Net asset value of the Norvestia Group 31.3.2005
NORVESTIA'S NET ASSET VALUE GREW BY +0.7% IN MARCH 
Change in NAV, 1 month +0.7%

(dividend-adjusted)
Change in NAV, from the beginning of the year +4.7% (dividend-adjusted)
Change in NAV, 12 months +13.4% (dividend-adjusted)
31.3.2005 28.2.2005 31.12.2004
Net asset value/share, EUR

8.09

8.33

 8.02*
* Issue-adjusted
The dividend (EUR 0.30) expired on March 11, 2005.
ASSETS  
NON-CURRENT ASSETS
Tangible assets 0.0 0.0 0.1
Deferred tax receivables 0.2 0.0 0.3
CURRENT ASSETS
Shares held for trading 78.7 71.4 59.3
Other financial assets at fair value 93.5 95.3 91.8
Other investments 18.0 18.0 18.1
  Cash and receivables 13.2 20.2 13.5
ASSETS IN TOTAL 203.6 204.9 182.7
Current liabilities -36.9 -32.1 -41.5
Deferred tax liability -5.5 -6.5 -5.0
Gross net asset value before minority interest 161.2 166.3 136.2
Minority Interest -37.2 -38.7 -38.2
Net asset value  124.0 127.6 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 whose fair value is not verifiably measurable, have been valued to the acquisition price. 
Deferred tax liabilities have been deducted from deferred tax receivables in Neomarkka.