NORVESTIA'S NET ASSET VALUE SUNK BY 2.3% IN NOVEMBER 2008

Change in NAV, 1 month

-2,3%

(dividend-adjusted)

Change in NAV, since beginning of year

-12,3%

(dividend-adjusted)

Change in NAV, 12 months

-12,9%

(dividend-adjusted)

30.11.2008

31.10.2008

31.12.2007

Net asset value/share, €

8,98

9,19

10,74

MEUR

MEUR

MEUR

ASSETS

NON-CURRENT ASSETS

Tangible assets

0,0

0,0

0,0

Investments in associated companies

3,5

3,5

1,1

CURRENT ASSETS

Shares held for trading

50,7

49,3

71,5

Other financial assets at fair value

33,5

33,9

39,8

Other investments

1,8

1,8

1,8

Cash and receivables

52,0

58,0

59,1

ASSETS IN TOTAL

141,5

146,5

173,3

Current liabilities

-1,1

-2,8

-3,5

Deferred tax liability

-2,9

-2,9

-5,3

NET ASSET VALUE

137,5

140,8

164,5

Number of shares 15,316,560

PRINCIPLES OF CALCULATION

Publicly listed shares, investment funds and derivatives have been measured at

closing price. In case the closing price has been unavailable, the purchase quotation

has been used. Unlisted shares have been measured at fair value using various

valuation methods.