Exhibit 8.1



|                                                       |  |                |  |           
|------------------------------------------------------ |  | -------------- |  | ----------
|Company                                                |  | Country        |  | Percentage
|AB Siefvert & Fornander                                |  | Sweden         |  | 100.00    
|Alluma SA                                              |  | Belgium        |  | 100.00    
|Altpapier Verw Wattenschied GmbH                       |  | Germany        |  | 100.00    
|As Oy Helsingin Oravatalo                              |  | Finland        |  | 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     
|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    
|Cartiberia SA                                          |  | Spain          |  | 100.00    
|Cefortia AB                                            |  | Sweden         |  | 100.00    
|Chai Narai Co Ltd                                      |  | Thailand       |  | 49.00     
|City Logistik Gmbh                                     |  | Germany        |  | 100.00    
|City Logistik GmbH & Co KG                             |  | 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.                |  | USA            |  | 100.00    
|Consolidated Water Power Co.                           |  | USA            |  | 100.00    
|Corenso (UK) Ltd                                       |  | United Kingdom |  | 93.00     
|Corenso Edam B.V.                                      |  | Netherlands    |  | 100.00    
|Corenso Foshan Paper Core Co Ltd                       |  | China          |  | 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        |  | 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 (Sulima)                     |  | Brazil         |  | 100.00    
|Derflin S.A. (Stora Enso Uruguay)                      |  | 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    
|Enso UK                                                |  | United Kingdom |  | 100.00    
|Espebe Holding B.V. (Schneiders Netherland)            |  | Netherlands    |  | 100.00    
|Euro Timber Handelsges.mbH                             |  | Austria        |  | 100.00    
|Euro Timber Spol. s.r.o.                               |  | Slovakia       |  | 100.00    
|Eurotrade GmbH                                         |  | Germany        |  | 100.00    
|FAIR Forderungsmanagement GmbH                         |  | Germany        |  | 100.00    
|Formeca Oy                                             |  | Finland        |  | 100.00    



1



---

|                                                |  |                |  |           
|----------------------------------------------- |  | -------------- |  | ----------
|Company                                         |  | Country        |  | Percentage
|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    
|Houtpak B.V.                                    |  | Netherlands    |  | 100.00    
|Houttransport Amsterdam B.V.                    |  | Netherlands    |  | 100.00    
|Intercell D.O.O. Sabac                          |  | Poland         |  | 74.00     
|Intercell Trading Sp.z.o.o.                     |  | Poland         |  | 100.00    
|Jet Interiör AB                                 |  | Sweden         |  | 100.00    
|June Emballage AB                               |  | Sweden         |  | 100.00    
|Kambio Holzprodukte GmbH                        |  | Austria        |  | 51.00     
|Keräyskuitu Oy                                  |  | Finland        |  | 68.07     
|Kingiseppskoye Timber Co                        |  | Russia         |  | 97.00     
|Klint. Oy Katajanokan Kanavaravta 1             |  | Finland        |  | 100.00    
|Kombi Voima Oy                                  |  | Finland        |  | 100.00    
|Kopparland AB                                   |  | Sweden         |  | 100.00    
|Kymenso Oy                                      |  | Finland        |  | 100.00    
|L.P. Pacific Films Sdn. Bhd.                    |  | Malaysia       |  | 100.00    
|Laminating Papers Oy                            |  | Finland        |  | 100.00    
|Lumipaper Ltd                                   |  | United Kingdom |  | 100.00    
|Lumipaper N.V.                                  |  | Belgium        |  | 100.00    
|Magna Grundst.-Vermietungs GmbH & Co (Nürnberg) |  | Germany        |  | 100.00    
|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    
|OAO Olonetsles                                  |  | Russia         |  | 94.41     
|Objekt Norderstedt Verw. GmbH                   |  | Germany        |  | 100.00    
|OOO Birex                                       |  | Russia         |  | 100.00    
|OOO Hart Wood                                   |  | Russia         |  | 100.00    
|OOO Karex                                       |  | Russia         |  | 100.00    
|OOO Russkij Les                                 |  | Russia         |  | 100.00    
|OOO SEF Trading                                 |  | Russia         |  | 100.00    
|OOO Setles                                      |  | Russia         |  | 100.00    
|OOO Setnord                                     |  | Russia         |  | 100.00    
|OOO Setnovo                                     |  | 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    



2



---

|                                                         |  |                |  |           
|-------------------------------------------------------- |  | -------------- |  | ----------
|Company                                                  |  | Country        |  | Percentage
|OOO Stora Transport                                      |  | Russia         |  | 100.00    
|OOO Sweet Point                                          |  | Russia         |  | 100.00    
|OOO Terminal                                             |  | Russia         |  | 100.00    
|OOO Timos                                                |  | Russia         |  | 100.00    
|OOO XT Productions                                       |  | Russia         |  | 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    
|Palwaste Recycling CL                                    |  | Spain          |  | 71.84     
|Papeteries de France                                     |  | France         |  | 100.00    
|Pappersgruppen AS                                        |  | Norway         |  | 100.00    
|Papyrus A/S                                              |  | Denmark        |  | 100.00    
|Papyrus AB                                               |  | Sweden         |  | 100.00    
|Papyrus Austria GmbH (Schneidersöhne Papierhandels GmbH) |  | Austria        |  | 99.00     
|Papyrus BV                                               |  | Netherlands    |  | 100.00    
|Papyrus Croatia d.o.o (Schneider Papier)                 |  | Croatia        |  | 100.00    
|Papyrus Distribution Ltd                                 |  | United Kingdom |  | 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 s.r.o                                            |  | Slovakia       |  | 100.00    
|Papyrus Sp.z.o.o.                                        |  | Poland         |  | 100.00    
|Papyrus Sverige AB                                       |  | Sweden         |  | 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    
|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 BV                                               |  | Netherlands    |  | 100.00    
|Scantrans Sp.z.o.o.                                      |  | Poland         |  | 97.29     
|Schneider Onroerend Goed BV                              |  | Netherlands    |  | 100.00    
|Schneider Papier Benelux B.V.                            |  | Netherlands    |  | 100.00    
|Schneider Papier Benelux B.V.B.A.                        |  | Netherlands    |  | 76.70     
|Schneider Papier France SARL                             |  | France         |  | 100.00    
|Schneider Papier Hungaria Kft                            |  | Hungary        |  | 99.80     
|Schneider Papier Italia Srl                              |  | Italy          |  | 100.00    
|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                                |  | Netherlands    |  | 100.00    
|Schneidersöhne Kuvert GmbH & Co KG                       |  | Germany        |  | 100.00    



3



---

|                                                  |  |                |  |           
|------------------------------------------------- |  | -------------- |  | ----------
|Company                                           |  | Country        |  | Percentage
|Schneidersöhne Kuvert Verw. GmbH                  |  | Germany        |  | 100.00    
|Schneidersöhne Luxemburg GmbH                     |  | Germany        |  | 100.00    
|Schneidersöhne Papier Praha spol s.r.o.           |  | Czech          |  | 100.00    
|Schneidersöhne Papier Verw.GmbH                   |  | Germany        |  | 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 Baltic Forestry OÜ                          |  | Estonia        |  | 100.00    
|Stora Billerud (UK) Group Holdings Ltd            |  | 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                           |  | Netherlands    |  | 100.00    
|Stora Enso Arapoti Empreendimentos Agrícolas Ltda |  | Brazil         |  | 100.00    
|Stora Enso Arapoti Indústria de Papel Ltda        |  | Brazil         |  | 100.00    
|Stora Enso Arapoti Participações Societarias Ltda |  | Brazil         |  | 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    
|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         |  | 100.00    
|Stora Enso Danmark A/S                            |  | Denmark        |  | 100.00    
|Stora Enso Deutschland GmbH                       |  | Germany        |  | 100.00    
|Stora Enso Digital Solutions N.V.                 |  | Belgium        |  | 100.00    
|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 Hellas AE                              |  | Greece         |  | 100.00    
|Stora Enso Hilfe GmbH                             |  | Germany        |  | 100.00    



4



---

|                                              |  |                      |  |           
|--------------------------------------------- |  | -------------------- |  | ----------
|Company                                       |  | Country              |  | Percentage
|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 Huatai (Shangdong) Paper Co Ltd    |  | China                |  | 60.00     
|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 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 Malaysia Sdn Bhd                   |  | Malaysia             |  | 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                       |  | 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   |  | 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    
|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                      |  | Lithuenia            |  | 100.00    
|Stora Enso Poland SA                          |  | Poland               |  | 67.10     
|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 Asia Oy          |  | Finland              |  | 100.00    
|Stora Enso Publication Paper GmbH & Co. KG    |  | Germany              |  | 100.00    
|Stora Enso Publication Paper Oy Ltd           |  | Finland              |  | 100.00    
|Stora Enso Publication Paper Verwaltungs Gmbh |  | Germany              |  | 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     



5



---

|                                                |  |                |  |           
|----------------------------------------------- |  | -------------- |  | ----------
|Company                                         |  | Country        |  | Percentage
|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                                 |  | Luxemburg      |  | 100.00    
|Stora Enso Scandinavia AB                       |  | Sweden         |  | 100.00    
|Stora Enso Service och Underhåll AB (fd Fortek) |  | 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 C E 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 Deutschland GmbH              |  | Austria        |  | 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                  |  | 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 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 Enso Wood Supply Polska Sp.z o.o.         |  | Poland         |  | 100.00    
|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    



6



---

|                                                |  |                |  |           
|----------------------------------------------- |  | -------------- |  | ----------
|Company                                         |  | Country        |  | Percentage
|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    
|UAB Puumerkki                                   |  | Lithuenia      |  | 100.00    
|UAB Schneidersoehne Baltija                     |  | Lithuenia      |  | 100.00    
|UAB Stora Enso Miskas                           |  | Lithuenia      |  | 100.00    
|UAB Stora Enso Timber                           |  | Lithuenia      |  | 100.00    
|Union Developement Récup. Pap.                  |  | France         |  | 100.00    
|Vakuutusosakeyhtiö Pankavara                    |  | Finland        |  | 100.00    
|Varenso Oy                                      |  | Finland        |  | 100.00    
|Venapuu Oy                                      |  | Finland        |  | 100.00    
|VLAR Papier NV                                  |  | Belgium        |  | 65.00     
|Woodpax Ltd                                     |  | United Kingdom |  | 100.00    
|Zaklad Przemyslu Drzewnego W Murowie Sp. z o.o. |  | Poland         |  | 100.00    
|ZAO Stora Enso                                  |  | 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    



7