Net asset value of the Norvestia Group 31.10.2003
		31.10.2003	30.9.2003	31.12.2002
Net asset value/share, EUR
Before deferred tax liability		21.42	21.12	21.73
After deferred tax liability		20.63	20.36	21.03
Net asset value, EUR million
Assets
Non-current assets		0.1	0.1	0.1
Current assets
	Stocks	105.4	101.4	99.6
	Financial assets	41.1	42.8	46.7
Cumulative assets		146.6	144.3	146.4
Current liabilities		-2.1	-1.7	-1.7
Gross net asset value		144.5	142.6	144.7
Minority Interest		-35.1	-34.7	-33.8
Net asset value before deferred tax liability		109.4	107.9	110.9
Deferred tax liability		-4.1	-3.9	-3.5
Net asset value after deferred tax liability		105.3	104.0	107.4
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 1.2 million, of which EUR 0.4 million constitute Norvestia's part.