| 40 Investments in shares and participations other than subsidiaries and associates | ||||
| P&C insurance | ||||
| Country | No. of shares | Holding % | Carrying amount / Fair value | |
| Listed companies | ||||
| A P Moller - Maersk | Denmark | 1,125 | 0.03% | 9 |
| ABB | Switzerland | 3,162,541 | 0.14% | 61 |
| Atlas Copco A+B | Sweden | 1,918,293 | 0.16% | 35 |
| BB Tools | Sweden | 254,500 | 0.89% | 3 |
| Be Group | Sweden | 3,740,083 | 7.48% | 5 |
| Clas Ohlson | Sweden | 3,114,337 | 4.75% | 42 |
| CTT Systems | Sweden | 511,200 | 4.49% | 2 |
| Eitzen Maritime | Norway | 8,231,616 | 30.16% | 3 |
| Beijer Ab Gl | Sweden | 188,774 | 0.44% | 3 |
| Gunnebo AB | Sweden | 8,849,114 | 11.67% | 40 |
| Hennes Mauritz B | Sweden | 2,180,192 | 0.13% | 73 |
| Husqvarna AB | Sweden | 5,833,987 | 1.01% | 25 |
| Husqvarna | Sweden | 2,249,321 | 0.39% | 10 |
| Investor | Sweden | 970,000 | 0.13% | 24 |
| Lindab Intl | Sweden | 3,890,055 | 4.94% | 28 |
| Nederman Holding AB | Sweden | 1,160,400 | 9.90% | 25 |
| Nobia AB | Sweden | 21,075,000 | 12.02% | 130 |
| Nolato AB | Sweden | 243,131 | 0.92% | 4 |
| Reservoir Exploration Tech | Norway | 5,438,761 | 6.11% | 0 |
| Sandvik AB | Sweden | 3,945,780 | 0.31% | 40 |
| Scania AB | Sweden | 3,044,397 | 0.38% | 43 |
| Sectra AB | Sweden | 4,322,927 | 11.65% | 37 |
| SSAB | Sweden | 663,760 | 0.20% | 4 |
| SSAB | Sweden | 1,360,353 | 0.42% | 6 |
| Statoil ASA | Norway | 1,783,700 | 0.06% | 31 |
| Svedbergs i Dalstrop | Sweden | 2,427,790 | 11.45% | 6 |
| Teliasonera AB | Sweden | 14,400,000 | 0.33% | 87 |
| VBG Group AB | Sweden | 540,211 | 3.94% | 8 |
| Veidekke ASA | Norway | 12,111,648 | 9.06% | 71 |
| Volvo AB | Sweden | 1,287,600 | 0.06% | 12 |
| Volvo AB | Sweden | 4,409,972 | 0.21% | 42 |
| Yara Intl ASA | Norway | 596,861 | 0.21% | 19 |
| Noreco | Norway | 5,277,700 | 0.09% | 4 |
| Marine Harvest ASA | Norway | 9,495,173 | 2.31% | 8 |
| Total listed companies | 942 | |||
| Other | 185 | |||
| Unit trusts | ||||
| Aberdeen AM | Luxemburg | 940,169 | 48 | |
| Danske Invest | Finland | 32,303,302 | 66 | |
| Danske Invest | Finland | 22,375,015 | 40 | |
| DB Platinum Advisors | Luxemburg | 160,000 | 15 | |
| PEQ Eqt III | Guernsey | 4,720,364 | 2 | |
| PEQ Eqt IV | Guernsey | 6,257,655 | 5 | |
| Henderson Global | Great Britain | 883,774 | 13 | |
| Investec Asset Mgmt | Great Britain | 2,036,689 | 32 | |
| Barclays Global Investment | Ireland | 752,200 | 23 | |
| Blackrock Inc | United States | 595,000 | 80 | |
| Lyxor Int AM | France | 220,000 | 7 | |
| PEQ Mandatum I | Finland | 4,874,032 | 5 | |
| PEQ Mandatum II | Finland | 1,436,768 | 2 | |
| PEQ Mandatum II | Finland | 3,383,184 | 4 | |
| PEQ Private Egy mkt | Finland | 2,851,007 | 3 | |
| Handelsbanken Fonder | Sweden | 406,261 | 11 | |
| PEQ Eqt Mid Market | Great Britain | 2,164,951 | 2 | |
| Total unit trusts | 356 | |||
| Total shares and participations | 1,483 | |||
| Life insurance | ||||
| Country | No. of shares | Holding % | Carrying amount / Fair value | |
| Listed companies | ||||
| Amer Sports OYJ | Finland | 4,000,000 | 3.38% | 60 |
| Comptel OYJ | Finland | 20,532,625 | 19.18% | 10 |
| Elecster OYJ A | Finland | 117,000 | 6.43% | 1 |
| eQ Oyj | Finland | 2,053,296 | 5.63% | 5 |
| Fortum OYJ | Finland | 4,954,834 | 0.56% | 82 |
| F-Secure OYJ | Finland | 6,674,081 | 4.20% | 12 |
| Kemira OYJ | Finland | 1,279,880 | 0.82% | 16 |
| Lassila & Tikanoja OYJ | Finland | 2,181,238 | 5.62% | 33 |
| Metso OYJ | Finland | 1,487,381 | 0.99% | 35 |
| Nokia OYJ | Finland | 1,500,000 | 0.04% | 9 |
| Nokian Renkaat OYJ | Finland | 1,099,757 | 0.83% | 38 |
| Norvestia OYJ B | Finland | 1,789,538 | 12.41% | 13 |
| Oriola-KD OYJ B | Finland | 3,000,000 | 2.88% | 8 |
| Poyry OYJ | Finland | 2,075,287 | 3.47% | 8 |
| Suominen OYJ | Finland | 20,759,500 | 8.37% | 10 |
| Teleste OYJ | Finland | 1,679,200 | 8.92% | 7 |
| Tikkurila Oyj | Finland | 1,577,079 | 3.58% | 31 |
| UPM-Kymmene OYJ | Finland | 9,531,219 | 1.80% | 117 |
| Vaisala Oyj A | Finland | 629,250 | 4.24% | 15 |
| Valmet Corp | Finland | 1,487,381 | 0.99% | 11 |
| Wartsila OYJ | Finland | 1,018,119 | 0.52% | 36 |
| YIT OYJ | Finland | 4,370,951 | 3.44% | 44 |
| Total | 602 | |||
| Other listed companies | Finland | 20,312,267 | 12 | |
| Listed companies in total | 614 | |||
| Unit trusts | ||||
| Danske Invest Emerging Asia Fund G | Finland | 765,617 | 22 | |
| Fourton Odysseus | Finland | 161,675 | 39 | |
| KJK Fund SICAV-SIF Baltic States B1 C | Finland | 4,990 | 9 | |
| Total | 70 | |||
| Capital trusts | ||||
| Amanda III Eastern Private Equity L.P. | Finland | 13,455,462 | 16 | |
| Amanda IV West L.P. | Finland | 19,305,862 | 19 | |
| Capman Real Estate I Ky | Finland | 10,257,479 | 12 | |
| Capman Real Estate II Ky | Finland | 6,612,696 | 8 | |
| Mandatum Private Equity Fund I L.P. | Finland | 8,042,153 | 8 | |
| Sponsor Fund III Ky | Finland | 4,778,688 | 5 | |
| Total | 68 | |||
| Other shares and participations | 34 | |||
| Domestic shares and participations in total | 786 | |||
| Other companies | ||||
| BenCo Insurance Holding B.V. | Netherlands | 389,329 | 6.49% | 6 |
| EQT IV ISS Co-investment L.P. | Guernsey | 872,610 | 12.52% | 12 |
| Pension Corporation Group Limited | Guernsey | 8,706,965 | 1.39% | 8 |
| Apple Inc | United States | 21,120 | 0.00% | 9 |
| Foreign unit trusts | ||||
| Prosperity Russia Domestic Fund | Guernsey | 54 | ||
| Prosperity Cub Fund | Guernsey | 53 | ||
| DJ STOXX 600 OPT Healthcare | Ireland | 23 | ||
| Aberdeen Global Asia Pacific Equity Fund | Luxemburg | 70 | ||
| Danske Invest Europe High Dividend I | Luxemburg | 48 | ||
| DB X-Trackers DAX | Luxemburg | 31 | ||
| MFS MER-Europe SM COS-I1EUR | Luxemburg | 13 | ||
| MFS European Value Fund Z | Luxemburg | 41 | ||
| Allianz RCM Europe Equity Growth W | Luxemburg | 57 | ||
| Comgest Panda | Luxemburg | 37 | ||
| Brummer & Partners Nektar Fund | Sweden | 16 | ||
| Unideutschland XS | Germany | 19 | ||
| Henderson Gartmore Latin America R | Great Britain | 48 | ||
| Investec GSF-Asia Pacific-I | Great Britain | 58 | ||
| Ishares Core S&P 500 Index Fund | United States | 127 | ||
| Technology Select Sect SPDR | United States | 25 | ||
| Foreign unit trusts | ||||
| Fortress Credit Opportunities Fund II (C) L.P. | Cayman islands | 55 | ||
| Fortress Credit Opportunities Fund III (C) L.P. | Cayman islands | 20 | ||
| Victory Park Capital Fund II (Cayman), L.P. | Cayman islands | 15 | ||
| Avenue Special Situations Fund VI (C-Feeder), L.P. | Cayman islands | 25 | ||
| Financial Credit Investment I, L.P. | Cayman islands | 10 | ||
| Fortress Life Settlement Fund (C) L.P. | Cayman islands | 20 | ||
| Goldman Sachs Loan Partners I Offshore B, L.P. | Cayman islands | 14 | ||
| Goldman Sachs Loan Partners I Offshore Investment Fund L.P. | Cayman islands | 32 | ||
| Highbridge Liquid Loan Opportunities Fund, L.P | Cayman islands | 42 | ||
| Highbridge Principal Strategies - Senior Loan Fund II L.P. | Cayman islands | 6 | ||
| Highbridge Specialty Fund III | Cayman islands | 18 | ||
| Lunar Capital Partners III L.P. | Cayman islands | 6 | ||
| Mount Kellet Capital Partners (Cayman), L.P. | Cayman islands | 30 | ||
| Mount Kellett Capital Partners (Cayman) II, L.P. | Cayman islands | 23 | ||
| Petershill Offshore LP | Cayman islands | 17 | ||
| Russia Partners II, L.P. | Cayman islands | 9 | ||
| Capman Buyout IX Fund A L.P. | Guernsey | 10 | ||
| Capman Buyout VIII Fund A L.P. | Guernsey | 6 | ||
| EQT Credit (No.1) L.P. | Guernsey | 47 | ||
| EQT Credit (No.2) L.P. | Guernsey | 17 | ||
| EQT V (No.1) L.P. | Guernsey | 6 | ||
| EQT VI (No.1) L.P. | Guernsey | 10 | ||
| Gilde Buy-Out Fund III | Guernsey | 9 | ||
| Permira IV L.P. 2 | Guernsey | 7 | ||
| Activa Capital Fund II FCPR | France | 9 | ||
| Verdane Capital VII K/S | Denmark | 10 | ||
| Gresham IV Fund L.P. | Great Britain | 7 | ||
| M&G Debt Opportunities Fund | Great Britain | 16 | ||
| Other share and participations | 82 | |||
| Foreign shares and participations in total | 1,332 | |||
| Shares and participations in total | 2,117 | |||
| Holding | ||||
| Country | No. of shares | Holding % | Carrying amount / Fair value | |
| Domestic other than listed companies | ||||
| Varma Mutual Pension Insurance Company | Finland | 57 | 80,28% | 14 |
| Other | Finland | 10 | ||
| Total domestic shares and participations | 24 | |||
| Foreign unit trusts | 4 | |||
| Total shares and participations | 28 | |||
| Holdings exceeding EURm 5 and holdings in listed companies exceeding five per cent specified. | ||||
| The table does not include investments related to unit-linked insurance contracts. | ||||
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