NORVESTIA'S NET ASSET VALUE ROSE BY 0,7% IN MARCH 2009

Change in NAV, 1 month

0,7 %

(dividend-adjusted)

Change in NAV, since beginning of year

-0,2 %

(dividend-adjusted)

Change in NAV, 12 months

-14,0 %

(dividend-adjusted)

31.3.2009

28.2.2009

31.12.2008

Net asset value/share, €

8,5

8,69

8,77

MEUR

MEUR

MEUR

ASSETS

NON-CURRENT ASSETS

Tangible assets

0,0

0,0

0,0

Deferred tax asset

10,0

9,5

9,0

Investments in associated companies

3,5

3,5

3,5

CURRENT ASSETS

Shares held for trading

37,5

36,5

48,8

Other financial assets at fair value

31,6

30,2

30,9

Other investments

1,7

1,7

1,7

Cash and receivables

50,1

55,0

43,5

ASSETS IN TOTAL

134,4

136,4

137,4

Current liabilities

-1,3

-0,6

-0,5

Deferred tax liability

-3

-2,7

-2,6

NET ASSET VALUE

130,1

133,1

134,3

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.