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Notes to the Group’s Financial Statements

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Select note 1–41
40 Investments in shares and participations other than subsidiaries and associates
Holdings exceeding EURm 5 and holdings in listed companies exceeding five per cent specified.
The table does not include life insurance's investments related to unit-linked insurance contracts.
P&C insurance
Country Holding % Carrying amount /
Fair value
Listed companies
A P Moller - Maersk Denmark 0.03% 7
ABB Switzerland 0.19% 72
Atlas Copco A+B Sweden 0.15% 40
BB Tools Sweden 0.64% 2
Clas Ohlson Sweden 4.75% 52
CTT Systems Sweden 4.08% 3
Beijer Ab Gl Sweden 0.44% 4
Gunnebo AB Norway 11.67% 43
Hennes Mauritz AB Sweden 0.18% 99
Husqvarna AB Sweden 1.01% 35
Husqvarna AB Sweden 0.39% 14
Investor AB Sweden 0.13% 33
Lindab Intl AB Sweden 4.94% 27
Nederman Holding AB Sweden 9.90% 32
Nobia AB Sweden 10.10% 204
Nolato AB Sweden 0.92% 7
Sandvik AB Sweden 0.42% 43
Sectra AB Sweden 11.15% 53
Svedbergs i Dalstrop Sweden 11.45% 9
Teliasonera AB Sweden 0.36% 73
VBG Group AB Sweden 3.94% 7
Veidekke ASA Norway 7.46% 113
Volvo AB Sweden 0.06% 11
Volvo AB Sweden 0.39% 71
Yara Intl ASA Norway 0.27% 29
Marine Harvest ASA Norway 0.23% 12
Team Tankers Intl AS Norway 0.91% 3
Total listed companies 1,097
Other 2
Unit trusts
Danske Invest Finland 77
Danske Invest Finland 57
DB Platinum Advisors Luxemburg 17
PEQ Eqt III Guernsey 0
PEQ Eqt IV Guernsey 0
PEQ GS Loan Partn I Cayman islands 3
Investec Asset Mgmt Great Britain 48
Barclays Global Investment Ireland 5
Lyxor Int AM France 0
PEQ Mandatum I Finland 0
PEQ Mandatum II Finland 2
PEQ Mandatum II Finland 5
PEQ Private Egy mkt Finland 3
State Street Global Finland 67
PEQ Eqt Mid Market Great Britain 8
Handelsbanken Fonder Sweden 19
Hermes Investment Ireland 47
Blackrock AM DE Denmark 20
PEQ OMP Capital Norway 2
Blackrock AM DE Denmark 42
Total unit trusts 422
P&C insurance, total shares and participations 1,522
Life insurance
Country Holding % Carrying amount /
Fair value
Listed companies
Amer Sports OYJ Finland 3.32% 106
Asiakastieto Group Oyj Finland 9.27% 21
Comptel OYJ Finland 18.94% 38
Elecster OYJ A Finland 6.43% 1
eQ Oyj Finland 5.17% 12
F-Secure OYJ Finland 3.65% 15
Kemira OYJ Finland 0.58% 10
Lassila & Tikanoja OYJ Finland 5.96% 42
Metso OYJ Finland 0.99% 31
Nokia OYJ Finland 0.04% 12
Nokian Renkaat OYJ Finland 0.58% 26
Norvestia OYJ Finland 11.68% 14
Okmetic OYJ Finland 4.63% 6
Oriola-KD OYJ B Finland 2.86% 16
Stora Enso OYJ Finland 0.24% 12
Teleste OYJ Finland 8.84% 16
Tikkurila Oyj Finland 3.58% 25
UPM-Kymmene OYJ Finland 0.85% 78
Uponor OYJ Finland 0.82% 8
Vaisala Oyj A Finland 4.24% 15
Valmet Corp Finland 0.81% 11
Wartsila OYJ Finland 0.21% 18
YIT OYJ Finland 3.37% 22
Total listed companies 555
Other listed companies Finland 14
Listed companies in total 569
Unit trusts
KJK Fund SICAV-SIF Baltic States B1 C Finland 13
EVLI EUROPE-B Finland 9
FONDITA NORDIC MICRO CAP-B Finland 8
Fourton Odysseus Finland 47
FOURTON STAMINA NON-UCITS Finland 24
OP-Eurooppa Nousevat Tähdet A Finland 7
OP-KEHITTYVA AASIA Finland 5
Total unit trusts 112
Capital trusts
Amanda III Eastern Private Equity L.P. Finland 14
Amanda IV West L.P. Finland 23
CapMan Hotels RE Ky Finland 10
Capman Real Estate I Ky Finland 11
Capman Real Estate II Ky Finland 8
CapMan RE II Ky Finland 6
MB Equity Fund IV Ky Finland 11
Total capital trusts 83
Other shares and participations 40
Domestic shares and participations in total 803
Other companies
Unilever NV Netherlands 0.01% 7
Pension Corporation Group Limited Guernsey 1.39% 9
Schneider Electric SA France 0.02% 8
BASF SE Germany 0.01% 6
Bayerische Motoren Werke AG Germany 0.02% 9
Deutsche Post AG Germany 0.02% 6
SAP AG Germany 0.01% 8
Kuehne + Nagel International AG Switzerland 0.04% 7
Nestle SA Switzerland 0.00% 9
Roche Holding AG Switzerland 0.00% 9
Syngenta AG Switzerland 0.02% 6
British American Tobacco PLC United kingdom 0.01% 7
GlaxoSmithKline PLC United kingdom 0.01% 6
Royal Dutch Shell PLC United kingdom 0.01% 7
SABMiller PLC United kingdom 0.01% 5
Total other companies 109
Foreign unit trusts
The Forest Company Limited Guernsey 7
Comgest Growth Asia Ex Japan USD I Acc Class Ireland 58
DJ STOXX 600 OPT HEALTHCARE Ireland 33
NOMURA FDS IR-JP STR V-I JPY Ireland 14
Allianz RCM Europe Equity Growth W Luxemburg 76
Danske Invest Europe High Dividend I Luxemburg 58
FIDELITY FDS-JPN AGGRE-IJPY Luxemburg 7
LUX Mandatum Life Nordic High Yield Total Return Fund SICAV-SIF G EUR Share Class Luxemburg 13
MFS MER-EUROPE SM COS-I1EUR Luxemburg 18
MFS European Value Fund Z Luxemburg 56
UNIDEUTSCHLAND XS Germany 28
ISHARES SMI CH Switzerland 60
INVESTEC GSF-ASIA PACIFIC-I United kingdom 66
ISHARES CORE S&P 500 INDEX FUND United States 302
Total foreign unit trusts 795
Foreign capital trusts
Activa Capital Fund II FCPR France 7
Apollo Offshore Energy Opportunity Fund Limited Cayman islands 15
Avenue Special Situations Fund VI (C-Feeder), L.P. Cayman islands 17
Broad Street Real Estate Credit Partners II Treaty Fund, L.P. Cayman islands 10
Financial Credit Investment I, L.P. Cayman islands 13
Fortress Credit Opportunities Fund II (C) L.P. Cayman islands 49
Fortress Credit Opportunities Fund III (C) L.P. Cayman islands 33
Fortress Credit Opportunities Fund IV (C) L.P. Cayman islands 8
Fortress Life Settlement Fund (C) L.P. Cayman islands 7
Petershill Offshore LP Cayman islands 25
Highbridge Specialty Fund III Cayman islands 41
Highbridge Liquid Loan Opportunities Fund, L.P Cayman islands 54
Lunar Capital Partners III L.P. Cayman islands 10
Mount Kellet Capital Partners (Cayman), L.P. Cayman islands 14
Mount Kellett Capital Partners (Cayman) II, L.P. Cayman islands 16
Petershill II Offshore LP Cayman islands 15
Russia Partners II, L.P. Cayman islands 9
Victory Park Capital Fund II (Cayman), L.P. Cayman islands 22
Capman Buyout IX Fund A L.P. Guernsey 8
EQT Credit (No.1) L.P. Guernsey 7
EQT Credit (No.2) L.P. Guernsey 39
EQT V (No.1) L.P. Guernsey 7
EQT VI (No.1) L.P. Guernsey 30
M&G Debt Opportunities Fund II Ireland 27
Verdane Capital VII K/S Denmark 14
Broad Street Loan Partners 2013 Europe L.P. United kingdom 31
EQT Auris Co-Investment L.P. United kingdom 12
EQT Mid Market (No.1) Feeder Limited Partnership United kingdom 8
M&G Debt Opportunities Fund United kingdom 20
Avenue Energy Opportunities Fund L.P. United States 11
HRJ Global Buy-out III (Asia) L.P. United States 7
Total foreign capital trusts 587
Other share and participations 249
Foreign shares and participations in total 1,740
Life insurance, total shares and participations 2,543
Holding
Country Holding % Carrying amount /
Fair value
Listed companies
Aktia Oyj Finland 5.73% 39
Asiakastieto Group Oyj Finland 10.06% 23
Swedbank Ab Sweden 0.59% 135
Other Finland 3
Domestic other than listed companies
Varma Mutual Pension Insurance Company Finland 80.28% 14
LUX Mandatum Life European Small & Mid Cap Equity Fund SICAV-SIF G EUR Share Class Luxemburg 10
Other 24
Holding, total shares and participations 248