GROUP INVESTMENTS MARCH 31, 2012

Number of shares/units

Acquisition price EUR 1,000

Fair value EUR 1,000

Share of total investments

NORVESTIA OYJ

LISTED COMPANIES

Ahlstrom Corporation

53,455

706

805

0.7%

Amer Sports Corporation 

62,770

425

615

0.5%

Atria Plc

130,734

1,733

745

0.7%

Cargotec Corporation

14,500

289

415

0.4%

Elisa Corporation

19,894

334

357

0.3%

Finnair plc

399,751

2,090

919

0.8%

Fortum Corporation

151,184

2,843

2,752

2.4%

HKScan Corporation A

83,875

541

448

0.4%

Honkarakenne Oyj

461,889

1,777

1,501

1.3%

Huhtamäki Oyj

96,647

636

1,053

0.9%

Kemira Group

167,261

1,759

1,664

1.5%

Kesko Corporation B

58,445

1,593

1,422

1.3%

Konecranes plc

58,531

1,248

1,153

1.0%

Lännen Tehtaat plc

74,294

914

1,077

1.0%

Metso Corporation 

60,753

1,949

1,947

1.7%

M-Real Corporation B

260,000

294

546

0.5%

Neste Oil Corporation

109,160

1,185

1,008

0.9%

Nokia Corporation

1,282,527

6,319

5,235

4.7%

Nokian Tyres plc

21,254

204

777

0.7%

Oriola-KD Corporation A

11,807

12

23

0.0%

Oriola-KD Corporation B

91,100

142

170

0.2%

Orion Corporation A

18,600

148

276

0.2%

Orion Corporation B

113,225

1,859

1,678

1.5%

Outokumpu Oyj 

150,820

798

652

0.6%

Pohjola Bank plc A

147,717

1,254

1,227

1.1%

Raisio plc V

273,400

493

673

0.6%

Ramirent plc

80,897

297

530

0.5%

Rapala VMC Corporation

95,700

617

579

0.5%

Rautaruukki Corporation K

259,837

2,402

2,045

1.8%

Sampo plc A

32,158

725

697

0.6%

Sanoma Corporation

97,070

1,022

932

0.8%

Sponda plc

652,657

2,184

2,017

1.8%

Stockmann plc B

89,239

1,733

1,442

1.3%

Stora Enso Oyj R

315,533

1,697

1,758

1.6%

Talvivaara Mining Company Plc

 28,000

 95

 81

 0.1%

Tikkurila Oyj

81,311

1,284

1,155

1.0%

UPM-Kymmene Corporation

456,752

4,580

4,663

4.1%

Uponor Corporation 

50,826

685

439

0.4%

Wärtsilä Corporation

 5,000

 125

 141

 0.1%

YIT Corporation 

117,640

1,952

1,896

1.7%

AstraZeneca plc

6,600

254

220

0.2%

BP plc

28,100

234

156

0.1%

Deutsche Telekom AG

19,750

227

179

0.2%

ETFS Crude Oil

66,000

1,264

1,356

1.2%

ETFS Natural Gas

1,650,000

619

133

0.1%

France Telekom S.A.

12,500

206

139

0.1%

Nordea Bank AB FDR

477,345

2,751

3,239

2.9%

Powershares QQQ

29,100

1,123

1,472

1.3%

SPDR S&P 500 ETF Trust

4,000

366

422

0.4%

StatoilHydro ASA

8,000

200

163

0.1%

TeliaSonera AB

200,000

721

1,043

0.9%

Valeo S.A.

9,420

260

370

0.3%

59,168

56,405

50.0%

DERIVATIVE CONTRACTS

Euro Stoxx put options (bought)

700

229

438

0.4%

Nokia put options (sold)

-1,000

0

1

0.0%

Nokia call options (sold)

 -1,000

 0

 -2

 0.0%

229

437

0.4%

FUNDS

Brummer & Partners Nektar

29,674

5,495

7,260

6.5%

Brummer & Partners Zenit

1,016

421

6,045

5.4%

Didner & Gerge Aktiefond

26,338

1,849

3,784

3.4%

eQ Active Hedge 2 K

84,700

1,000

959

0.8%

eQ Eurobond 2 K

22,007

3,026

3,754

3.3%

eQ High Yield Bond 2 K

14,324

2,133

2,731

2.4%

Fourton Hannibal A

14,482

1,000

1,066

0.9%

Futuris

17,813

2,589

6,859

6.1%

OP-Suomi Arvo A

10,257

706

1,493

1.3%

RAM One

25,662

2,142

3,336

3.0%

Seligson & Co. Rahamarkkinarahasto AAA

411,372

1,014

1,019

0.9%

Taaleritehdas Arvo Markka

8,948

1,005

854

0.8%

22,380

39,160

34.8%

BONDS

nominal value

European Financial, expires 2012-2014

 171

 171

 171

 0.2%

Hellenic Republic, expires 2023-2042

315

315

61

0.1%

Nordea Bank AB, expires 17/6/2013

2,000

1,997

2,014

1.8%

Pohjola, expires 25/2/2013

5,000

4,996

5,024

4.5%

Sponda, expires 27/6/2013

2,500

2,660

2,610

2.3%

10,139

9,880

8.9%

NORVESTIA OYJ IN TOTAL

91,916

105,882

94.1%

NORVESTIA INDUSTRIES LTD

UNLISTED ASSOCIATED COMPANIES*

Coronaria Hoitoketju Oy

31,011

2,533

2,687

2.4%

GSP Group Ltd

5,039

1,296

425

0.4%

Miltton Oy

5,000

1,500

 1,498

1.3%

5,329

4,610

4.1%

NORVESTIA INDUSTRIES LTD IN TOTAL

5,329

4,610

4.1%

NORVENTURES LTD

UNLISTED COMPANIES

Polystar Instruments AB

266,000

1,717

1,989

1.8%

NORVENTURES LTD IN TOTAL

1,717

1,989

1.8%

NORVESTIA GROUP IN TOTAL

98,962

112,481

100.0%