Notes to the Group’s Financial Statements
Select note 1–42
| 41 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% | 9 |
| ABB | Switzerland | 0.20% | 89 |
| Atlas Copco A+B | Sweden | 0.14% | 45 |
| BB Tools | Sweden | 0.64% | 4 |
| Clas Ohlson | Sweden | 4.75% | 44 |
| CTT Systems | Sweden | 4.08% | 6 |
| Beijer Ab Gl | Sweden | 0.44% | 4 |
| Gunnebo AB | Sweden | 11.67% | 36 |
| Hennes Mauritz AB | Sweden | 0.21% | 94 |
| Husqvarna AB | Sweden | 1.01% | 43 |
| Husqvarna AB | Sweden | 0.39% | 17 |
| Investor AB | Sweden | 0.13% | 35 |
| Lindab Intl AB | Sweden | 4.94% | 30 |
| Nederman Holding AB | Sweden | 9.90% | 23 |
| Nobia AB | Sweden | 10.10% | 157 |
| Nolato AB | Sweden | 0.92% | 7 |
| Sandvik AB | Sweden | 0.44% | 65 |
| Sectra AB | Sweden | 11.04% | 57 |
| Svedbergs i Dalstrop | Sweden | 11.45% | 11 |
| Teliasonera AB | Sweden | 0.37% | 62 |
| VBG Group AB | Sweden | 3.94% | 9 |
| Veidekke ASA | Norway | 6.90% | 125 |
| Volvo AB | Sweden | 0.06% | 14 |
| Volvo AB | Sweden | 0.40% | 95 |
| Yara Intl ASA | Norway | 0.38% | 39 |
| Marine Harvest ASA | Norway | 0.23% | 16 |
| Team Tankers Intl AS | Norway | 0.91% | 2 |
| Dof ASA | Norway | 4.50% | 8 |
| Solstad Offshore ASA | Norway | 0.70% | 1 |
| Total listed companies | 1,144 | ||
| Other | 1 | ||
| Unit trusts | |||
| Danske Invest | Finland | 79 | |
| Danske Invest | Finland | 20 | |
| PEQ Eqt III | Guernsey | 0 | |
| PEQ Eqt IV | Guernsey | 0 | |
| PEQ GS Loan Partn I | Cayman islands | 2 | |
| Investec Asset Mgmt | Great Britain | 52 | |
| Lyxor Int AM | France | 0 | |
| PEQ Mandatum I | Finland | 1 | |
| PEQ Mandatum II | Finland | 2 | |
| PEQ Mandatum II | Finland | 4 | |
| PEQ Private Egy mkt | Finland | 0 | |
| State Street Global | Finland | 68 | |
| PEQ Eqt Mid Market | Great Britain | 10 | |
| Handelsbanken Fonder | Sweden | 25 | |
| Hermes Investment | Ireland | 52 | |
| Blackrock AM DE | Denmark | 20 | |
| PEQ OMP Capital | Norway | 2 | |
| Blackrock AM DE | Denmark | 63 | |
| Total unit trusts | 401 | ||
| P&C insurance, total shares and participations | 1,547 | ||
| Life insurance | |||
| Country | Holding % | Carrying amount/Fair value | |
| Listed companies | |||
| Amer Sports Plc - A | Finland | 3.21% | 96 |
| Asiakastieto Group Plc | Finland | 9.27% | 27 |
| BASF SE | Germany | 0.01% | 9 |
| Bayerische Motoren Werke AG | Germany | 0.02% | 12 |
| British American Tobacco Plc | United Kingdom | 0.01% | 8 |
| CapMan Plc - B | Finland | 7.49% | 13 |
| Caverion Plc | Finland | 2.27% | 23 |
| Comptel Plc | Finland | 18.79% | 49 |
| Continental AG | Germany | 0.03% | 10 |
| Deutsche Post AG | Germany | 0.02% | 9 |
| DNA Oy | Finland | 1.02% | 14 |
| Elecster Plc - A | Finland | 6.43% | 1 |
| F-Secure Plc | Finland | 3.65% | 20 |
| GlaxoSmithKline Plc | United Kingdom | 0.01% | 9 |
| Kuehne + Nagel International AG | Switzerland | 0.06% | 9 |
| Lassila & Tikanoja Plc | Finland | 5.96% | 44 |
| LVMH Moet Hennessy Louis Vuitton SA | France | 0.01% | 6 |
| Metso Plc | Finland | 0.73% | 30 |
| Nestle SA | Switzerland | 0.00% | 10 |
| Nokia Plc | Finland | 0.03% | 8 |
| Nokian Renkaat Plc | Finland | 0.44% | 21 |
| Oriola-KD Plc | Finland | 2.51% | 20 |
| Roche Holding AG | Switzerland | 0.01% | 11 |
| Royal Dutch Shell Plc | United Kingdom | 0.01% | 6 |
| SAP AG | Germany | 0.01% | 10 |
| Schneider Electric SA | France | 0.03% | 11 |
| Stora Enso Plc - R | Finland | 0.17% | 10 |
| Syngenta AG | Switzerland | 0.02% | 7 |
| Teleste Plc | Finland | 8.84% | 15 |
| Tikkurila Plc | Finland | 3.66% | 30 |
| Tokmanni Group Plc | Finland | 3.99% | 20 |
| Unilever NV - CVA | Netherlands | 0.01% | 8 |
| UPM-Kymmene Plc | Finland | 0.69% | 86 |
| Uponor Plc | Finland | 1.44% | 17 |
| Vaisala Plc | Finland | 4.21% | 26 |
| Valmet Corp | Finland | 0.62% | 13 |
| Wärtsilä Plc Abp | Finland | 0.16% | 14 |
| YIT Plc | Finland | 0.79% | 8 |
| Total listed companies | 740 | ||
| Other listed companies | 177 | ||
| Listed companies in total | 918 | ||
| Other equity securities | |||
| Pension Corporation Group Limited | Guernsey | 8 | |
| Total | 8 | ||
| Unit trusts | |||
| Allianz RCM Europe Equity Growth W | Luxembourg | 75 | |
| Comgest Growth Asia Ex Japan USD I Acc Class | Ireland | 62 | |
| Danske Invest Europe High Dividend I | Luxembourg | 60 | |
| DJ STOXX 600 Opt Healthcare | Ireland | 30 | |
| Financial Select Sector Spdr | United States | 11 | |
| Fourton Odysseus | Finland | 47 | |
| Fourton Stamina Non-Ucits | Finland | 27 | |
| Investec Gsf-Asia Pacific-I | United Kingdom | 72 | |
| iShares Core S&P 500 ETF | United States | 251 | |
| iShares SMI ETF | Switzerland | 56 | |
| KJK Fund SICAV-SIF Baltic States B1 C | Finland | 13 | |
| Lansdowne Clean Energy Funds | United Kingdom | 5 | |
| LUX Mandatum Life Nordic High Yield Total Return Fund SICAV-SIF G EUR Share Class | Luxembourg | 14 | |
| MFS European Value Fund Z | Luxembourg | 56 | |
| MFS Mer-Europe Sm Cos-I1Eur | Luxembourg | 18 | |
| The Forest Company Limited | Guernsey | 7 | |
| Unideutschland XS | Germany | 27 | |
| Total unit trusts | 831 | ||
| Capital trusts | |||
| Activa Capital Fund II FCPR | France | 6 | |
| Amanda III Eastern Private Equity L.P. | Finland | 12 | |
| Amanda IV West L.P. | Finland | 19 | |
| Apollo Offshore Energy Opportunity Fund Limited | Cayman Islands | 9 | |
| Avenue Energy Opportunities Fund L.P. | United States | 19 | |
| Avenue Special Situations Fund VI (C-Feeder), L.P. | Cayman Islands | 11 | |
| Broad Street Loan Partners 2013 Europe L.P. | United Kingdom | 45 | |
| Broad Street Real Estate Credit Partners II Treaty Fund, L.P. | Cayman Islands | 10 | |
| Capman Buyout IX Fund A L.P. | Guernsey | 5 | |
| CapMan Hotels RE Ky | Finland | 10 | |
| CapMan RE II Ky | Finland | 7 | |
| Capman Real Estate I Ky | Finland | 11 | |
| Capman Real Estate II Ky | Finland | 8 | |
| EQT Auris Co-Investment L.P. | United Kingdom | 18 | |
| EQT Credit (No.2) L.P. | Guernsey | 37 | |
| EQT kfzteile24 Co-Investment L.P. | United Kingdom | 9 | |
| EQT Mid Market (No.1) Feeder Limited Partnership | United Kingdom | 10 | |
| EQT VI (No.1) L.P. | Guernsey | 37 | |
| Financial Credit Investment I, L.P. | Cayman Islands | 16 | |
| Fortress Credit Opportunities Fund II (C) L.P. | Cayman Islands | 46 | |
| Fortress Credit Opportunities Fund III (C) L.P. | Cayman Islands | 29 | |
| Fortress Credit Opportunities Fund IV (C) L.P. | Cayman Islands | 16 | |
| Fortress Life Settlement Fund (C) L.P. | Cayman Islands | 10 | |
| Highbridge Liquid Loan Opportunities Fund, L.P | Cayman Islands | 61 | |
| Lunar Capital Partners III L.P. | Cayman Islands | 9 | |
| M&G Debt Opportunities Fund | United Kingdom | 7 | |
| M&G Debt Opportunities Fund II | Ireland | 29 | |
| MB Equity Fund IV Ky | Finland | 12 | |
| Mount Kellet Capital Partners (Cayman), L.P. | Cayman Islands | 10 | |
| Mount Kellett Capital Partners (Cayman) II, L.P. | Cayman Islands | 11 | |
| Oaktree Real Estate Debt Fund (Cayman), L.P. | Cayman Islands | 7 | |
| Petershill II Offshore LP | Cayman Islands | 13 | |
| Russia Partners II, L.P. | Cayman Islands | 5 | |
| Specialty Fund III | Cayman Islands | 33 | |
| Verdane Capital VII K/S | Denmark | 14 | |
| Verdane Capital VIII K/S | Denmark | 8 | |
| Victory Park Capital Fund II (Cayman), L.P. | Cayman Islands | 17 | |
| Total capital trusts | 640 | ||
| Other shares and participations | 112 | ||
| Life insurance, total shares and participations | 2,509 | ||
| Holding | |||
| Country | Holding % | Carrying amount/Fair value | |
| Listed companies | |||
| Aktia Plc | Finland | 5.7% | 37 |
| Asiakastieto Group Plc | Finland | 10.1% | 29 |
| Domestic other than listed companies | |||
| LUX Mandatum Life European Small & Mid Cap Equity Fund SICAV-SIF G EUR Share Class | Luxembourg | 0.0% | 11 |
| LUX Mandatum Life Finland Equity Fund SICAV-SIF G EUR Share Class | Luxembourg | 0.0% | 11 |
| Keskinäinen työeläkevakuutusyhtiö Varma | Finland | 80.3% | 14 |
| Other | 47 | ||
| Holding, total shares and participations | 148 | ||
The tables for the Financial Statements are also available in Excel format.