Net asset value of the Norvestia Group 28.2.2005
NORVESTIA'S NET ASSET VALUE GREW BY +3.0% IN FEBRUARY 
Change in NAV, 1 month +3.0%

Change in NAV, from the beginning of the year +3.9%
Change in NAV, 12 momths +13.1% (dividend-adjusted)
28.2.2005 31.1.2005 31.12.2004
Net asset value/share, EUR

8.33

 8.09 8.02*
* Issue-adjusted
ASSETS  
Non-current assets 0.0 0.0 0.1
Current assets
Shares held for trading 71.4 59.5 59.3
Other financial assets at fair value 95.3 91.8 91.8
Other investments 18.0 18.1 18.1
  Cash and receivables 20.2 30.0 13.5
Assets in total 204.9 199.4 182.7
Current liabilities -32.1 -32.3 -41.5
Deferred tax liability -6.5 -5.0 -5.0
Gross net asset value before minority interest 166.3 162.1 136.2
Minority Interest -38.7 -38.2 -38.2
Net asset value  127.6 123.9 98.0
Number of shares 15 316 560
PRINCIPLES FOR CALCULATION
Publicly listed shares, mutual funds and derivatives have been valued at closing price. In case a closing price has been unavailable, the purchase quotation has been used. Unlisted shares have been valued to the purchase expense or the probable selling price in case the former is lower than the purchase expense. 
Deferred tax receivables have been deducted from deferred tax liablility.