Net asset value report of the Norvestia Group 30.11.2005
NORVESTIA'S NET ASSET VALUE ROSE BY 9.7% IN NOVEMBER
Change in NAV, 1 month		9.7 %
Change in NAV, in 2005		23.4 %	(dividend-adjusted)
Change in NAV, 12 months		23.2 %	(dividend-adjusted)
		30/11/2005	31/10/2005	31/12/2004
Net asset value/share, €		9.54	8.70	8,02*
*issue-adjusted
		MEUR	MEUR	MEUR
ASSETS
NON-CURRENT ASSETS
	Tangible assets	0.0	0.0	0.0
	Deferred tax receivables	-	-	0.3
CURRENT ASSETS
	Shares held for trading	63.7	67.7	59.3
	Other financial assets at fair value	30.7	105.5	91.8
	Other investments	2.3	16.8	17.8
	Cash and receivables	59.8	30.7	13.5
ASSETS IN TOTAL		156.5	220.7	182.7
Current liabilities		-5.2	-44.2	-41.2
Deferred tax liability		-5.1	-4.8	-5.3
NET ASSET VALUE BEFORE
MINORITY INTEREST		146.2	171.7	136.2
Minority Interest		-	-38.4	-38.2
NET ASSET VALUE		146.2	133.3	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.