Net asset value report of the Norvestia Group 31.5.2005
NORVESTIA'S NET ASSET VALUE ROSE BY 3.0% IN MAY
Change in NAV, 1 month		3.0 %
Change in NAV, in 2005		7.7 %	(dividend-adjusted)
Change in NAV, 12 months		16.6 %	(dividend-adjusted)
		31/05/2005	30/04/2005	31/12/2004
Net asset value/share, €		8.32	8.08	8,02*
*issue-adjusted
		MEUR	MEUR	MEUR
ASSETS
NON-CURRENT ASSETS
	Tangible assets	0.0	0.0	0.0
	Deferred tax receivables	0.5	0.5	0.3
CURRENT ASSETS
	Shares held for trading	73.9	68.4	59.3
	Other financial assets at fair value	105.1	93.3	91.8
	Other investments	16.8	17.6	17.8
	Cash and receivables	17.0	17.8	13.5
ASSETS IN TOTAL		213.3	197.6	182.7
Current liabilities		-42.9	-32.5	-41.2
Deferred tax liability		-5.1	-4.3	-5.3
NET ASSET VALUE BEFORE
MINORITY INTEREST		165.3	160.8	136.2
Minority Interest		-37.8	-37.1	-38.2
NET ASSET VALUE		127.5	123.7	98.0
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, whose fair value is not verifiably measurable, have been valued to the acquisition price.
The deferred tax liability has been deducted from deferred tax receivables in the
subsidiary Neomarkka.