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Notes to the Group’s Financial Statements

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.
Note
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