Major Shareholders as of 31 December 2004 

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 Deutsche Bank Trust Company Americas (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.

By voting power A shares R shares % of shares Change % of shares % of votes Change % of votes
1 Finnish State FI 55 595 937 41 483 501 11.6 0.0 24.4 0.0
2 Knut and Alice Wallenberg Foundation SE 58 379 194 0 7.0 0 23.8 0
3 Social Insurance Institution of Finland FI 23 825 086 3 738 965 3.3 0 9.9 0
4 Varma Mutual Pension Insurance Company FI 8 922 117 140 874 1.1 0 3.6 0
5 Sampo Life Insurance Company Limited FI 6 493 889 0 0.8 0 2.7 0
6 Marianne and Marcus Wallenberg Foundation SE 4 744 192 0 0.6 0 1.9 0
7 Ilmarinen Mutual Pension Insurance Company FI 3 492 740 3 197 262 0.8 0 1.6 0
8 MP-Bolagen i Vetlanda AB (Werner von   Seydlitz) SE 2 440 200 1 615 000 0.5 0 1.1 0
9 Erik Johan Ljungberg's Education Fund SE 1 880 540 4 831 804 0.8 0 1.0 0
10 Suomi Mutual Life Assurance Company FI 1 026 300 100 000 0.1 -0.1 0.4 0
11 Bergslaget's Healthcare Foundation SE 626 269 1 609 483 0.3 0 0.3 0
12 Kaleva Mutual Insurance Company FI 774 900 0 0.1 0 0.3 0
13 The State Pension Fund FI 0 7 300 000 0.9 0 0.3 0
14 Robur Funds SE 0 5 211 611 0.8 0 0.2 -0.1
15 Lamar Mary M (ADRs) US 0 4 518 998 0.5 0 0.2 0
16 Handelsbanken CEA SE 380 855 708 435 0.1 0 0.2 0
17 OP-Delta Investment Fund FI 0 4 447 700 0.5 0 0.2 0
18 Etera Mutual Pension Insurance Company FI 0 3 647 600 0.4 0.1 0.1 -0.1
19

AMF Pension Funds

SE 0 3 300 500 0.4 0 0.1 0
20 Handelsbanken Funds SE 0 3 161 288 0.4 0 0.1 0
  20 largest in total   168 582 219 89 013 021 30.9   72.5  

The change % of shares and votes has been calculated by using the ownership information from the last date of the previous month (30 November 2004).