsterdam B.V.         |  | Netherlands          |  | 100.00       
|Intercell d.o.o.                     |  | Poland               |  | 74.00        
|Intercell Recycling Sp.z.o.o.        |  | Poland               |  | 99.95        
|Intercell S.A.                       |  | Poland               |  | 65.49        
|Intercell Trading Sp.z.o.o.          |  | Poland               |  | 100.00       
|Järvanpuu AS                         |  | Estonia              |  | 100.00       
|Jet Interiör AB                      |  | Sweden               |  | 100.00       
|June Emballage AB                    |  | Sweden               |  | 100.00       
|Karo Mets AS                         |  | Estonia              |  | 100.00       
|Kemijärven Sellu Oy                  |  | Finland              |  | 100.00       
|Keräyskuitu Oy                       |  | Finland              |  | 68.07        
|Kiint. Oy Alakaappi                  |  | Finland              |  | 90.00        
|Kiint. Oy Enson Metsuritalot         |  | Finland              |  | 99.50        
|Kiint. Oy Katajanokan Kanavaranta 1  |  | Finland              |  | 100.00       
|Kingiseppskoye Timber Co             |  | Russia               |  | 100.00       
|Kombi Voima Oy                       |  | Finland              |  | 100.00       
|Kopparland AB                        |  | Sweden               |  | 100.00       
|Koski Timber Oy                      |  | Finland              |  | 100.00       
|Kymenso Oy                           |  | Finland              |  | 100.00       
|L.P. Pacific Films Sdn. Bhd.         |  | Malaysia             |  | 100.00       
|Lactopack Oy                         |  | Finland              |  | 100.00       
|Lamco Holzverarbeitungs GmbH         |  | Austria              |  | 51.00        
|Laminating Papers Oy                 |  | Finland              |  | 100.00       
|Lumi Shipping Oy                     |  | Finland              |  | 100.00       
|Lumipaper Ltd                        |  | United Kingdom       |  | 100.00       
|Lumipaper N.V.                       |  | Belgium              |  | 100.00       
|MAJETKOVÁ ZDÍREC a.s.                |  | Czech                |  | 99.05        
|M-Carrier AB                         |  | Sweden               |  | 100.00       
|Merivienti Oy                        |  | Finland              |  | 100.00       
|Mohed Emballage AB                   |  | Sweden               |  | 100.00       
|Nikapa Oy                            |  | Finland              |  | 100.00       
|OAO Ladenso                          |  | Russia               |  | 100.00       
|OOO Russkij Les                      |  | Russia               |  | 100.00       
|OOO Stora Enso Forest Administration |  | Russia               |  | 100.00       
|OOO Stora Enso Forest Border         |  | Russia               |  | 100.00       
|OOO Stora Enso Forest Central        |  | Russia               |  | 100.00       
|OOO Stora Enso Forest Nord           |  | Russia               |  | 100.00       
|OOO Stora Enso Forest West           |  | Russia               |  | 100.00       
|OOO Stora Enso Packaging BB          |  | Russia               |  | 100.00       
|OOO Stora Enso Packaging KG          |  | Russia               |  | 100.00       
|OOO Stora Enso Packaging VR          |  | Russia               |  | 100.00       
|OOO Stora Impex                      |  | Russia               |  | 100.00       
|OOO Stora Transport                  |  | Russia               |  | 100.00       
|OOO Terminal                         |  | Russia               |  | 100.00       
|OOO Timos                            |  | Russia               |  | 100.00       
|OOO XT Productions                   |  | Russia               |  | 100.00       
|Oppboga AB                           |  | Sweden               |  | 100.00       
|Oulu Shipping Ltd                    |  | Cayman Islands       |  | 100.00       
|Oy Borgå Stuveri AB                  |  | Finland              |  | 100.00       
|Pakenso Sweden Holding AB            |  | Sweden               |  | 100.00       



---

|                                      |  |                      |  |              
|------------------------------------- |  | -------------------- |  | -------------
|Company                               |  | Country of Ownership |  | Ownership (%)
|Pappersgruppen AS                     |  | Norway               |  | 100.00       
|Papyrus A/S                           |  | Denmark              |  | 100.00       
|Papyrus AB                            |  | Sweden               |  | 100.00       
|Papyrus BV                            |  | Netherlands          |  | 100.00       
|Papyrus Finland Oy                    |  | Finland              |  | 100.00       
|Papyrus France SAS                    |  | France               |  | 100.00       
|Papyrus Hungaria Rt                   |  | Hungary              |  | 100.00       
|Papyrus Network AB                    |  | Sweden               |  | 100.00       
|Papyrus Norge AS                      |  | Norway               |  | 100.00       
|Papyrus S.A.                          |  | Belgium              |  | 100.00       
|Papyrus Sp.z.o.o.                     |  | Poland               |  | 100.00       
|Papyrus Sverige AB                    |  | Sweden               |  | 100.00       
|PSC Pulp Sales AG                     |  | Switzerland          |  | 99.88        
|PT Enso Forest Indonesia              |  | Indonesia            |  | 100.00       
|Puumatra Oy                           |  | Finland              |  | 100.00       
|Puumerkki AS                          |  | Estonia              |  | 100.00       
|Puumerkki Oy                          |  | Finland              |  | 100.00       
|Puumerkki SIA                         |  | Latvia               |  | 100.00       
|Rakennus AB                           |  | Sweden               |  | 100.00       
|Rautsalon Kiinteistö Oy               |  | Finland              |  | 100.00       
|Scaldia Papier BV                     |  | Netherlands          |  | 100.00       
|Scantrans Sp.z.o.o.                   |  | Poland               |  | 97.30        
|SENA ENERGY LLC                       |  | USA                  |  | 100.00       
|Setles LLC                            |  | Russia               |  | 100.00       
|Setnord LLC                           |  | Russia               |  | 100.00       
|Setnovo LLC                           |  | Russia               |  | 100.00       
|Setrest Oy                            |  | Finland              |  | 100.00       
|Shanghai Stora Enso Trading Co Ltd    |  | China                |  | 100.00       
|SIA Papyrus                           |  | Latvia               |  | 100.00       
|SIA RETS Baltic                       |  | Latvia               |  | 60.00        
|SIA Stora Enso Mezs                   |  | Latvia               |  | 100.00       
|Siex Developpement SAS                |  | France               |  | 100.00       
|Skogsutveckling Syd AB                |  | Sweden               |  | 100.00       
|Skutskärs Industriservice AB          |  | Sweden               |  | 100.00       
|Stora Baltic Forestry Ltd             |  | Estonia              |  | 100.00       
|Stora Billerud (UK) Group Holdings    |  | United Kingdom       |  | 100.00       
|Stora Dormant AB                      |  | Sweden               |  | 100.00       
|Stora Enso (HK Ltd)                   |  | Hong Kong            |  | 100.00       
|Stora Enso (HK) Ltd                   |  | Hong Kong            |  | 100.00       
|Stora Enso (Schweiz) AG               |  | Switzerland          |  | 100.00       
|Stora Enso (Thailand) Co Ltd          |  | Thailand             |  | 100.00       
|Stora Enso AB                         |  | Sweden               |  | 100.00       
|Stora Enso Activation AB              |  | Sweden               |  | 100.00       
|Stora Enso Argentina S.A.             |  | Argentina            |  | 100.00       
|Stora Enso Australia PTY Ltd          |  | Austria              |  | 100.00       
|Stora Enso Austria GmbH               |  | Austria              |  | 100.00       
|Stora Enso Baienfurt GmbH & Co. KG    |  | Germany              |  | 100.00       
|Stora Enso Baienfurt Verwaltungs GmbH |  | Germany              |  | 100.00       
|Stora Enso Barcelona SA               |  | Spain                |  | 100.00       
|Stora Enso Belgium NV/SA              |  | Belgium              |  | 100.00       
|Stora Enso Belgium SA/NV              |  | Belgium              |  | 100.00       
|Stora Enso Beteiligungen GmbH         |  | Germany              |  | 100.00       
|Stora Enso Bois SA                    |  | France               |  | 100.00       



---

|                                            |  |                      |  |              
|------------------------------------------- |  | -------------------- |  | -------------
|Company                                     |  | Country of Ownership |  | Ownership (%)
|Stora Enso Brasil Ltda                      |  | Brazil               |  | 100.00       
|Stora Enso Chile S.A.                       |  | Chile                |  | 100.00       
|Stora Enso China Holdings AB                |  | Sweden               |  | 100.00       
|Stora Enso Corbehem SAS                     |  | France               |  | 100.00       
|Stora Enso Danmark A/S                      |  | Denmark              |  | 100.00       
|Stora Enso Deutschland GmbH                 |  | Germany              |  | 100.00       
|Stora Enso Digital Solutions N.V.           |  | Belgium              |  | 60.00        
|Stora Enso Espana S.A.                      |  | Spain                |  | 100.00       
|Stora Enso Espana SA                        |  | Spain                |  | 100.00       
|Stora Enso Financial Services S.A.          |  | Belgium              |  | 100.00       
|Stora Enso Fine Paper AB                    |  | Sweden               |  | 100.00       
|Stora Enso Forest Central Europe GmbH       |  | Germany              |  | 100.00       
|Stora Enso Fors AB                          |  | Sweden               |  | 100.00       
|Stora Enso Försäkringsaktiebolag            |  | Sweden               |  | 100.00       
|Stora Enso France SAS                       |  | France               |  | 100.00       
|Stora Enso Grafic SA                        |  | Spain                |  | 100.00       
|Stora Enso Grycksbo AB                      |  | Sweden               |  | 100.00       
|Stora Enso Hellas AE                        |  | Greece               |  | 100.00       
|Stora Enso Hilfe GmbH                       |  | Germany              |  | 100.00       
|Stora Enso Holding A/S                      |  | Denmark              |  | 100.00       
|Stora Enso Holding France SAS               |  | France               |  | 100.00       
|Stora Enso Holdings UK Ltd                  |  | United Kingdom       |  | 100.00       
|Stora Enso Hungary Kft                      |  | Hungary              |  | 100.00       
|Stora Enso Hylte AB                         |  | Sweden               |  | 100.00       
|Stora Enso Industrial Finance S.A.          |  | Belgium              |  | 100.00       
|Stora Enso Industrial Finance SA            |  | Netherlands          |  | 100.00       
|Stora Enso Ingerois Oy                      |  | Finland              |  | 100.00       
|Stora Enso Interamericas Inc.               |  | USA                  |  | 100.00       
|Stora Enso International Ltd                |  | United Kingdom       |  | 100.00       
|Stora Enso Ireland Ltd                      |  | Ireland              |  | 100.00       
|Stora Enso Italia srl                       |  | Italy                |  | 100.00       
|Stora Enso Japan K.K.                       |  | Japan                |  | 100.00       
|Stora Enso Kabel GmbH & Co. KG              |  | Germany              |  | 100.00       
|Stora Enso Kabel Verwaltungs GmbH           |  | Germany              |  | 100.00       
|Stora Enso Kvarnsveden AB                   |  | Sweden               |  | 100.00       
|Stora Enso Langerbrugge N.V.                |  | Belgium              |  | 100.00       
|Stora Enso Lübeck GmbH                      |  | Germany              |  | 100.00       
|Stora Enso Lumber Trading GmbH              |  | Austria              |  | 100.00       
|Stora Enso Lumber Trading s.r.o             |  | Czech                |  | 100.00       
|Stora Enso Maxau Beteiligungs GmbH          |  | Germany              |  | 100.00       
|Stora Enso Maxau GmbH & Co. KG              |  | Germany              |  | 100.00       
|Stora Enso Maxau Verwaltungs GmbH           |  | Germany              |  | 100.00       
|Stora Enso Mexico S.A.                      |  | Mexico               |  | 100.00       
|Stora Enso Middle East FZ LLC               |  | United Arab Emirates |  | 100.00       
|Stora Enso Nederland BV                     |  | Netherlands          |  | 100.00       
|Stora Enso News AB                          |  | Sweden               |  | 100.00       
|Stora Enso Newton Kyme Ltd                  |  | United Kingdom       |  | 100.00       
|Stora Enso Norge A/S                        |  | Norway               |  | 100.00       
|Stora Enso North America Canadian Sales LLC |  | USA                  |  | 100.00       
|Stora Enso North America Corp.              |  | USA                  |  | 100.00       
|Stora Enso North America Inc.               |  | USA                  |  | 100.00       
|Stora Enso Nymölla AB                       |  | Sweden               |  | 100.00       
|Stora Enso Packaging AB                     |  | Sweden               |  | 100.00       



---

|                                              |  |                      |  |              
|--------------------------------------------- |  | -------------------- |  | -------------
|Company                                       |  | Country of Ownership |  | Ownership (%)
|Stora Enso Packaging Aps                      |  | Denmark              |  | 100.00       
|Stora Enso Packaging AS                       |  | Estonia              |  | 100.00       
|Stora Enso Packaging Kft                      |  | Hungary              |  | 100.00       
|Stora Enso Packaging Oy                       |  | Finland              |  | 100.00       
|Stora Enso Packaging SIA                      |  | Latvia               |  | 100.00       
|Stora Enso Packaging Sp.zo.o.                 |  | Poland               |  | 100.00       
|Stora Enso Packaging UAB                      |  | Lithuania            |  | 100.00       
|Stora Enso Pankakoski Oy                      |  | Finland              |  | 100.00       
|Stora Enso Paperboard AB (Wellpap 177)        |  | Sweden               |  | 100.00       
|Stora Enso Polska Sp.z o.o.                   |  | Poland               |  | 100.00       
|Stora Enso Port Hawkesbury Ltd                |  | Canada               |  | 100.00       
|Stora Enso Portugal Lda                       |  | Portugal             |  | 100.00       
|Stora Enso Praha s.r.o                        |  | Czech                |  | 100.00       
|Stora Enso Publication Paper GmbH & Co. KG    |  | Germany              |  | 100.00       
|Stora Enso Publication Paper Verwaltungs Gmbh |  | Germany              |  | 100.00       
|Stora Enso Publication Papers Oy Ltd          |  | Finland              |  | 100.00       
|Stora Enso Pulp AB                            |  | Sweden               |  | 100.00       
|Stora Enso Reisholz GmbH & Co. KG             |  | Germany              |  | 100.00       
|Stora Enso Reisholz Verwaltungs GmbH          |  | Germany              |  | 100.00       
|Stora Enso Sachsen GmbH                       |  | Germany              |  | 100.00       
|Stora Enso Sales Finland Oy                   |  | Finland              |  | 100.00       
|Stora Enso Sarl                               |  | Luxemburg            |  | 100.00       
|Stora Enso Scandinavia AB                     |  | Sweden               |  | 100.00       
|Stora Enso Shop Oy                            |  | Finland              |  | 100.00       
|Stora Enso Singapore Pte Ltd                  |  | Singapore            |  | 100.00       
|Stora Enso Skog AB                            |  | Sweden               |  | 100.00       
|Stora Enso Skoghall AB                        |  | Sweden               |  | 100.00       
|Stora Enso SPb Ltd                            |  | Russia               |  | 100.00       
|Stora Enso Suzhou Paper Co Ltd                |  | China                |  | 80.87        
|Stora Enso Timber (Deutschland) GmbH          |  | Germany              |  | 100.00       
|Stora Enso Timber A/S                         |  | Latvia               |  | 100.00       
|Stora Enso Timber AB                          |  | Sweden               |  | 100.00       
|Stora Enso Timber AG                          |  | Austria              |  | 100.00       
|Stora Enso Timber AS                          |  | Estonia              |  | 66.00        
|Stora Enso Timber Australia Pty Ltd           |  | Australia            |  | 51.00        
|Stora Enso Timber Bad St. Leonhard GmbH       |  | Austria              |  | 90.90        
|Stora Enso Timber Holding AB                  |  | Sweden               |  | 100.00       
|Stora Enso Timber Japan K.K.                  |  | Japan                |  | 100.00       
|Stora Enso Timber Nederland BV                |  | Netherlands          |  | 100.00       
|Stora Enso Timber Oy Ltd                      |  | Finland              |  | 100.00       
|Stora Enso Timber Planá s.r.o                 |  | Czech                |  | 100.00       
|Stora Enso Timber U.S. Corp.                  |  | USA                  |  | 100.00       
|Stora Enso Timber UK Ltd                      |  | United Kingdom       |  | 100.00       
|Stora Enso Timber Zdirec s.r.o.               |  | Czech                |  | 100.00       
|Stora Enso Trae A/S                           |  | Denmark              |  | 100.00       
|Stora Enso Transport & Distribution Ltd       |  | United Kingdom       |  | 100.00       
|Stora Enso Transport & Distribution AB        |  | Sweden               |  | 100.00       
|Stora Enso Transport and Distribution GmbH    |  | Germany              |  | 100.00       
|Stora Enso Treasury Amsterdam BV              |  | Netherlands          |  | 100.00       
|Stora Enso Treasury Stockholm AB              |  | Sweden               |  | 100.00       
|Stora Enso Uetersen GmbH & Co. KG             |  | Germany              |  | 100.00       
|Stora Enso Uetersen Verwaltungs GmbH          |  | Germany              |  | 100.00       
|Stora Enso UK Ltd                             |  | United Kingdom       |  | 100.00       



---

|                                         |  |                      |  |              
|---------------------------------------- |  | -------------------- |  | -------------
|Company                                  |  | Country of Ownership |  | Ownership (%)
|Stora Enso Ventures Oy                   |  | Finland              |  | 100.00       
|Stora Enso Vermögensverwaltung GmbH      |  | Germany              |  | 100.00       
|Stora Enso Verwaltungs GmbH              |  | Germany              |  | 100.00       
|Stora Impex                              |  | Russia               |  | 49.00        
|Stora Kopparbergs Bergslags AB           |  | Sweden               |  | 100.00       
|Stora Luxembourg Sarl                    |  | Luxemburg            |  | 100.00       
|Stora Pension Trust Ltd                  |  | United Kingdom       |  | 100.00       
|Stora Timber Benelux B.V.                |  | Netherlands          |  | 100.00       
|Stora Timber Benelux Beheer B.V.         |  | Netherlands          |  | 100.00       
|Stora Timber Doe Het Zelf Produkten B.V. |  | Netherlands          |  | 100.00       
|Stora Timber Finance B.V.                |  | Belgium              |  | 100.00       
|Sydved AB                                |  | Sweden               |  | 66.67        
|Sydved Energileveranser AB               |  | Sweden               |  | 100.00       
|Tamrest Oy                               |  | Finland              |  | 100.00       
|Thai Stora Enso Agroforestry Co Ltd      |  | Thailand             |  | 100.00       
|Top Sylvester AS                         |  | Estonia              |  | 100.00       
|UAB Papyrus Distribution                 |  | Lithuania            |  | 100.00       
|UAB Stora Enso Miskas                    |  | Lithuania            |  | 100.00       
|UAB Stora Enso Timber                    |  | Lithuania            |  | 100.00       
|Vakuutusosakeyhtiö Pankavara             |  | Finland              |  | 100.00       
|Varenso Oy                               |  | Finland              |  | 100.00       
|Venapuu Oy                               |  | Finland              |  | 100.00       
|Viveiros do Furadouro, Unip. Ltda        |  | Portugal             |  | 100.00       
|WKC De Grift CV                          |  | Netherlands          |  | 100.00       
|Woodpax Ltd                              |  | United Kingdom       |  | 100.00       
|ZAO Stora Enso Ltd                       |  | Russia               |  | 100.00       
|ZAO Stora Forestry Gdov JV               |  | Russia               |  | 100.00       
|ZAO Stora Forestry Plus JV               |  | Russia               |  | 100.00       
|ZAO Stora Forestry Strug JV              |  | Russia               |  | 100.00