Net asset value report of the Norvestia Group 31.3.2006
NORVESTIA'S NET ASSET VALUE ROSE BY 4.8% IN MARCH
Change in NAV, 1 month		4.8 %	(dividend-adjusted)
Change in NAV, from the beginning of 2006		9.3 %	(dividend-adjusted)
Change in NAV, 12 months		32.1 %	(dividend-adjusted)
		31/03/2006	28/02/2006	31/12/2005
Net asset value/share, €		10.09	10.20	9.78
(The dividend 0,60 EUR/share was paid in March)
		MEUR	MEUR	MEUR
ASSETS
NON-CURRENT ASSETS
	Tangible assets	0.0	0.1	0.1
CURRENT ASSETS
	Shares held for trading	91.7	87.8	71.4
	Other financial assets at fair value	33.6	32.7	31.8
	Other investments	2.2	2.2	2.2
	Cash and receivables	44.6	45.9	57.3
ASSETS IN TOTAL		172.1	168.7	162.8
Current liabilities		-9.0	-4.6	-6.7
Deferred tax liability		-8.6	-8.0	-6.3
NET ASSET VALUE		154.5	156.1	149.8
Number of shares 15,316,560
PRINCIPLES OF CALCULATION
Publicly listed shares, investment funds and derivatives have been valued to closing price. In case a closing price has been unavailable, the purchase quotation has been used. Unlisted shares have been recognised at fair value using the discounted cash flow method.