Net asset value of the Norvestia Group 30.4.2003
		30.4.2003	31.3.2003	31.12.2002
Net asset value, million €
Assets
Non-current assets		0,1	0,1	0,1
Current assets
	Stocks	92,9	89,3	99,6
	Financial assets	45,0	45,9	46,7
Cumulative assets		138,0	135,3	146,4
Current liabilities		-1,6	-1,6	-1,7
Gross net asset value		136,4	133,7	144,7
Minority Interest		-33,1	-32,5	-33,8
Net asset value before deferred tax liability		103,3	101,2	110,9
Deferred tax liability		-3,2	-2,9	-3,5
Net asset value after deferred tax liability		100,1	98,3	107,4
		30.4.2003	31.3.2003	31.12.2002
Net asset value/share, €
Before deferred tax liability		20,24	19,82	21,73
After deferred tax liability		19,60	19,25	21,03
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. When estimating the deferred tax liability, the deferred tax receivables that arise from booked losses in Norvestia plc have been taken into consideration from March 2003. On 30th April the deferred tax liability amounted to EUR 3,2 million. 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 0,4 million, of which EUR 0,1 million constitute Norvestia's part.