Net asset value of the Norvestia Group 30.11.2004
NORVESTIA'S NET ASSET GREW 3.8% % IN NOVEMBER
Change in NAV, 1 month +3.8%
Change in NAV, from the beginning of the year  +11.0% (dividend-adjusted)
Change in NAV, 12 months +11.2% (dividend-adjusted)
30.11.2004 31.10.2004 31.12.2003
Net asset value/share, EUR
Before deferred tax liability 23.18 21.90 21.87
After deferred tax liability 21.74 20.95 21.02
Net asset value, EUR million  
Assets
Non-current assets 0.0 0.0 0.1
Current assets
Stocks 167.8 154.4 110.0
  Financial assets 20.8 16.1 38.7
Cumulative assets 188.6 170.5 148.8
Current liabilities -32.5 -22.1 -1.6
Gross net asset value 156.1 148.4 147.2
Minority Interest -37.7 -36.6 -35.5
Net asset value before deferred tax liability 118.4 111.8 111.7
Deferred tax liability -7.4 -4.8 -4.4
Net asset value after deferred tax liability 111.0 107.0 107.3
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. However, Norvestia has estimated that at most 10% of the overvalue of the parent company will be realized during year 2004. For that reason, 90% of the deferred tax on unrealized overvalue in Norvestia has thus been calculated according to a tax rate of 26%. This is based on the new tax law that comes into effect from the beginning of year 2005. The method of calculation reduces the deferred tax by 0.6 million euros.

From 31.12.2001 to 31.10.2004 deferred tax receivables have not been booked in Neomarkka. Simultaneously, deferred tax liability has been deducted from unbooked tax receivables.