Net asset value of the Norvestia Group 31.3.2004
		31.3.2004	29.2.2004	31.12.2003
Net asset value/share, EUR
Before deferred tax liability		20.92	22.47	21.87
After deferred tax liability		20.01	21.52	21.02
The dividend (1,60 euro) expired on March 12, 2004.
Net asset value, EUR million
Assets
Non-current assets		0.1	0.1	0.1
Current assets
	Stocks	133.6	126.6	110.0
	Financial assets	21.9	27.6	38.7
Cumulative assets		155.6	154.3	148.8
Current liabilities		-12.8	-3.4	-1.6
Gross net asset value		142.8	150.9	147.2
Minority Interest		-35.9	-36.1	-35.5
Net asset value before deferred tax liability		106.9	114.8	111.7
Deferred tax liability		-4.7	-4.9	-4.4
Net asset value after deferred tax liability		102.2	109.9	107.3
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. The deferred tax receivables constitute 29 % regarding overvalue, which is the difference between the market value and the booked value. Unbooked deferred tax receivables are directed against deferred tax debts regarding overvalue with equal amounts in Neomarkka. The deferred tax liability on appreciation in Neomarkka amounts to EUR 1.1 million, of which EUR 0.4 million constitute Norvestia's part.