Exhibit 8.1



|                                                       |  |                     |  |              
|------------------------------------------------------ |  | ------------------- |  | -------------
|Company                                                |  | Country ofOwnership |  | Ownership (%)
|AB Siefvert & Fornander                                |  | Sweden              |  | 100.00       
|Alluma SA                                              |  | Belgium             |  | 100.00       
|Altpapier Verw Wattenschied GmbH                       |  | Germany             |  | 100.00       
|AS Imavere Saeveski                                    |  | Estonia             |  | 100.00       
|AS Papyrus                                             |  | Estonia             |  | 100.00       
|AS Stora Enso Mets                                     |  | Estonia             |  | 100.00       
|As. Oy Hanhirinne                                      |  | Finland             |  | 77.22        
|As. Oy Petronrinne                                     |  | Finland             |  | 75.78        
|As. Oy Pyhtään Kaapit                                  |  | Finland             |  | 50.22        
|Bäcke Emballage AB                                     |  | Sweden              |  | 100.00       
|Berghuizer Papierfabriek N.V.                          |  | The Netherlands     |  | 100.00       
|Carl Emil AS                                           |  | Norway              |  | 100.00       
|Carl Emil Bergen 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        
|City Logistik Ulm GmbH & Co KG                         |  | Germany             |  | 100.00       
|City Logistik Ulm Verw. GmbH                           |  | Germany             |  | 100.00       
|Classen Papier GmbH & Co KG                            |  | Germany             |  | 100.00       
|Classen Papier Verw. GmbH                              |  | Germany             |  | 100.00       
|Consolidated Papers Int. Leasing L.L.C.                |  | United States       |  | 100.00       
|Consolidated Water Power Co.                           |  | United States       |  | 100.00       
|Corenso (UK) Ltd                                       |  | United Kingdom      |  | 86.00        
|Corenso Edam B.V.                                      |  | The Netherlands     |  | 100.00       
|Corenso France SAS                                     |  | France              |  | 100.00       
|Corenso North America Corp.                            |  | United States       |  | 100.00       
|Corenso Svenska AB                                     |  | Sweden              |  | 100.00       
|Corenso Tolosana S.A.                                  |  | Spain               |  | 77.30        
|Corenso United (Deutschland) GmbH & Co. KG             |  | Germany             |  | 100.00       
|Corenso United (Deutschland) Verwaltungs GmbH & Co. KG |  | Germany             |  | 100.00       
|Corenso United Oy Ltd                                  |  | Finland             |  | 100.00       
|Corenso-Elfes GmbH & Co. KG                            |  | Germany             |  | 100.00       
|D.I.Y. Timber Ltd                                      |  | United Kingdom      |  | 100.00       
|Derflin Agropecuaria Ltda                              |  | Brazil              |  | 100.00       
|Derflin S.A.                                           |  | Uruguay             |  | 100.00       
|Dincprint GmbH                                         |  | Germany             |  | 100.00       
|DJKN Förvaltnings AB                                   |  | Sweden              |  | 100.00       
|Dormant Co                                             |  | Sweden              |  | 100.00       
|Elfes Beteiligungs GmbH                                |  | Germany             |  | 100.00       
|Enocell Oy                                             |  | Finland             |  | 100.00       
|Enotuhka Oy                                            |  | Finland             |  | 100.00       
|Enso Alueverkko Oy                                     |  | Finland             |  | 100.00       
|Espebe Holding B.V. (Schneiders Netherland)            |  | The Netherlands     |  | 100.00       
|Euro Timber Handelsges.mbH                             |  | Austria             |  | 100.00       
|Euro Timber Spol. s.r.o.                               |  | Slovakia            |  | 100.00       
|Eurotrade Ettlingen GmbH                               |  | Germany             |  | 100.00       
|FAIR Forderungsmanagement GmbH                         |  | Germany             |  | 100.00       
|Fastbränsle AB                                         |  | Sweden              |  | 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             |  | 99.88        
|Giger Papier AG                                        |  | Switzerland         |  | 100.00       
|Guangxi Stora Enso Forestry Co Ltd                     |  | China               |  | 100.00       
|Hangzhou Corenso Hualun Paper Core Co. Ltd             |  | China               |  | 51.00        
|Harpex Grundst.-Vermietungs GmbH & Co (Bremen)         |  | Germany             |  | 100.00       
|Herman Andersson Oy                                    |  | Finland             |  | 100.00       
|HESPOL Sp.z.o.o.                                       |  | Poland              |  | 100.00       
|Holzwerke Wimmer GmbH                                  |  | Austria             |  | 100.00       



---

|                                                |  |                     |  |              
|----------------------------------------------- |  | ------------------- |  | -------------
|Company                                         |  | Country ofOwnership |  | Ownership (%)
|Holzwerke Wimmer s r o                          |  | Czech               |  | 100.00       
|Houtpak B.V.                                    |  | The Netherlands     |  | 100.00       
|Houttransport Amsterdam B.V.                    |  | The Netherlands     |  | 100.00       
|Intercell d.o.o.                                |  | Poland              |  | 74.00        
|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       
|Keräyskuitu Oy                                  |  | Finland             |  | 68.07        
|Kiint. Oy Enson Metsuritalot                    |  | Finland             |  | 99.50        
|Kiint. Oy Katajanokan Kanavaranta 1             |  | Finland             |  | 100.00       
|Kingiseppskoye Timber Co                        |  | Russia              |  | 97.00        
|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       
|Laminating Papers Oy                            |  | Finland             |  | 100.00       
|Lumi Shipping Oy                                |  | Finland             |  | 100.00       
|Lumipaper Ltd                                   |  | United Kingdom      |  | 100.00       
|Lumipaper N.V.                                  |  | Belgium             |  | 99.00        
|Magna Grundst.-Vermietungs GmbH & Co (Nürnberg) |  | Germany             |  | 100.00       
|MAJETKOVÁ ZDÍREC a.s.                           |  | Czech Republic      |  | 99.31        
|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       
|Objekt Norderstedt Verw. GmbH                   |  | Germany             |  | 100.00       
|Offermann Beteiligungs Gmbh                     |  | Germany             |  | 100.00       
|OOO Birex                                       |  | Russia              |  | 100.00       
|OOO Olonetsles                                  |  | Russia              |  | 86.70        
|OOO Russkij Les                                 |  | Russia              |  | 100.00       
|OOO SEF-Trading                                 |  | 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 Enso SPb                              |  | Russia              |  | 100.00       
|OOO Stora Impex                                 |  | Russia              |  | 100.00       
|OOO Stora Transport                             |  | Russia              |  | 99.00        
|OOO Terminal                                    |  | Russia              |  | 100.00       
|OOO Timos                                       |  | Russia              |  | 100.00       
|OOO XT Productions                              |  | Russia              |  | 100.00       
|Oppboga AB (in liquidation)                     |  | Sweden              |  | 100.00       
|OSC Organisation Software Consulting GmbH       |  | Germany             |  | 100.00       
|Oulu Shipping Ltd                               |  | Cayman Islands      |  | 100.00       
|Oy Borgå Stuveri AB                             |  | Finland             |  | 100.00       
|Pakenso Sweden Holding AB                       |  | Sweden              |  | 100.00       
|Papeteries de France                            |  | France              |  | 100.00       
|Pappersgruppen AS                               |  | Norway              |  | 100.00       
|Papyrus A/S                                     |  | Denmark             |  | 100.00       
|Papyrus AB                                      |  | Sweden              |  | 100.00       
|Papyrus BV                                      |  | The 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       



---

|                                                     |  |                     |  |              
|---------------------------------------------------- |  | ------------------- |  | -------------
|Company                                              |  | Country ofOwnership |  | Ownership (%)
|Papyrus Norge AS                                     |  | Norway              |  | 100.00       
|Papyrus S.A.                                         |  | Belgium             |  | 100.00       
|Papyrus Sp.z.o.o.                                    |  | Poland              |  | 100.00       
|Papyrus sro                                          |  | Slovakia            |  | 99.00        
|Papyrus Sverige AB                                   |  | Sweden              |  | 100.00       
|PSC Pulp Sales AG                                    |  | Switzerland         |  | 99.88        
|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       
|Rosaria Grundst.-Vermietungs GmbH & Co (Ettlingen)   |  | Germany             |  | 100.00       
|Rosaria Grundst.-Vermietungs GmbH & Co (Heimstetten) |  | Germany             |  | 100.00       
|Rosaria Grundst.-Vermietungs GmbH & Co (Saarbrucken) |  | Germany             |  | 100.00       
|Rosea Grundst.-Vermietungs GmbH & Co (Genshagen)     |  | Germany             |  | 100.00       
|Scaldia Papier BV                                    |  | The Netherlands     |  | 100.00       
|Scantrans Sp.z.o.o.                                  |  | Poland              |  | 97.29        
|Schneider Onroerend Goed BV                          |  | The Netherlands     |  | 76.70        
|Schneider Papier Benelux B.V.                        |  | The Netherlands     |  | 100.00       
|Schneider Papier Benelux B.V.B.A.                    |  | The Netherlands     |  | 100.00       
|Schneider Papier d.o.o.                              |  | Croatia             |  | 100.00       
|Schneider Papier France SARL                         |  | France              |  | 100.00       
|Schneider Papier Hungary Kft                         |  | Hungary             |  | 99.80        
|Schneider Papier Italy Srl                           |  | Italy               |  | 98.00        
|Schneidersöhne Deutschland GmbH & Co KG              |  | Germany             |  | 100.00       
|Schneidersöhne Deutschland GmbH (Norderstedt)        |  | Germany             |  | 100.00       
|Schneidersöhne Deutschland Verw. GmbH                |  | Germany             |  | 100.00       
|Schneidersöhne GmbH                                  |  | Germany             |  | 100.00       
|Schneidersöhne Holding BV                            |  | The Netherlands     |  | 100.00       
|Schneidersöhne Kuvert GmbH & Co KG                   |  | Germany             |  | 100.00       
|Schneidersöhne Kuvert Verw. GmbH                     |  | Germany             |  | 100.00       
|Schneidersöhne Luxemburg GmbH                        |  | Germany             |  | 100.00       
|Schneidersöhne Papier GmbH & Co KG                   |  | Germany             |  | 100.00       
|Schneidersöhne Papier Praha spol s.r.o.              |  | Czech Republic      |  | 100.00       
|Schneidersöhne Papier Verw.GmbH                      |  | Germany             |  | 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 Stora Enso Mezs                                  |  | Latvia              |  | 100.00       
|SIA Stora Enso Timber Trading                        |  | Latvia              |  | 100.00       
|Siex Developpement SAS                               |  | France              |  | 100.00       
|Sihl + Eika Papier AG                                |  | Switzerland         |  | 100.00       
|Skogsutveckling Syd AB                               |  | Sweden              |  | 100.00       
|Skutskärs Industriservice AB                         |  | Sweden              |  | 100.00       
|Stora Billerud (UK) Group Holdings                   |  | United Kingdom      |  | 100.00       
|Stora Dormant AB                                     |  | Sweden              |  | 100.00       
|Stora Enso (HK) Ltd                                  |  | Hong Kong           |  | 99.99        
|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 Amsterdam BV                              |  | The Netherlands     |  | 100.00       
|Stora Enso Argentina S.A.                            |  | Argentina           |  | 100.00       
|Stora Enso Australia PTY Ltd                         |  | Australia           |  | 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       



---

|                                            |  |                      |  |              
|------------------------------------------- |  | -------------------- |  | -------------
|Company                                     |  | Country of Ownership |  | Ownership (%)
|Stora Enso Belgium NV/SA                    |  | Belgium              |  | 100.00       
|Stora Enso Beteiligungen GmbH               |  | Germany              |  | 100.00       
|Stora Enso Bois SA                          |  | France               |  | 100.00       
|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               |  | 99.98        
|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 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 Ingerois Oy                      |  | Finland              |  | 100.00       
|Stora Enso International Ltd                |  | United Kingdom       |  | 100.00       
|Stora Enso Ireland Ltd                      |  | Ireland              |  | 100.00       
|Stora Enso Italy 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 Republic       |  | 100.00       
|Stora Enso Maxau GmbH                       |  | 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                     |  | The Netherlands      |  | 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 |  | United States        |  | 100.00       
|Stora Enso North America Corp.              |  | United States        |  | 100.00       
|Stora Enso North America Inc.               |  | United States        |  | 100.00       
|Stora Enso Nymölla AB                       |  | Sweden               |  | 100.00       
|Stora Enso Packaging AB                     |  | Sweden               |  | 100.00       
|Stora Enso Packaging Aps                    |  | Denmark              |  | 100.00       
|Stora Enso Packaging AS                     |  | Estonia              |  | 100.00       
|Stora Enso Packaging Bords Asia Oy          |  | Finland              |  | 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 Poland SA                        |  | Poland               |  | 67.10        
|Stora Enso Polska Sp. z o.o.                |  | Poland               |  | 100.00       



---

|                                                           |  |                     |  |              
|---------------------------------------------------------- |  | ------------------- |  | -------------
|Company                                                    |  | Country ofOwnership |  | Ownership (%)
|Stora Enso Port Hawkesbury Ltd                             |  | Canada              |  | 100.00       
|Stora Enso Portugal Lda                                    |  | Portugal            |  | 99.00        
|Stora Enso Praha s.r.o.                                    |  | Czech Republic      |  | 100.00       
|Stora Enso Publication Paper Asia Oy (former Lactopack Oy) |  | Finland             |  | 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 Pulp and Paper Asia Oy                          |  | Finland             |  | 100.00       
|Stora Enso Recycling Sp z o o                              |  | Poland              |  | 99.95        
|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 Saimaa Services Oy                              |  | Finland             |  | 100.00       
|Stora Enso Sales Finland Oy                                |  | Finland             |  | 100.00       
|Stora Enso Sarl                                            |  | Luxembourg          |  | 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 Skog AS (former Carl Emil Stavanger AS)         |  | Norway              |  | 100.00       
|Stora Enso Skoghall AB                                     |  | Sweden              |  | 100.00       
|Stora Enso Suzhou Paper Co Ltd                             |  | China               |  | 96.48        
|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             |  | 100.00       
|Stora Enso Timber Australia Pty Ltd                        |  | Australia           |  | 100.00       
|Stora Enso Timber Bad St. Leonhard GmbH                    |  | Austria             |  | 100.00       
|Stora Enso Timber d.o.o                                    |  | Slovakia            |  | 100.00       
|Stora Enso Timber Holding AB                               |  | Sweden              |  | 100.00       
|Stora Enso Timber Holzverarbetungs GmbH                    |  | Austria             |  | 100.00       
|Stora Enso Timber Japan K.K.                               |  | Japan               |  | 100.00       
|Stora Enso Timber Nederland BV                             |  | The Netherlands     |  | 100.00       
|Stora Enso Timber Oy Ltd                                   |  | Finland             |  | 100.00       
|Stora Enso Timber Planá s.r.o                              |  | Czech Republic      |  | 100.00       
|Stora Enso Timber U.S. Corp.                               |  | United States       |  | 100.00       
|Stora Enso Timber UK Ltd                                   |  | United Kingdom      |  | 100.00       
|Stora Enso Timber Zdirec s.r.o.                            |  | Czech Republic      |  | 100.00       
|Stora Enso Trae A/S                                        |  | Denmark             |  | 100.00       
|Stora Enso Transport & Distribution Ltd                    |  | United Kingdom      |  | 100.00       
|Stora Enso Transport and Distribution AB                   |  | Sweden              |  | 100.00       
|Stora Enso Transport and Distribution GmbH                 |  | Germany             |  | 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       
|Stora Enso Ventures Oy                                     |  | Finland             |  | 100.00       
|Stora Enso Vermögensverwaltung GmbH                        |  | Germany             |  | 100.00       
|Stora Enso Verwaltungs GmbH                                |  | Germany             |  | 100.00       
|Stora Forestry Balti OÜ                                    |  | Estonia             |  | 100.00       
|Stora Kopparbergs Bergslags AB                             |  | Sweden              |  | 100.00       
|Stora Luxembourg Sarl                                      |  | Luxembourg          |  | 100.00       
|Stora Pension Trust Ltd                                    |  | United Kingdom      |  | 100.00       
|Stora Timber Benelux B.V.                                  |  | The Netherlands     |  | 100.00       
|Stora Timber Benelux Beheer B.V.                           |  | The Netherlands     |  | 100.00       
|Stora Timber Doe Het Zelf Produkten B.V.                   |  | The Netherlands     |  | 100.00       
|Stora Timber Finance B.V.                                  |  | Belgium             |  | 100.00       
|Sydved AB                                                  |  | Sweden              |  | 66.67        
|Sydved Energileveranser AB                                 |  | Sweden              |  | 100.00       
|Sylvester Kilingi AS                                       |  | Estonia             |  | 100.00       



---

|                                    |  |                     |  |              
|----------------------------------- |  | ------------------- |  | -------------
|Company                             |  | Country ofOwnership |  | Ownership (%)
|Tamrest Oy                          |  | Finland             |  | 100.00       
|Thai Stora Enso Agroforestry Co Ltd |  | Thailand            |  | 100.00       
|UAB Papyrus Distribution            |  | Lithuania           |  | 100.00       
|UAB Puumerkki                       |  | Lithuania           |  | 100.00       
|UAB Schneidersoehne Baltija         |  | Lithuania           |  | 100.00       
|UAB Stora Enso Miskas               |  | Lithuania           |  | 100.00       
|UAB Stora Enso Timber               |  | Lithuania           |  | 100.00       
|Union Developement Récup. Pap.      |  | France              |  | 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       
|VLAR Papier NV                      |  | Belgium             |  | 65.00        
|WKC De Grift Beheer B.V.            |  | The Netherlands     |  | 100.00       
|Wood Supply Polska                  |  | Poland              |  | 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