Group Companies 31.12.2014 Book Value PARENT COMPANY SHARES SUBSIDIARIES Foreign Subsidiaries Chai Narai Co Ltd Bangkok Thailand 49.00 2,722.96 Lumipaper N.V. Kallo Belgium 99.94 7,422,088.56 A/O Ladenso Pitkäranta Russia 49.00 1.17 Stora Enso (HK) Ltd Hong Kong Hong Kong 100.00 212,611.16 Stora Enso AB Falun Sweden 100.00 4,583,000,000.24 Stora Enso Argentina S.A. Buenos Aires Argentina 100.00 371,063.25 ACN 001 583 268 Pty Ltd North Sydney Australia 100.00 1.15 Stora Enso Austria GmbH Wien Austria 100.00 18,744.54 Stora Enso Belgium NV Machelen Belgium 99.97 2,599,999.93 Stora Enso Deutschland GmbH Düsseldorf Germany 100.00 707,200,000.00 Stora Enso Brasil Ltda Sao Paulo Brazil 100.00 770,000.00 Stora Enso Chile S.A. Santiago Chile 100.00 199,006.07 Stora Enso Eesti AS Tallinn Estonia 100.00 30,260,780.12 Stora Enso Espana S.A.U Madrid Spain 100.00 702,508.15 Stora Enso France SAS Paris Franch 0.02 52.13 Stora Enso Holdings UK Ltd Orpington Great Britain 100.00 19,832,701.31 Stora Enso Italia Srl Milan Italy 100.00 7,200,000.22 Stora Enso Japan K.K. Kita-ku Japan 100.00 199,999.83 Stora Enso Langerbrugge N.V. Gent Belgium 100.00 470,550,994.65 Stora Enso LLC Kiev Ukraine 100.00 50,000.00 Stora Enso Mexico S.A. Mexico Mexico 98.00 3,454.52 Stora Enso Middle East JLT Dubai United Arab Emirates 100.00 62,518.23 Stora Enso North America Sales Inc. Portland, Oregon United States 100.00 1,327,822.68 Stora Enso Poland SA Ostroleka Poland 100.00 211,239,517.63 Stora Enso Polska Sp. z o.o. Warsaw Poland 100.00 450,002.42 Stora Enso Portugal Lda Estoril Portugal 99.00 320,112.83 Stora Enso South East Asia Pte Ltd Singapore Singapore 100.00 802,306.53 Stora Luxembourg Sarl Luxembourg Luxembourg 100.00 595,614.29 ZAO Stora Enso Russia Russia 100.00 44,736.88 Foreign Subsidiaries Total 6,045,439,361.45 Domestic Subsidiaries Efora Oy Oulu Finland 100.00 9,632,121.04 Enocell Oy Eno Finland 100.00 205,199,999.75 Enso Alueverkko Oy Helsinki Finland 100.00 8,409.40 Herman Andersson Oy Oulu Finland 100.00 6,880,479.07 Karhulan-Sunilan Rautatie Oy Kotka Finland 100.00 253,963.76 Kiinteistö Oy Sunilan Kesäniemi Kotka Finland 100.00 66,966.32 Merivienti Oy Imatra Finland 100.00 5,466,209.54 Rautsalon Kiinteistö Oy Heinola Finland 100.00 185,382.62 Stora Enso Ingerois Oy Anjalankoski Finland 100.00 79,056,912.99 Stora Enso Packaging Oy Helsinki Finland 100.00 19,440,776.83 Stora Enso Publication Paper Oy Ltd Helsinki Finland 100.00 17,400,000.36 Stora Enso Wood Products Oy Ltd Helsinki Finland 100.00 362,399,999.80 Sunilan Puhdistamo Oy Kotka Finland 66.66 300,400.00 Domestic Subsidiaries Total 706,291,621.48 Subsidiaries Total 6,751,730,982.93 ASSOCIATED COMPANIES Foreign Associated Companies Stora Enso Narew SP Z o o. Ostroleka Poland 25.11 35,169,818.60 Foreign Associated Companies Total 35,169,818.60 Domestic Associated Companies As. Oy Pyhtään Kaapit Pyhtää Finland 27.62 3,525.66 As. Oy Ravustajanranta Oulainen Finland 27.86 35,000.00 As. Oy Vuoksenniskan Kerttulanrinne Imatra Finland 27.63 97,000.00 As. Oy Vuorikatu 5 Kuopio Finland 42.31 342,960.92 Imatran Golf Oy Imatra Finland 28.77 159,500.00 Kemi Shipping Oy Kemi Finland 50.00 234,457.00 Kiint. Oy Ruokolahden Metsätalo Ruokolahti Finland 20.57 142,641.19 Metsäteho Oy Helsinki Finland 23.95 67,275.17 NSE Biofuels Oy Ltd Varkaus Finland 50.00 533,144.76 Oy Keskuslaboratorio - Centrallaboratorium Ab Helsinki Finland 32.24 469,627.86 Paperinkeräys Oy Helsinki Finland 30.41 33,316.48 Perkaus Oy Kuopio Finland 33.33 5,100.26 Steveco Oy Hamina Finland 34.39 2,741,986.23 Sunila Kantola Oy Kotka Finland 50.00 210,250.00
Suomen Keräyspaperi Tuottajayhteisö Oy Helsinki Finland 40.09 8,700.00 Suomen NP-Kierrätys Oy Helsinki Finland 25.00 4,204.70 Tornator Oy Imatra Finland 41.00 32,800,000.00 Domestic Associated Companies Total 37,888,690.23 Associated Companies Total 73,058,508.83 OTHER COMPANIES Other Foreign Companies Belegginsmaatschappij Benfo BV Rotterdam Netherlands 1.00 319.22 Skogsindustrins Tekniska Forsknings Stockholm Sweden 9.09 1,217.64 Other Foreign Companies Total 1,536.86 Other Domestic Companies Aina Group Oyj Hämeenlinna Finland 0.00 522.30 Aktiebolaget Degerby Rusthåll Loviisa Finland 0.23 84.09 Arktos Group Ltd Oyj Mikkeli Finland 19.46 0.01 As. Oy Bulevardinkatu 2 Kotka Finland 2.26 7,148.66 As. Oy Jalkalankulma Suonenjoki Finland 0.55 1,515.37 As. Oy Kemin kaivokatu 3 Kemi Finland 9.91 73,464.49 As. Oy Norppa-Kuutti Imatra Finland 9.17 76,804.70 As. Oy Tapanilan Haka I Imatra Finland 6.12 1,750.84 As. Oy Vaalan Keskus Vaala Finland 4.00 18,000.00 As. Oy Vuoksenharju Imatra Finland 6.52 33,591.62 Asuntotuotanto Kotola Oy Kotka Finland 10.00 1,850.07 Cleen Oy Helsinki Finland 3.85 100,000.00 Cursor Oy Kotka Finland 3.92 84,093.95 Golfsarfvik Oy Espoo Finland 0.15 20,505.47 Helsingin Tennisstadion Oy Helsinki Finland 3.30 16,650.60 Helsinki Halli Oy Helsinki Finland 0.57 232,099.34 Imatran Seudun Kehitysyhtiö Oy Imatra Finland 5.55 134,550.34 Joroisten Kartano-Golf Oy Joroinen Finland 6.32 24,745.30 Karjaan Puhelin Oy Karjaa Finland 0.01 1,370.11 Kemin Seudun Golf Oy Kemi Finland 1.25 2,100.00 Kerigolf Oy Kerimäki Finland 0.25 1,513.69 Keski-Savon Kehittämisyhtiö Oy Varkaus Finland 12.50 42,699.61 KeskinäinenEläkevakuutusyhtiöEtera Helskinki Finland 3.75 3,000.00 Kiint. Oy Inkeroisten Kauppacenter Anjalankoski Finland 18.99 61,107.26 Kiint. Oy Kummunhovi Outokumpu Finland 4.45 47,675.22 Kiint. Oy Mäyrä Utajärvi Finland 18.00 6,794.79 Kiint. Oy Pulkkilan Monitori Pulkkila Finland 2.61 17,000.00 Kiint. Oy Puolangan Nurmela Puolanka Finland 4.96 22,000.00 Kiint. Oy Ranuan Kanervikko Rauna Finland 16.00 70,000.00 Kiint. Oy Suomussalmen Uitonkulma Suomussalmi Finland 2.75 24,000.00 Kiint. Oy Utajärven Säästökulma Utajärvi Finland 7.32 24,000.00 Kiint. Oy Kotkan Klubi Kotka Finland 8.52 50,956.38 Kotkan Golf Oy Kotka Finland 2.50 33,637.59 Luotolan Kiinteistö Oy Kemi Finland 8.88 7,862.90 Master Golf Course Oy Ab Espoo Finland 0.11 11,961.52 Metsäklusteri Oy Helskinki Finland 15.00 450,000.00 Mikkelin Arkistotalo Oy Mikkeli Finland 4.76 33,637.59 Mikkelin Puhelinyhdistys MPY Mikkeli Finland 0.00 985.27 Myllypuron Tenniskeskus Oy Helsinki Finland 0.27 1,702.06 Osuuskunta KPY Kuopio Finland 0.47 15,507.85 Osuuskunta Suomen Messut Helsinki Finland 0.04 111.00 Osuuskunta Viexpo Pietarsaari Finland 0.00 84.09 Oulun Golf Oy Oulu Finland 0.10 5,045.64 Pohjanmaan Puhelinosuuskunta Ylivieska Finland 0.00 232.59 Pohjolan Voima Oy Helsinki Finland 14.77 166,187,248.35 Powest Oy Helsinki Finland 3.45 301,356.98 Puhelinosuuskunta IPY Iisalmi Finland 0.00 3,365.10 Puhelinosuuskunta LPO Lovisa Finland 0.00 3,300.86 RP Logistics Oy Kotka Finland 10.71 2,018.00 Saimaa Capital Oy Mikkeli Finland 0.60 210,234.91 Savonlinnan Puhelinyhdistys SPY Savonlinna Finland 0.00 1,835.21 Suomen Kuitukierrätys Oy Helsinki Finland 8.00 200.00 Suomen Mediatarkastus Oy Helsinki Finland 0.50 67.28 Taistelijan Talo Oy Ilomantsi Finland 2.12 3,363.76 Tornion Golf Oy Tornio Finland 1.20 21,763.52 Vierumäki Golf Oy Helsinki Finland 2.00 17,896.64 Virpiniemi Golf Oy Haukipudas Finland 0.23 10,500.00 Other Domestic Companies Total 168,525,512.92 Other Companies Total 168,527,049.78 PARENT COMPANY GRAND TOTAL 6,993,316,541.54 GROUP COMPANIES OWNED BY SUBSIDIARIES
Subsidiary Stora Enso AB Stora Enso (Schweiz) AG Switzerland 100.00 423,870.65 Stora Enso China Holdings AB Sweden 100.00 697,185,677.65 Stora Enso Pulp and Paper Asia AB Sweden 94.21 466,911,740.76 Guangxi Stora Enso Forestry Co Ltd China 95.00 92,226,147.34 Stora Enso (Guangxi) Packaging Company Limited China 85.00 273,957,514.64 Stora Enso (Guangxi) Forestry Company Ltd. China 85.00 123,593,420.63 Stora Enso China Co Ltd China 100.00 1,697,800.06 Stora Enso Suzhou Paper Co Ltd China 97.89 0.00 Stora Enso Inpac Packaging Co Ldt China 51.00 37,745,759.61 E-Creative Industrial (Dongguan) Co Ltd China 51.00 1,652,392.58 Dongguan Delta Print & Packaging Ltd China 51.00 5,307,996.50 Inpac International (Hebei) Pre-Print Packaging Co Ltd China 51.00 5,976,578.47 Inpac International Korea Co Ltd South Korea 51.00 0.00 Stora Enso Inpac Delta India PVT Ltd India 51.00 7,848,312.46 Hebei Sun Union Environmental Packaging Ltd China 51.00 4,379,097.11 Stora Enso Inpac (Jiashan) Packagng Co China 100.00 4,644,496.93 Champ Wave Ltd British Virgin Islands 51.00 4,513,287.87 Inpac International (Hebei) Pre-Print Packaging Co Ltd China 49.00 2,874,897.45 Stora Enso Nymölla AB Sweden 100.00 265,274,910.36 Stora Enso Fors AB Sweden 100.00 118,194,400.09 Stora Enso Försäkringsaktiebolag Sweden 100.00 11,732,140.96 Stora Enso Danmark A/S Denmark 100.00 598,041.09 Stora Enso Hylte AB Sweden 100.00 54,525,207.28 DanFiber A/S Denmark 51.00 340,852.87 Stora Enso Kvarnsveden AB Sweden 100.00 170,482,488.87 Stora Enso NN Paper AB Sweden 100.00 1,379,724.90 Stora Enso Praha s.r.o. Czech Rebublic 100.00 282,554.46 Stora Enso Pulp AB Sweden 100.00 99,544,767.38 Norrsundet Utvecklings AB Sweden 100.00 10,646.23 Stora Enso Skog AB Sweden 100.00 171,516,874.27 Stora Enso Skog AS Norway 100.00 11,429,898.33 Sydved AB Sweden 66.67 2,790,908.12 Skogsutveckling Syd AB Sweden 100.00 75,276.27 Stora Enso Bioenergi AB Sweden 100.00 18,630,895.35 Stora Enso Skoghall AB Sweden 100.00 25,830,937.93 Stora Enso Logistics AB Sweden 100.00 7,570,957.10 Stora Enso Timber AB Sweden 100.00 42,584,903.65 Stora Enso Treasury Stockholm AB Sweden 100.00 891,986,692.22 Stora Enso Holding France SAS Franch 100.00 0.11 Stora Enso Bois SAS Franch 100.00 1,000,000.00 Stora Enso Corbehem SAS Franch 100.00 0.00 Stora Enso France SAS Franch 99.98 6,681,982.00 Stora Enso Amsterdam BV Netherlands 100.00 1,282,785,477.38 Stora Enso Florestal RS Ltda Brazil 100.00 90,117,415.00 Stora Enso Arapoti Indústria de Papel Ltda Brazil 80.00 60,303,841.00 Stora Enso Timber DIY Products BV Belgium 100.00 3,000,000.00 Stora Kopparbergs Bergslags AB Sweden 100.00 5,155,115.51 Stora Enso South Asia Holdings AB Sweden 100.00 29,282,444.37 Stora Enso Laos Plantations AB Sweden 100.00 6,951,985.52 Stora Enso Lao Co. Ltd Laos 100.00 11,899,896.09 Stora Enso Re-board AB Sweden 100.00 0.92 Stora Enso Packaging AB Sweden 100.00 66,547,326.73 Virdia USA 100.00 31,965,831.28 Stora Enso Deutschland GmbH FPB Holding GmbH & Co. KG Germany 99.97 329,420,000.00 Stora Enso Baienfurt GmbH Germany 0.40 790,000.00 Stora Enso Kabel GmbH & Co. KG (SE PublPaper GmbH) Germany 100.00 80,797,040.54 Stora Enso Baienfurt GmbH Germany 99.60 60,025,774.43 Stora Enso Kabel Verwaltungs Gmbh (SE PublPaper Verw) Germany 100.00 25,612.21 Stora Enso Uetersen GmbH Germany 100.00 1,800,000.00 Stora Enso Maxau GmbH Germany 100.00 414,849,955.29 Stora Enso Sachsen GmbH Germany 100.00 55,002,056.45 Stora Enso Verwaltungs GmbH Germany 100.00 25,622.18 FPB Holding GmbH & Co. KG Germany 0.00 18.67 Stora Enso Eesti AS Puumerkki AS Estonia 100.00 39,263.00 AS Stora Enso Latvija Latvia 100.00 11,208,427.00 UAB Stora Enso Lietuva Lithuania 100.00 6,856,004.00 Puumerkki UAB Lithuania 100.00 292,516.22 Stora Enso Holdings UK Ltd Lumipaper Ltd Great Britain 100.00 128,386.19 Stora Billerud (UK) Group Holdings Ltd Great Britain 100.00 0.00 Stora Enso International Ltd Great Britain 100.00 0.00 Stora Enso Pension Trust Ltd. Great Britain 100.00 0.00
Stora Enso Timber UK Ltd Great Britain 100.00 68,045.96 Stora Enso UK Ltd Great Britain 100.00 1,283.86 Stora Enso Langerbrugge N.V. VLAR Papier NV Belgium 65.00 2,158,804.00 Stora Enso Poland SA Stora Enso Recycling Sp z o o Poland 99.98 0.00 Stora Enso Narew Sp z o o Poland 100.00 104,325,130.58 Stora Enso Poland SA Poland 1.61 0.00 Stora Luxemburg Sarl Stora Enso Sarl Luxembourg 100.00 500,000.00 Merivienti Oy Stora Enso (HK Ltd) Hong Kong 0.00 0.00 Stora Enso Belgium NV Belgium 0.03 4,436.82 OAO Olonetsles Russia 89,78 2,840.20 Lumipaper N.V. Belgium 0.06 4,523.99 Stora Enso Portugal Lda Portugal 1.00 3,257.29 Stora Enso Mexico S.A. Mexico 2.00 70.50 OOO Stora Transport Russia 100,00 1.00 OOO Stora Enso Forest West Russia 100.00 1.00 OOO Terminal Russia 100,00 0.00 OOO Stora Enso Forest Border Russia 64.80 3.00 A/O Ladenso Finland 51,00 1.00 OAO Olonetsles Russia 6,90 0.00 Stora Enso Barcelona S.A. Spain 0.00 5.55 Stora Enso Packagent Oy Finland 100.00 1,088,139.58 Stora Enso Ingerois Oy Stora Enso Barcelona S.A. Spain 100.00 0.00 Palwaste Recycling S.L.U. Spain 100.00 0.00 Stora Enso Packaging Oy Formeca Oy Finland 100.00 929,414.00 Stora Enso Packaging AS Estonia 100.00 144,970.00 Stora Enso Packaging Kft Hungary 100.00 2,700,063.00 Stora Enso Packaging SIA Latvia 100.00 1,034,841.00 Stora Enso Packaging UAB Lithuania 100.00 1,295,702.00 OOO Stora Enso Packaging BB Russia 100.00 38,212,810.00 Stora Enso Publication Paper Oy Ltd Stora Enso Huatai (Shangdong) Paper Co Ltd China 60.00 1.00 Stora Enso Wood Products Oy Ltd EURO - TIMBER spol s.r.o Slovak Rpeublic 10.71 783.56 Puumerkki Oy Finland 100.00 11,000,000.00 OOO Setles Russia 100.00 3,560,001.00 OOO Setnovo Russia 100.00 29,160,000.00 MENA Koper d.o.o. Slovenia 100.00 801,654.17 Mena Wood Oy Ltd Finland 100.00 3,172,790.53 Stora Enso Wood Products GmbH Austria 100.00 121,501,508.46 EURO - TIMBER spol s.r.o Slovak Rpeublic 89.29 7,631.00 HESPOL Sp.z.o.o. Poland 100.00 204,794.00 Stora Enso Timber Deutschland GmbH Austria 100.00 12,313,199.00 Stora Enso Wood Products Sp.z.o.o. Poland 100.00 5,067,527.00 Stora Enso WP Bad St. Leonhard GmbH Austria 100.00 2,209,084.00 Stora Enso Wood Products Planá s.r.o Czech Republic 100.00 9,752,674.00 Stora Enso Wood Products Zdirec s.r.o. Czech Republic 100.00 3,003,022.00 Stora Enso WP HV s.r.o. Czech Republic 80.00 7,857,869.12 Centrum Dystrybucji i Obróbki Drewna Sp. z o.o. Poland 100.00 1.00 Stora Enso WP HV s.r.o. Czech Republic 20.00 2,151,176.56 Stora Enso Timber Australia Pty Ltd Australia 100.00 1,467,697.38 Stora Enso Building and Living Japan KK Japan 100.00 699,953.34 THE MOST IMPORTANT ASSOCIATED COMPANIES OWNED BY SUBSIDIARIES Arauco Florestal Arapoti S.A. Brazil 20.00 18,457,195.00 Bergvik Skog AB Sweden 49.00 257,478,973.70 Bulleh Shah Packaging (Private) Limited Pakistan 35.00 27,838,098.46 BVA Hagen-Kabel GmbH Germany 50.00 3,853,629.90 Cellutech AB Sweden 25.00 1,596,933.89 Honkalahden Teollisuuslaituri Oy Finland 50.00 24,555.27 IL Recycling Returpapper AB Sweden 33.33 446,835.41 Kemira Cell Sp.z.o.o. Poland 45.00 205,349.62 Packages Limited Pakistan 6.40 3,495,045.42 Polski System Recyclingu S.A. Poland 24.88 94,700.93 Pressretur AB Sweden 33.33 2,661.56 Puhoksen Satama Oy Finland 50.00 37,013.23 Recogida Selectiva de Papel y Carton de Cataluna AIE Spain 50.00 1,502.53 SELF Logistika SIA Latvia 50.00 56,880.00 SweTree Technologies AB Sweden 11.00 93,155.54 VindIn AB Sweden 17.73 4,924,944.11 ZMP GMBH Austria 30.00 10,605.00
Österbergs Förpackningsmaskiner AB Sweden 50.00 279,616.74 JOINT OPERATIONS Veracel Celulose SA (50%) Brazil 50.00 489,246,367.00 Montes del Plata (50%) Uruguay 50.00 819,068,245.82