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Notes to the Accounts

40 Investments in Shares and Participations Other Than Subsidiaries and Associates
           
P&C Insurance
Listed companies        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
A P Moller - Maersk B Denmark 1,500 0.07 % 10
Eitzen Maritime Services Norway 13,126,590 2.43 % 1
Equinox Offshore Accommodation Ltd Singapore 2,610,000 4.97 % 1
Reservoir Exploration Technology Norway 7,263,260 8.16 % 3
StatoilHydro ASA Norway 1,823,700 0.06 % 32
Veidekke ASA Norway 11,793,485 8.67 % 79
Yara International ASA Norway 217,150 0.08 % 9
ABB Ltd (SEK) Switzerland 2,675,989 0.12 % 45
Astra Zeneca Plc Great Britain 524,500 0.04 % 18
Atlas Copco AB B Sweden 3,094,241 0.25 % 52
B&B Tools B Sweden 264,500 0.93 % 3
BE Group AB Sweden 3,258,852 6.52 % 16
Cardo AB Sweden 2,700,893 10.00 % 126
Clas Ohlson AB B Sweden 2,742,908 4.18 % 34
CTT Systems AB Sweden 511,200 4.71 % 1
G & L Beijer B Sweden 100,000 0.47 % 3
Gunnebo AB Sweden 8,036,166 10.59 % 48
Hennes & Mauritz Ab B Sweden 1,990,192 0.12 % 50
Husqvarna AB A+B Sweden 6,773,059 1.01 % 42
Lindab International AB Sweden 3,322,316 4.22 % 33
Nederman Holding AB Sweden 1,160,400 9.90 % 13
Nobia AB Sweden 14,632,850 8.35 % 98
Nolato Ab B Sweden 312,349 1.19 % 3
Sandvik AB Sweden 3,530,780 0.30 % 52
Scania AB B Sweden 2,159,397 0.27 % 37
Sectra AB B Sweden 4,356,300 11.82 % 17
SSAB Svenskt Stål AB serie A+B Sweden 1,723,475 0.22 % 20
Svedbergs i Dalstorp AB B Sweden 2,325,600 10.97 % 13
TeliaSonera AB Sweden 7,940,000 0.18 % 47
VBG AB B Sweden 524,200 3.83 % 6
Volvo Ab A+B Sweden 3,918,572 0.06 % 51
Topdanmark A/S Denmark 1,998,668 11.70 % 198
         
Total listed companies       1,163
           
Other       12
         
Unit trusts        
         
EURm Country No. of shares Holding % Carrying amount/
Fair value
SAMPO JAPAN OSAKE K JPY Finland 315,965,078   34
ABERDEEN GL ASIA PACIFIC Luxemburg 940,169   49
MAND NORTH AM ENHANCED IND USD Finland 26,369,493   32
MAND US SMALL CAP VALUE K USD Finland 26,386,762   43
ISHARES SP500 INDEX FUND United States 595,000   56
SPDR SP500 ETF United States 190,000   18
Gartmore Latin America A Luxemburg 1,845,097   38
Danske Invest Emerging Asia Kasvu Luxemburg 2,210,726   77
Danske Invest Europe Enhanced Index Kasvu Finland 37,941,655   60
db x-trackers DAX ETF Luxemburg 200,000   14
IShares DJ Euro Stoxx 50 ETF Ireland 752,200   21
The Lyxor DJ Eurostoxx 50 ETF France 220,000   6
Lyxor ETF DJ Stoxx 600 Telecommunications France 1,000,000   27
PMI Venture Fund L.P.
(CIM Venture Fund for Creative Industries L.P.)
Finland 6,000   0
EQT IV (No. 1) Limited Partnership Finland 974,149   7
EQT III UK No 1 L.P. (EQT Northern Europe UK No. I L.P.) Finland 855,817   5
Goldman Sachs Loan Partners I, L.P. Debt EUR Cayman islands 2,082,716   21
Mandatum Pääomarahasto I Ky Finland 737,995   8
Mandatum Pääomarahasto II Ky EUR Finland 148,000   1
Private Energy Market Fund L.P. Finland 310,300   3
Goldman Sachs Loan Partners I, L.P. United States 1,237,422   12
Goldman Sachs Loan Partners I, L.P. Debt USD United States 8,848,184   65
Mandatum Pääomarahasto II Ky USD United States 516,000   4
WD Power Investment USD United States 10,237   0
           
Total unit trusts       599
         
Total shares and participations       1,774
           
           
Life insurance        
Listed companies        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Alma Media Plc Finland 6,655,512 8.87 55
Amanda Capital Plc Finland 2,053,296 9.02 4
Amer Sports Plc Finland 2,226,302 1.83 23
Basware Plc Finland 550,000 4.7 14
Comptel Oyj Finland 19,569,925 18.28 14
Elisa Corporation Finland 1,500,000 0.9 24
F-Secure Plc Finland 3,416,481 2.17 7
Finnlines Plc Finland 773,500 1.65 6
Fortum Plc Finland 2,315,886 0.26 52
Kemira Plc Finland 2,617,736 1.69 31
Konecranes Plc Finland 350,814 0.57 11
Lassila & Tikanoja Plc Finland 2,231,238 5.75 33
Metso Plc Finland 849,483 0.57 36
Neste Oil Plc Finland 1,596,000 0.62 19
Nokia Plc Finland 1,500,000 0.04 12
Nokian Renkaat Plc Finland 692,344 0.54 19
Norvestia Plc Finland 1,789,538 11.68 15
Oriola KD Plc Finland 3,315,778 2.19 11
Outokumpu Plc Finland 900,000 0.49 12
Outotec Plc Finland 350,000 0.76 16
Pöyry Plc Finland 1,745,287 2.94 16
Rautaruukki Plc Finland 890,194 0.63 16
Salcomp Plc Finland 3,724,000 9.46 7
Stora Enso Plc Finland 2,775,000 0.35 21
Teleste Plc Finland 1,679,200 9.23 7
Tikkurila Plc Finland 1,354,434 3.07 22
UPM-Kymmene Plc Finland 2,965,474 0.57 39
Uponor Plc Finland 800,000 1.09 11
Vaisala Plc Finland 766,650 4.21 16
YIT Plc Finland 5,207,865 4.09 97
           
Total       665
           
Other listed companies       11
Listed companies in total       676
           
Other companies        
Metsä Tissue Plc Finland 553,407 6.07 11
           
Unit trusts        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Danske Invest Emerging Asia Growth Finland 2,172,875   75
Danske Invest High Yield Growth Finland 46,267,742   61
Danske Invest Japani Osake Growth Finland 203,618,921   22
Danske Invest Trans-Balkan Growth Finland 465,974   6
DCF Fund II- Baltic States Finland 8,314   13
Fourton Odysseus Growth Finland 161,188   36
Taaleritehdas Lyydian Leijona Osake Finland 62,638   10
Total       222
           
Capital trusts        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Amanda III Eastern Private Equity Ky Finland     10
Amanda IV West Ky Finland     5
CapMan Real Estate I Ky Finland     12
CapMan Real Estate II Ky Finland     5
MB Equity Fund III Ky Finland     6
Mandatum Pääomarahasto I Ky Finland     13
Total       50
           
Other shares and participations       29
Domestic shares and participations in total       990
           
           
Other companies        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
EQT IV ISS Co-investment Limited Partnership Guernsey 872610 12.52 9
BenCo Insurance Holding B.V. Netherlands 389,329 6.49 7
Total       16
           
Foreign unit trusts        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Aberdeen Global Asia Pacific Equity Fund Great Britain 1,689,572   87
Allianz RCM Europe Equity Growth W Luxemburg 28,649   39
Brevan Howard Fund B Cayman islands 817,500   6
Comac Global Macro Fund Cayman islands 1,000,000   8
Comgest Panda Luxemburg 19,776   42
Danske Invest High Dividend I Luxemburg 3,120,908   29
db x-trackers DAX ETF Luxemburg 1,220,000   84
db x-trackers DJ STOXX 600 Telecommunications Luxemburg 1,000,000   49
GAM Global Rates Hedge Fund Great Britain 50,300   8
Gartmore Latin America A Great Britain 3,798,776   78
Goldman Sachs Asset Management
Liquidity Partners 2007
United States 397,734   22
GSAMI China Funds X EUR Accumulation Class Shares United States 700,000   8
IShares S&P 500 Index Fund ETF United States 1,474,990   139
Lloyd George Asia Small Companies Fund Hong Kong 233,008   20
MFS European Value Fund Z Luxemburg 284,433   28
Nektar Bermuda Hedge Fund Class B Bermuda 2,861   5
New Russian Generation Limited Guernsey 7,134,586   15
Prosperity Cub Fund Guernsey 237,181   78
Prosperity Russia Domestic Fund Guernsey 70,136,000   45
SPDR Technology Select Sector ETF United States 2,724,000   51
The Lyxor ETF MSCI India France 1,210,035   16
Total       857
           
Foreign unit trusts        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Access Capital L.P. Guernsey     8
Behrman Capital III L.P. United States     7
BOF III CV Investors LP (Gilde Buyout Fund III) Guernsey     8
Capital Structured Solutions No. 1 LP Guernsey     20
CapMan Buyout VIII (Guernsey) L.P. Guernsey     6
CapMan Equity VII B L.P. Guernsey     7
EQT Credit (General Partner) L.P. Guernsey     20
EQT IV (No. 1) Limited Partnership Guernsey     7
EQT V (General Partner) LP Guernsey     12
Fortress Credit Opportunities Fund II L.P. Cayman islands     46
Fortress Life Settlement Fund (C) L.P. Cayman islands     18
Goldman Sachs Loan Partners I, L.P. Cayman islands     16
Goldman Sachs Loan Partners I, L.P. Debt EUR Cayman islands     27
Goldman Sachs Loan Partners I, L.P. Debt USD Cayman islands     86
Goldman Sachs Petershill Fund Offshore, L.P. Cayman islands     25
Highbridge Senior Loan Fund II Cayman islands     13
Montagu Fund III L.P. Great Britain     7
Mount Kellet Capital Partners (Cayman), L.P. Cayman islands     32
Pai Europe IV L.P. Guernsey     8
Permira Europe IV Guernsey     5
Russia Partners II L.P. Cayman islands     9
VenCap 9 LLC (Preferential Equity Investors II LLC Jersey     6
Total       394
           
Other share and participations       101
Foreign shares and participations in total       1,367
           
Shares and participations in total       2,357
           
           
Holding        
Domestic other than listed companies        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Varma Mutual Pension Insurance Company Finland 57 80.28 14
Other Finland     6
Total domestic shares and participations       20
           
Foreign unit trusts        
           
EURm Country No. of shares Holding % Carrying amount/
Fair value
Total foreign shares and participations       16
           
Total shares and participations       36
           
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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