Restatement of Prior Year Results: Finnish TEL System Note 1 Accounting Principles Note 2 Financial Risk Management Note 3 Segment Information Note 4 Acquisitions and Disposals Note 5 Other Operating Income & Expense Note 6 Staff Costs Note 7 Net Financial Items Note 8 Income Taxes Note 9 Valuation Provisions Note 10 Depreciation, Amortisation and Fixed Asset Impa Note 11 Fixed Assets Note 12 Biological Assets Note 13 Associated Companies Note 14 Available-for-Sale Investments Note 15 Other Non-Current Assets Note 16 Inventories Note 17 Receivables Note 18 Shareholders' Equity Note 19 Minority Interests Note 20 Post-Employment Benefits Note 21 Borrowings Note 22 Other Provisions Note 23 Operative Liabilities Note 24 Financial Instruments Note 25 Cumulative Translation Adjustment Note 26 Commitments and Contingencies Note 27 Principal Subsidiaries as at 31 December 2004 Note 28 Employee Bonus and Equity Incentive Schemes Note 29 Related Party Transactions Note 30 Earnings per Share and Equity per Share Note 31 Post-Balance Sheet Events Note 1 Accounting Principles Note 2 Other Operating Income Note 3 Materials and Services Note 4 Personnel Expenses Note 5 Other Operating Expenses Note 6 Net Financial Items Note 7 Depreciation According to Plan Note 8 Extraordinary Items Note 9 Fixed Assets Note 10 Depreciation Reserve Note 11 Receivables from Management Note 12 Long-term Investments and Loan Receivables Note 13 Inventories Note 14 Short-term Receivables Note 15 Interest-bearing Receivables Note 16 Shareholders' Equity Note 17 Long-term Liabilities Note 18 Short-term Borrowings Note 19 Other Current Liabilities Note 20 Commitments and Contingent Liabilities Note 21 Fair Value of Open Financial Instruments

Notes to the Consolidated Financial Statements

The Group classifies its investments into the three categories of trading, held-to-maturity and available-for-sale; at the Balance Sheet date the Group held only available-for-sale investments. All available-for-sale investments are considered to be non-current assets unless they are expected to be realised within twelve months.

Summary of Values

	Year Ended 31 December
EUR million	2002	2003	2004
Acquisition cost at 1 January
Listed - Listed securities	138.9	145.2	147.2
Unlisted - Shares in other companies	181.0	148.5	140.8
Investments reclassified as available-for-sale	319.9	293.7	288.0
Effect of IAS 39: OCI	58.5	24.0	80.5
Available-for-Sale investments at 1 January	378.4	317.7	368.5
Translation difference	0.8	0.1	0.1
Additions	12.8	28.4	13.2
Change in fair values (OCI)	-34.5	56.5	2.5
Disposal proceeds	-44.4	-33.3	-32.8
Income Statement - Profit/loss on disposal	2.8	-0.9	1.4
Transfer from Associated Companies	1.8	-	-
Carrying Amount at 31 December	317.7	368.5	352.9

Unrealised Gains and Losses in Marketable Equity Securities

	Year Ended 31 December
EUR million	2002	2003	2004
Unrealised holding gains	68.4	92.9	111.2
Unrealised holding losses	-44.4	-12.4	-28.2
Net unrealised holding gains (OCI)	24.0	80.5	83.0
Cost	293.7	288.0	269.9
Market value	317.7	368.5	352.9
Net unrealised holding gains (OCI)	24.0	80.5	83.0
Deferred tax	-7.6	-24.1	-28.2
Unrealised holding gains shown in equity as OCI	16.4	56.4	54.8
Change for the year in unrealised holding gains shown in equity as OCI	-24.3	40.0	-1.6

The fair value of publicly traded securities are based on quoted market prices at the Balance Sheet date whereas the fair value of other securities are assessed using a variety of methods and assumptions based on market conditions existing at each Balance Sheet date; quoted market prices or dealer quotes for similar or identical securities may be obtained, alternatively, other techniques such as option pricing models and estimated discounted values of future cash flows, may also be used.

Principal Available-for-Sale Investments

	As at 31 December 2004
EUR million	Holding %	Number of Shares	Acquisition Cost	Market Value
Listed Securites
Advance Agro PCL, Thailand	18.9	100 536 328	69.1	46.5
Alfred Berg Global B (growth), Finland	9.91	5 414 836	4.5	3.1
Alfred Berg Euro Obligaatio Pro B (growth), Finland	1.7	503 917	1.3	1.5
Alfred Berg Europe (growth), Finland	7.4	6 357 793	4.0	4.3
Billerud AB, Sweden	0.5	300 000	1.8	2.9
CA-AM Dynarbitrage VaR4, France	0.1	390 000	2.0	2.1
CPI Group Ltd, Australia (11.5% of voting rights)	8.5	4 784 142	5.0	2.2
Finnlines Oyj, Finland	5.5	2 209 340	1.9	28.3
FIM Russia (growth), Finland	1.3	61 637	2.0	2.4
Nordea AB, Sweden	0.1	3 091 213	7.3	23.0
Nordea Foresta (growth), Finland	4.3	5 000 000	0.8	1.8
Nordea Europa Plus (growth), Finland	10.5	2 991	2.0	2.2
Nordea Pro Euro Korko, Finland	0.2	329 000	2.9	3.0
Sampo Plc, A series, Finland,	1.6	8 911 140	25.7	90.5
Sea Containers Ltd, Bermuda	1.1	195 904	3.2	2.8
Others	-	N/A	3.6	3.5
Total Listed Securities			137.1	220.1
Unlisted Shares			132.8	132.8
Total Available-for-Sale Investments at 31 December 2004			269.9	352.9
Total Available-for-Sale Investments at 31 December 2003			288.0	368.5
Total Available-for-Sale Investments at 31 December 2002			293.7	317.7

The difference of EUR 83.0 (EUR 80.5) million between the acquisition cost and market value of the available-for-sale
investments represents the OCI Reserve as shown in Note 24
.