NORVESTIA'S NET ASSET VALUE SANK BY 0.9% IN DECEMBER 2011
Change in NAV, 1 month		-0.9%
Change in NAV, since beginning of year		-7.6%	(dividend-adjusted)
Change in NAV, 12 months		-7.6%	(dividend-adjusted)
		31.12.2011	30.11.2011	31.12.2010
Net asset value/share, €		8.90	8.98	10.13
		EUR	EUR	EUR
		million	million	million
ASSETS
NON-CURRENT ASSETS
	Intangible assets	0.1	0.1	0.1
	Tangible assets	0.0	0.0	0.0
	Deferred tax assets	7.4	7.5	5.8
	Interests in associates	4.7	4.8	3.4
	Loan receivables from associated companies	2.4	2.4	-
	Other investments	2.0	2.0	2.0
CURRENT ASSETS
	Shares held for trading	48.4	47.5	60.5
	Other financial assets at fair value	50.8	51.7	56.6
	Cash and receivables	26.5	27.2	36.0
ASSETS IN TOTAL		142.3	143.2	164.4
Current liabilities		-1.4	-0.8	-1.0
Deferred tax liabilities		-4.6	-4.9	-8.2
NET ASSET VALUE		136.3	137.5	155.2
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.