NORVESTIA'S NET ASSET VALUE ROSE BY 0.4% IN JANUARY 2011
Change in NAV, 1 month		0,4 %
Change in NAV, since beginning of year		0,4 %	(dividend-adjusted)
Change in NAV, 12 months		9,4 %	(dividend-adjusted)
		31.1.2011	31.12.2010	31.12.2009
Net asset value/share, €		10,17	10,13	9,73
		EUR	EUR	EUR
		million	million	million
ASSETS
NON-CURRENT ASSETS
	Intangible assets	0,1	0,1	-
	Tangible assets	0,0	0,0	0,0
	Deferred tax assets	5,8	5,8	6,9
	Interests in associates	3,4	3,4	3,7
	Other investments	2,0	2,0	1,8
CURRENT ASSETS
	Shares held for trading	64,2	60,5	48,6
	Other financial assets at fair value	58,1	56,6	43,2
	Cash and receivables	32,1	36,0	51,9
ASSETS IN TOTAL		165,7	164,4	156,1
Current liabilities		-1,4	-1,0	-0,9
Deferred tax liabilities		-8,5	-8,2	-6,1
NET ASSET VALUE		155,8	155,2	149,1
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.