Major Shareholders as of 31 December 2003 

Please note that the following list has been compiled by the company, based upon shareholder information from Arvopaperikeskus and VPC share registers and a database managed by Citibank (as the company's ADR agent bank). This information includes only direct registered holdings, thus certain holdings (which may be substantial) of ordinary shares and ADRs held in nominee or brokerage accounts can not be included. The list is therefore incomplete.



Major Shareholders
as of 31 December 2003
By voting power
Country

Series A

Series R

% of shares

% of votes

1 Finnish State FI 55 595 937 41 483 501 11.2% 23.9%
2 Knut and Alice Wallenberg Foundation SE 58 379 194 0 6.8% 23.4%
3 Social Insurance Institution of Finland FI 23 825 086 3 738 965 3.2% 9.7%
4 Varma Mutual Pension Insurance Company FI 8 922 117 140 874 1.0% 3.6%
5 Sampo Life Insurance Company Limited FI 6 493 889 0 0.8% 2.6%
6 Marianne and Marcus Wallenberg Foundation SE 4 744 192 0 0.5% 1.9%
7 Ilmarinen Mutual Pension Insurance Company FI 3 492 740 3 742 627 0.8% 1.5%
8 Suomi Group FI 3 226 300 300 000 0.4% 1.3%
Suomi Mutual Life Assurance Company
Suomi Insurance Company
 
9 Erik Johan Ljungberg's Education Fund SE 1 880 540 4 831 804 0.8% 0.9%
10 MP-Bolagen i Vetlanda AB SE 2 066 200 1 676 000 0.4% 0.9%
  Werner von Seydlitz          
11 Robur Funds SE 0 8 469 944 1.0% 0.3%
12 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3% 0.3%
13 Kaleva Mutual Insurance Company FI 774 900 0 0.1% 0.3%
14 Handelsbanken Funds SE 0 6 579 056 0.8% 0.3%
15 The State Pension Fund FI 0 5 900 000 0.7% 0.2%
16 Lamar Mary M (ADRs) US 0 4 518 998 0.5% 0.2%
17 Handelsbanken CEA SE 380 855 708 435 0.1% 0.2%
18 Foundation for Knowledge and Competence Development SE 300 000 300 000 0.1% 0.1%
19 Etera Mutual Pension Insurance Company FI 0 2 822 810 0.3% 0.1%
20 Mead George (ADRs) US 0 2 685 492 0.3% 0.1%
20 largest in total 170 708 219 89 507 989 30.1% 72.0%