SUBSIDIARIES OF STORA ENSO OYJ



|                                                |  |                         |  |          
|----------------------------------------------- |  | ----------------------- |  | ---------
|Company                                         |  | Country ofIncorporation |  | Ownership
|                                                |  |                         |  | (%)      
|AB Nykvarns Bruk                                |  | Sweden                  |  | 100.00   
|AB Siefvert & Fornander                         |  | Sweden                  |  | 100.00   
|Activation Sweden AB                            |  | Sweden                  |  | 91.00    
|Alluma SA                                       |  | Belgium                 |  | 100.00   
|Altpapier Verw Wattenschied GmbH                |  | Germany                 |  | 100.00   
|AS Forestex                                     |  | Estonia                 |  | 100.00   
|AS Imavere Saeveski                             |  | Estonia                 |  | 96.19    
|AS Näpi Saeveski                                |  | Estonia                 |  | 100.00   
|AS Paikuse Saeveski                             |  | Estonia                 |  | 100.00   
|AS Papyrus (Paberi)                             |  | Estonia                 |  | 100.00   
|AS Sauga Saeveski                               |  | Estonia                 |  | 100.00   
|AS Stora Enso Mets                              |  | Estonia                 |  | 100.00   
|AS Tallinna Paberibörs                          |  | Estonia                 |  | 100.00   
|AS Viljandi Liimpuit                            |  | Estonia                 |  | 100.00   
|As. Oy Hanhirinne                               |  | Finland                 |  | 78.48    
|As. Oy Kemin Hepolanrivit                       |  | Finland                 |  | 100.00   
|As. Oy Kemin Kuusikonrivit                      |  | Finland                 |  | 100.00   
|As. Oy Kemin Rytitornit                         |  | Finland                 |  | 100.00   
|As. Oy Kemin Teponrivit                         |  | Finland                 |  | 100.00   
|As. Oy Kivisentie 2                             |  | Finland                 |  | 100.00   
|As. Oy Kotkan Alahovintie 9                     |  | Finland                 |  | 70.00    
|As. Oy Kotkan Norska                            |  | Finland                 |  | 100.00   
|As. Oy Nurmeksen Oravarivi                      |  | Finland                 |  | 100.00   
|As. Oy Petronrinne                              |  | Finland                 |  | 75.78    
|As. Oy Ruonantie 1                              |  | Finland                 |  | 77.03    
|As. Oy Ruonantie 2,4,6,8                        |  | Finland                 |  | 98.19    
|Asunto Oy Kotkan Sapokan Talot                  |  | Finland                 |  | 97.20    
|Asunto Oy Vehkalahden Summan Torni              |  | Finland                 |  | 100.00   
|Berghuizer Papierfabriek N.V.                   |  | Netherlands             |  | 100.00   
|Bergslagets Bostads AB                          |  | Sweden                  |  | 100.00   
|Bergvik Skog AB                                 |  | Sweden                  |  | 100.00   
|Bergvik Skog Väst AB (Kopparskog)               |  | Sweden                  |  | 100.00   
|Bäcke Emballage AB                              |  | Sweden                  |  | 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 Ltda                                  |  | Portugal                |  | 99.70    
|Celulose Beira Industrial (Celbi) SA (Portugal) |  | Portugal                |  | 100.00   
|Chai Narai Co Ltd                               |  | Thailand                |  | 49.00    
|Cogeneration Plant SL                           |  | Spain                   |  | 100.00   
|CONDEPCO Inc.                                   |  | United States           |  | 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.                               |  | Netherlands             |  | 100.00   
|Corenso France SA                               |  | France                  |  | 100.00   



1



---

|                                                       |  |                         |  |          
|------------------------------------------------------ |  | ----------------------- |  | ---------
|Company                                                |  | Country ofIncorporation |  | Ownership
|                                                       |  |                         |  | (%)      
|Corenso North America Corp.                            |  | United States           |  | 100.00   
|Corenso Svenska AB                                     |  | Sweden                  |  | 100.00   
|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    
|DIY Timber Ltd                                         |  | United Kingdom          |  | 100.00   
|DJKN Förvaltnings AB                                   |  | Sweden                  |  | 100.00   
|Dormant Co                                             |  | Sweden                  |  | 100.00   
|Elfes Beteiligungs GmbH                                |  | Germany                 |  | 90.33    
|Elva Sylvester AS                                      |  | Estonia                 |  | 100.00   
|Enocell Oy                                             |  | Finland                 |  | 98.74    
|Enotuhka Oy                                            |  | Finland                 |  | 100.00   
|Enso (UK) Ltd, Orpington                               |  | United Kingdom          |  | 100.00   
|Enso Alueverkko Oy                                     |  | Finland                 |  | 100.00   
|Enso International Softwoods BV                        |  | Netherlands             |  | 100.00   
|Enso Rose Ltd                                          |  | United Kingdom          |  | 100.00   
|Euro Timber GmbH                                       |  | Austria                 |  | 100.00   
|Euro Timber Spol. s.r.o.                               |  | Slovakia                |  | 100.00   
|Fastbränsle AB                                         |  | Sweden                  |  | 100.00   
|Feldmühle Finance BV                                   |  | Netherlands             |  | 100.00   
|Forestex Pärnu AS                                      |  | Estonia                 |  | 100.00   
|Forestex Türi AS                                       |  | Estonia                 |  | 100.00   
|Formeca Oy                                             |  | Finland                 |  | 51.00    
|Formwood Technologies AB                               |  | Sweden                  |  | 100.00   
|Fortek AB (Stora Flight AB)                            |  | Sweden                  |  | 75.00    
|Fortek Oy                                              |  | Finland                 |  | 75.00    
|Fotestex Tartu AS                                      |  | Estonia                 |  | 100.00   
|FPB Holding GmbH & Co. KG                              |  | Germany                 |  | 100.00   
|Genecal SA                                             |  | France                  |  | 24.97    
|Guangxi Stora Enso Forestry Co Ltd                     |  | China                   |  | 100.00   
|Hangzhou Corenso Hualun Paper Core Co. Ltd             |  | China                   |  | 51.00    
|Herman Andersson Oy                                    |  | Finland                 |  | 100.00   
|Hespol s.r.o.                                          |  | Poland                  |  | 100.00   
|Hiiu Puu AS                                            |  | Estonia                 |  | 100.00   
|Houtpak BV                                             |  | Netherlands             |  | 100.00   
|Houttransport Amsterdam B.V.                           |  | Netherlands             |  | 100.00   
|Jet Interiör AB                                        |  | Sweden                  |  | 100.00   
|June Emballage AB                                      |  | Sweden                  |  | 100.00   
|Järvanpuu AS                                           |  | Estonia                 |  | 100.00   
|Karo Mets AS                                           |  | Estonia                 |  | 100.00   
|Kemijärven Sellu Oy                                    |  | Finland                 |  | 100.00   
|Keräyskuitu Oy                                         |  | Finland                 |  | 68.07    
|Kiint. Oy Alahovintie 8 A                              |  | Finland                 |  | 100.00   
|Kiint. Oy Alakaappi                                    |  | Finland                 |  | 90.00    
|Kiint. Oy Enson Metsuritalot                           |  | Finland                 |  | 99.50    
|Kiint. Oy Katajanokan Kanavaranta 1                    |  | Finland                 |  | 100.00   
|Kiint. Oy Kotkan Peikonpolku 2                         |  | Finland                 |  | 99.99    
|Kiint. Oy Pankapöllö                                   |  | Finland                 |  | 99.00    
|Kiint. Oy Vesuri                                       |  | Finland                 |  | 97.00    



2



---

|                                             |  |                         |  |          
|-------------------------------------------- |  | ----------------------- |  | ---------
|Company                                      |  | Country ofIncorporation |  | Ownership
|                                             |  |                         |  | (%)      
|Kingiseppskoye Timber Co                     |  | Russia                  |  | 75.02    
|Kirde Mets AS                                |  | Estonia                 |  | 100.00   
|Kombi Voima Oy                               |  | Finland                 |  | 100.00   
|Kopparland AB                                |  | Sweden                  |  | 100.00   
|Koski Timber Oy                              |  | Finland                 |  | 100.00   
|Krinari Mets AS                              |  | Estonia                 |  | 100.00   
|Kurista Mets AS                              |  | Estonia                 |  | 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   
|Majetkova A.S.                               |  | Czech                   |  | 99.05    
|Mandriladora Tolosana S.A.                   |  | Spain                   |  | 77.30    
|M-Carrier AB                                 |  | Sweden                  |  | 100.00   
|Merivienti Oy                                |  | Finland                 |  | 100.00   
|Mohed Emballage AB                           |  | Sweden                  |  | 100.00   
|Newaygo Forest Products Ltd                  |  | Canada                  |  | 100.00   
|Nikapa Oy                                    |  | Finland                 |  | 100.00   
|Nordic Forest Development Holdings           |  | Singapore               |  | 100.00   
|Nuia Sylvester AS                            |  | Estonia                 |  | 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 KG                  |  | Russia                  |  | 100.00   
|OOO Stora Enso Packaging VR                  |  | Russia                  |  | 100.00   
|OOO Timos                                    |  | Russia                  |  | 100.00   
|OOO XT Productions                           |  | Russia                  |  | 100.00   
|Oos Mets OÜ                                  |  | Estonia                 |  | 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   
|Pakkaus-Piste Oy                             |  | Finland                 |  | 100.00   
|Pappersgruppen AS                            |  | Norway                  |  | 100.00   
|Papyrus A/S (HC Papier)                      |  | Denmark                 |  | 100.00   
|Papyrus AB (Papyrus Merchants AB)            |  | Sweden                  |  | 100.00   
|Papyrus Belgium NV/SA (PB Papier SA)         |  | Belgium                 |  | 100.00   
|Papyrus BV (Lutkit & Smit)                   |  | Netherlands             |  | 100.00   
|Papyrus Distribution Ltd (Stora FP Holdings) |  | United Kingdom          |  | 100.00   
|Papyrus Finland Oy                           |  | Finland                 |  | 100.00   
|Papyrus France (De Ruysscher) SA             |  | France                  |  | 100.00   
|Papyrus GB Ltd                               |  | United Kingdom          |  | 100.00   
|Papyrus Hungaria Rt                          |  | Hungary                 |  | 100.00   
|Papyrus Network AB                           |  | Sweden                  |  | 100.00   
|Papyrus Norge AS (Pappersgruppen AS)         |  | Norway                  |  | 100.00   



3



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|                                               |  |                         |  |          
|---------------------------------------------- |  | ----------------------- |  | ---------
|Company                                        |  | Country ofIncorporation |  | Ownership
|                                               |  |                         |  | (%)      
|Papyrus Sp.zoo (PN Papier)                     |  | Poland                  |  | 100.00   
|Papyrus Sverige AB (Pappersgruppen)            |  | Sweden                  |  | 100.00   
|Pôlva Sylvester AS                             |  | Estonia                 |  | 100.00   
|PSC Pulp Sales AG                              |  | Switzerland             |  | 99.88    
|PT Enso Forest Indonesia                       |  | Indonesia               |  | 100.00   
|PT Finnantara Intiga                           |  | Indonesia               |  | 67.00    
|Puidutehingud AS                               |  | Estonia                 |  | 100.00   
|Pulp Sales Corporation Ltd (under liquidation) |  | United Kingdom          |  | 100.00   
|Puumatra Oy                                    |  | Finland                 |  | 100.00   
|Puumerkki AS                                   |  | Estonia                 |  | 100.00   
|Puumerkki Oy                                   |  | Finland                 |  | 100.00   
|Puumerkki SIA                                  |  | Latvia                  |  | 100.00   
|Pärnu Mets AS                                  |  | Estonia                 |  | 100.00   
|Rakennus AB                                    |  | Sweden                  |  | 100.00   
|Rakennusosakeyhtiö Tehtaanmäki                 |  | Finland                 |  | 100.00   
|Rautsalon Kiinteistö Oy                        |  | Finland                 |  | 100.00   
|SEDEL LLC                                      |  | United States           |  | 100.00   
|Setless LLC                                    |  | Russia                  |  | 100.00   
|Setnord LLC                                    |  | Russia                  |  | 100.00   
|Setnovo LLC                                    |  | Russia                  |  | 100.00   
|Setrest Oy                                     |  | Finland                 |  | 100.00   
|SIA Forestex Latvia                            |  | Latvia                  |  | 90.00    
|SIA Papyrus (Papirs)                           |  | Latvia                  |  | 100.00   
|SIA RETS Baltic                                |  | Latvia                  |  | 60.00    
|SIA Stora Enso Mez                             |  | Latvia                  |  | 100.00   
|Siex Developpement SA                          |  | France                  |  | 100.00   
|Skogsutveckling Syd AB                         |  | Sweden                  |  | 100.00   
|Skutskärs Industriservice AB                   |  | Sweden                  |  | 100.00   
|Sonda Sylvester AS                             |  | Estonia                 |  | 100.00   
|Stora Billerud (UK) Group Holdings             |  | United Kingdom          |  | 100.00   
|Stora Dormant AB                               |  | Sweden                  |  | 100.00   
|Stora Enso Dalum A/S                           |  | Denmark                 |  | 100.00   
|Stora Enso (HK) Ltd                            |  | Hong Kong               |  | 100.00   
|Stora Enso (Schweiz) GmbH                      |  | Switzerland             |  | 100.00   
|Stora Enso (Thailand) Co Ltd                   |  | Thailand                |  | 99.99    
|Stora Enso 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 S.A.                      |  | Spain                   |  | 100.00   
|Stora Enso Belgium NV/SA                       |  | Belgium                 |  | 100.00   
|Stora Enso Beteiligungen GmbH                  |  | Germany                 |  | 100.00   
|Stora Enso Bois SA                             |  | France                  |  | 99.97    
|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 SA                         |  | France                  |  | 100.00   
|Stora Enso Danmark A/S                         |  | Denmark                 |  | 100.00   
|Stora Enso Deutschland GmbH                    |  | Germany                 |  | 100.00   



4



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|                                            |  |                          |  |          
|------------------------------------------- |  | ------------------------ |  | ---------
|Company                                     |  | Country of Incorporation |  | Ownership
|                                            |  |                          |  | (%)      
|Stora Enso Espana S.A.                      |  | Spain                    |  | 100.00   
|Stora Enso Finance France SA                |  | France                   |  | 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 Forest Consulting Oy Ltd         |  | Finland                  |  | 100.00   
|Stora Enso Fors AB                          |  | Sweden                   |  | 100.00   
|Stora Enso France S.A.                      |  | France                   |  | 100.00   
|Stora Enso Försäkrings AB                   |  | Sweden                   |  | 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 Holding France S.A.              |  | France                   |  | 100.00   
|Stora Enso Holdings UK Ltd (Kopparberg 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 Interamericas, Inc.              |  | United States            |  | 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 Korea Co Ltd                     |  | Korea                    |  | 100.00   
|Stora Enso Kvarnsveden AB                   |  | Sweden                   |  | 100.00   
|Stora Enso Langerbrugge N.V.                |  | Belgium                  |  | 100.00   
|Stora Enso Lubeck GmbH                      |  | Germany                  |  | 100.00   
|Stora Enso Lumber Trading GmbH              |  | Austria                  |  | 100.00   
|Stora Enso Maxau Beteiligungen, GmbH        |  | Germany                  |  | 100.00   
|Stora Enso Maxau GmbH & Co. KG              |  | Germany                  |  | 100.00   
|Stora Enso Maxau Verwaltungs GmbH           |  | Germany                  |  | 100.00   
|Stora Enso Middle East FZ-LLC               |  | United Arab Emirates     |  | 100.00   
|Stora Enso Miskas (Litforestry)             |  | Lithuania                |  | 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 Corp.              |  | United States            |  | 100.00   
|Stora Enso North America Sales Corp.        |  | 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 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   



5



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|                                              |  |                         |  |          
|--------------------------------------------- |  | ----------------------- |  | ---------
|Company                                       |  | Country ofIncorporation |  | Ownership
|                                              |  |                         |  | (%)      
|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 OyLtd           |  | 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                   |  | 80.90    
|Stora Enso Teollisuustontit Oy                |  | Finland                 |  | 100.00   
|Stora Enso Timber (Deutschland) GmbH          |  | Germany                 |  | 100.00   
|Stora Enso Timber A/S (Launkalne)             |  | Latvia                  |  | 100.00   
|Stora Enso Timber AB                          |  | Sweden                  |  | 100.00   
|Stora Enso Timber AG                          |  | Austria                 |  | 100.00   
|Stora Enso Timber AS (Sylvester)              |  | Estonia                 |  | 66.00    
|Stora Enso Timber Australia Pty Ltd           |  | Australia               |  | 51.00    
|Stora Enso Timber Bad St. Leonhard GmbH       |  | Austria                 |  | 99.89    
|Stora Enso Timber Holding AB                  |  | Sweden                  |  | 100.00   
|Stora Enso Timber Nederland BV                |  | Netherlands             |  | 100.00   
|Stora Enso Timber Oy Ltd                      |  | Finland                 |  | 100.00   
|Stora Enso Timber Plana s.r.o                 |  | Czech                   |  | 100.00   
|Stora Enso Timber Trading s.r.o.              |  | Czech                   |  | 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                   |  | 100.00   
|Stora Enso Trading (Shanghai) Co Ltd          |  | China                   |  | 100.00   
|Stora Enso Trae (Viggo Borch) 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 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 (Enso Marketing)            |  | United Kingdom          |  | 100.00   
|Stora Enso Vermögensverwaltung GmbH           |  | Germany                 |  | 100.00   
|Stora Enso Verwaltungs GmbH                   |  | Germany                 |  | 100.00   
|Stora Forestry Balti OÛ                       |  | Estonia                 |  | 100.00   
|Stora Forestry Gdov JV                        |  | Russia                  |  | 51.00    
|Stora Forestry Plus JV                        |  | Russia                  |  | 51.00    



6



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|                                                  |  |                         |  |          
|------------------------------------------------- |  | ----------------------- |  | ---------
|Company                                           |  | Country ofIncorporation |  | Ownership
|                                                  |  |                         |  | (%)      
|Stora Forestry Strug JV                           |  | Russia                  |  | 51.00    
|Stora Holding A/S                                 |  | Denmark                 |  | 100.00   
|Stora Kopparbergs Bergslags AB (Stora Trading AB) |  | Sweden                  |  | 100.00   
|Stora Luxembourg Sarl                             |  | Luxemburg               |  | 100.00   
|Stora News AB                                     |  | Sweden                  |  | 100.00   
|Stora Pension Trust Ltd                           |  | United Kingdom          |  | 100.00   
|Stora Timber Benelux B.V.                         |  | Netherlands             |  | 100.00   
|Stora Timber Benelux Beheer BV                    |  | Netherlands             |  | 100.00   
|Stora Timber DHZ Production B.V.                  |  | Netherlands             |  | 100.00   
|Stora Timber Finance BV                           |  | Belgium                 |  | 100.00   
|Stora Transport OOO                               |  | Russia                  |  | 99.00    
|Sydved AB                                         |  | Sweden                  |  | 67.00    
|Sydved Energileveranser AB                        |  | Sweden                  |  | 100.00   
|Sylvester Kiingi AS                               |  | Estonia                 |  | 100.00   
|Tamrest Oy                                        |  | Finland                 |  | 100.00   
|Thai Stora Enso Agroforestry Co Ltd               |  | Thailand                |  | 99.99    
|Top Sylvester AS                                  |  | Estonia                 |  | 100.00   
|UAB Papyrus Distribution (Kylix)                  |  | Lithuania               |  | 100.00   
|UAB Stora Enso Timber (Alytus UAB)                |  | Lithuania               |  | 100.00   
|Vakuutusosakeyhtiö Pankavara                      |  | Finland                 |  | 100.00   
|Valga Mets AS                                     |  | Estonia                 |  | 100.00   
|Varenso Oy                                        |  | Finland                 |  | 100.00   
|Venapuu Oy                                        |  | Finland                 |  | 100.00   
|Viveiros Ltda                                     |  | Portugal                |  | 99.70    
|Woodpax Ltd                                       |  | United Kingdom          |  | 100.00   
|Vôru Sylvester AS                                 |  | Estonia                 |  | 100.00   
|ZAO Stora Enso                                    |  | Russia                  |  | 100.00   
|ZAO Stora Enso Packaging                          |  | Russia                  |  | 100.00   
|ZAO Stora Impex                                   |  | Russia                  |  | 100.00   



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