Stora Enso Oyj

Major Shareholding Notification • Jun 29, 2016

Annex

Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity;

Name	% of shares and voting rights	% of shares and voting rights through financial instruments	Total of both
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Group Limited
BlackRock Investment Management (UK) Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Group Limited
BlackRock Investment Management (UK) Limited BlackRock Asset Management Deutschland AG			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Group Limited
BlackRock Advisors (UK) Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Group Limited
BlackRock International Limited			Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.

BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Group Limited
BlackRock (Netherlands) B.V.		Below 5%
BlackRock, Inc. BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock Asia-Pac Holdco, LLC
BlackRock HK Holdco Limited
BlackRock Asset Management North Asia Limited		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock Asia-Pac Holdco, LLC
BlackRock HK Holdco Limited
BlackRock Cayco Limited
BlackRock Trident Holding Company Limited
BlackRock Japan Holdings GK
BlackRock Japan Co., Ltd.		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Australia Holdco Pty. Ltd.
BlackRock Investment Management (Australia)
Limited		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock Holdco 3, LLC
BlackRock Canada Holdings LP
BlackRock Canada Holdings ULC
BlackRock Asset Management Canada Limited		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc. BlackRock Financial Management, Inc.

BlackRock Capital Holdings, Inc.
BlackRock Advisors, LLC		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Fund Advisors		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock Holdco 4, LLC
BlackRock Holdco 6, LLC
BlackRock Delaware Holdings Inc.
BlackRock Fund Advisors
BlackRock Institutional Trust Company, National
Association		Below 5%
BlackRock, Inc.
Trident Merger, LLC
BlackRock Investment Management, LLC		Below 5%
BlackRock, Inc.
BlackRock Holdco 2, Inc.
BlackRock Financial Management, Inc.
BlackRock International Holdings, Inc.
BR Jersey International Holdings L.P.
BlackRock (Singapore) Holdco Pte. Ltd.
BlackRock (Singapore) Limited		Below 5%

Instructions for filling in the standard form

Please note that the Finnish standard form differs from the model standard form published by ESMA due to specific national legislation requiring notification of capital holdings.

• Item 1: Please provide the full name of the issuer together with any further specification of the issuer, provided it is reliable and accurate (e.g. address, LEI, domestic business ID).
• Item 2: Please tick in the appropriate box. In cases of passive reaching or crossing of the threshold (the number of shares or voting rights of the person subject to notification obligation does not change, but the threshold is crossed due to a change in the total number of shares or voting rights of the issuer), please tick in the box "event changing the breakdown of shares or voting rights". Please tick in that box also if the holdings are transferred from financial instruments to shares and voting rights or vice versa.

You may tick in the box "other" in case of, for example:

• a downwards crossing of the threshold(s) because of application of an exemption;
• a downwards crossing of the threshold(s) because of expiry of expiry of financial instruments without physical delivery of the underlying shares; or
• reaching or crossing of threshold(s) due to changes in delta of cash settled financial instruments
• reaching or crossing of threshold(s) due to acting in concert (chapter 9, section 1, paragraph 1 of the SMA).

If you tick in the box "other", please specify the reason for notification.

• Item 3: Please provide the full name of the notifying person(s) and city and country of residence. For legal persons . The notifying person(s) referred to in the item may include:
• (a) the shareholder or a person exercising the control referred to in chapter 9, section 7 of the SMA
• (b) the natural or legal person acquiring, disposing of or exercising voting rights in the way referred to in chapter 9, section 6, paragraphs 2–7 of the SMA
• (c) all the parties to the agreement referred to in chapter 9, section 6, paragraph 1 of the SMA
• (d) holder of a financial instrument referred to in chapter 9, section 6 a of the SMA.
• Item 4: Shareholder(s) may be different than the notifying person(s) in cases referred to in chapter 9, section 6, paragraphs 2–7 and chapter 9, section 7 of the SMA. Management companies, for example, disclose the names of funds managed by them that hold the issuer's shares. It is not required to disclose the name(s) of the shareholder(s) whose holdings are less than 5 %.
• Item 5: The date on which the threshold(s) is/are reached or crossed should normally be the date on which the acquisition or disposal has been made or the exercise of voting rights commences or ends. If the threshold is crossed due to a change in the total number of shares or voting rights of the issuer, the date to be entered is the one when the issuer has disclosed the new total number of shares and voting rights.
• Item 6: Please provide the percentages of shares and voting rights held separately if they differ (e.g. the issuers has share classes with different voting rights or the notifying person holds voting rights without owning the underlying shares). The total number of shares and voting rights of the issuer includes also treasury shares held by the issuer.

Please provide the percentages in two decimals. If the aggregated holdings (7A+7B) have fallen below 5 % threshold, please note that it is sufficient to disclose only that the new holdings (7A, 7B and 7A+7B) are below that threshold.

Item 7: Please provide both the resulting number and percentage of shares and voting rights on the date on which threshold was reached or crossed. Please provide the information on shares and voting rights separately if they differ (e.g. the issuers has share classes with different voting rights or the notifying person holds voting rights without owning the underlying shares).

Please split the holdings to direct and indirect holdings in item 7A. If there are no direct or indirect holdings, please leave the relevant box blank.

In item 7B please provide the following information on both directly and indirectly held financial instruments: type of instrument, expiration date, exercise / conversion period, type of settlement (physical delivery / cash), the number and percentage of shares and voting rights held through the financial instrument. In case of cash settled instruments the number and percentages of voting rights is presented on a delta-adjusted basis.

Item 8: Tick in the second box if the person subject to the notification obligation is either controlled by another natural or legal person and/or does control another undertaking which has shares or voting rights in the issuer or financial instruments referenced to the issuer. In this case please provide the full chain of controlled undertakings.

The names of controlled undertakings through which the voting rights and/or financial instruments are effectively held as well as the ultimate controlling shareholder have to be presented irrespectively whether the controlled undertakings cross or reach the lowest applicable threshold themselves. If a natural person or legal entity belonging to the chain of controlled undertakings holds less than 5 % of the shares or voting rights, it is sufficient to disclose only that the new holdings of that person or entity are below that threshold.

• Item 9: If indirectly held voting rights are based on a proxy, please provide information on the expiry of the proxy and the number and percentage of voting rights covered by the proxy.
• Item 10: You may provide additional information where necessary (e.g. the notification is a correction of a previous notification).