1. Finnair Group Interim Report 1 January – 30 June 2006

2. Sense is slowly returning, even in airline industry Many airlines still in shaky financial shape Competition remains tough in Nordic countries Two airlines have withdrawn from Finnish market Successful airlines have strong economy, effective strategy and costs in check Strong airlines invest in new aircraft with low fuel consumption

3. Quarter of structural change Finnairs increasing role in Asia-Europe traffic is reflected in the company structure One-off adjustment costs of structural change 15.2 MEUR, result clearly under last years level Introduction of new aircraft temporarily weakened productivity in first half of year Average price of flight tickets decreased Good development in demand Record load factors

4. Personnel cuts agreed 670 jobs will be cut in 2006-2007 Emphasis on Finnair Technical Services and support functions Planned efficiency measures to bring 80 MEUR annual cost benefits Efficiency measures everywhere in the organisation

5. Operations systematically rationalised Personnel on average

6. Structural change weighed on result Q2/2006 Q2/2005Change % Turnover mill. 494.6 469.4 5.4 EBITDAR 68.273.5-7.2 EBIT excl. capital gains, fair values changes of derivatives and reorganization expenses 18.230.0-39.3 Capital gains 1.9 1.8 5.6 Fair value changes of derivatives 0.6 3.5 -82.9 Operating profit/loss (EBIT) 5.5 35.3-84.4 Profit after financial items 3.3 36.3 -

7. Fuel bill rose by over 50 MEUR in first half of year * excluding fair value changes of derivatives ATK = Available Tonne Kilometre Q2/2006Q1-Q2/2006 Unit costs of flight operations* c/ATK+6,5%+8,3 % Unit costs of flight operations excl. fuel* c/ATK+1,4%+2,1 % Personnel expenses c/ATK+8,4%+5,4 % Fuel costs c/ATK-29,7%+37,4 % Traffic charges c/ATK-4,5%+0,1 % Ground handling and catering /passenger-4,8%-3,5 % Sales and marketing /passenger-5,2%-5,7 % Aircraft lease payments and depreciation c/ATK+13,3%+5,8 % Other costs c/ATK+9,5%+8,8 %

8. 2003: 10.2% of turnover 2004: 12.5% of turnover 2005: 15.6% of turnover 2006: ~20.0% of turnover at current price level and planned traffic growth Finnair scheduled traffic has hedged 62% of its fuel purchases for the next six months, thereafter for the following 18 months with a decreasing level. Finnair leisure flights hedged 60 % of winter traffic programmes consumption. Fuel costs increasing

9. Realized prices and swap prices

10. Development of average flight and fuel price 2001 - 2006

11. Unit costs +6.5%, without fuel +1.4% Change YoY % 2004 20052006 2003 2002

12. Most modern European fleet Boeing MD-80 aircraft retired from parent company fleet in July Popular new Embraer 170/190 aircraft increase flexibility, decrease costs and are eco-efficient A new Embraer joins fleet monthly until end of year, four new aircraft next year (total 16) Eighth wide-body aircraft, Finnairs first Airbus 340 took flight in July New Airbus A340/350 aircraft replace current wide-body fleet

13. Harmonised fleet Embraer 170/190 Long haul - 12-18 aircraft - 250-314 seats Airbus A340/A350 Mid haul - 29 aircraft - 126-181 seats Airbus A319/A320/A321 Feeder traffic - 16 aircraft - 76-100 seats

14. Strong balance sheet Equity ratio and adjusted gearing %

15. Group continues to have strong liquidity Cash flow January-June

16. Asian success continues Demand (Jan-June) grew 23.3%, passenger numbers 24.4%, load factors 3.3%, cargo 17.2% New route to Nagoya opened in June and Delhi will be launched in November. Next year Kuala Lumpur which is 11th Asian destination. Over 100 flights a month to China Capacity will grow by 30% in last half of year Lie-flat bed seats installed in long-haul business class

17. Finnair long haul network Bangkok Singapore Tokyo Helsinki Beijing 2 7 7 6 Shanghai 7 5 7 Hong Kong New York 7 Nagoya Osaka 3 Guangzhou 4 41 flights to Asia per week

18. Most preferred choice for passengers needing at least one stop-over. Examples: Stockholm Gothenburg Oslo Hamburg Dusseldorf Berlin Stuttgart Edinburgh Tallinn Krakow Sustainable competitive edge based on geography Asia Riga Vilnius Budapest Warsaw Prague Barcelona Madrid Milan Zurich Venice HEL CPH FRA LON PAR

19. AN1A09SEP ARNPVG (=Stockholm-Shanghai) ** AMADEUS AVAILABILITY - AN ** PVG PU DONG.CN 1 AY 892 J9 C9 D9 RL UL Y5 B4 /ARN 2 HEL 2 1425 1620 E0/320 AY 057 J9 C9 D9 I9 RL UL Y9 /HEL 2 PVG 1700 0650+1E0/M11 10:25 2 SK 415 C9 D9 J9 Y9 S9 B9 M9 /ARN 5 CPH 3 1320 1430 E0/321 SK 997 A2 C9 D9 J9 Y9 S9 B9 /CPH 3 PVG 1515 0735+1 0/343 12:15 3 KL1110 J0 C0 Z0 S0 B0 M0 K0 ARN 5 AMS 1300 1505 E0.737 KL895 C4 D4 W4 Y9 T4 K4 H4 AMS PVG 1720 0845+1 0.74M 13:45 4 CA 912 C4 D4 Y4 B4 H4 K4 L4 ARN 5 PEK 1750 0800+1 0.767 MU 583 C4 Y4 V4 Q4 PEK PVG 1140+1 1335+1 0.320 13:45 => total travel time defines the order of alternatives Finnair favored in reservation systems

20. Share of Asian traffic growing Scheduled traffic passenger and cargo revenues Q1-Q2/2006

21. Finnair significant player in Europe-Asia traffic Two new destinations in long-haul network this year and recruitment of pilots and cabin crew Size of long-haul fleet will grow to meet demand for Asian traffic 1-2 new Asian destinations per year, more frequencies to existing destinations New feeder lines in European network Demand remains strong at good price level Market share continues to increase, Finnairs Asian sales have increased by 60% in Sweden

22. Assesments for future development Passenger and cargo demand continues to grow Competition remains tight Flexible capacity => load factors improve Focus on traffic expansion in Asia 2006 result still expected to be profitable, but below previous years level High load factors and strong booking situation give basis for improved price level Better productivity with structural change Good conditions for improving profitability in future

23. Appendices

24. MEUR 2003 Slow quarter as predicted Change in EBIT per quarter ( Excluding capital gains, fair value changes of derivatives and reorganization expenses) 2004200520022006

25. Average yield and costs EUR c/RTK & EUR c/ATK 2004 20052006 2003 2002

26. Development of Group Business Areas Excluding capital gains, fair value changes of Derivatives and reorganization expenses 20062005 Q2 MEUR Scheduled Passenger Traffic 21.725.2 Leisure Traffic 1.02.4 Aviation Services -1.510.6 Travel Services 0.92.0 Unallocated items -3.9-10.2 Total 18.230.0

27. Investments and cash flow from operations MEUR

28. Aircraft operating lease liabilities have grown in line with strategy Flexibility, costs, risk management On 30 June all leases were operating leases. If capitalised using the common method of multiplying annual aircraft lease payments by seven, the adjusted gearing on 30 June 2006 would have been 92,6%

29. ROE and ROCE Rolling 12 months %

30. Finnair Group Business Units SCHEDULED PASSENGER TRAFFIC Finnair Scheduled Passenger Traffic Finnair Cargo Aero FlyNordic Finnair Aircraft Finance LEISURE Finnair Leisure Flights Suntours Ltd AVIATION SERVICES Finnair Technical Services Northport – ground handling Finnair Catering Finncatering Finnair Facilities Management TRAVEL SERVICES Finland Travel Bureau Area Estravel Amadeus Finland FINNAIR GROUP

31. Airline structure Finnair Scheduled Passenger Traffic Long-haul traffic European traffic Domestic trunk routes Finnair Leisure Flights Mediterranean, Asia, North and South America Aero Feeder traffic operator based in Tallinn, Estonia The Baltics and Southern Finland FlyNordic Low cost operator based in Stockholm Scandinavia and elsewhere in Europe

32. Superiority of product Direct to 50 international destinations –No time-consuming transfers at crowded airports Best schedules –Morning-evening concept Most punctual in Europe with least cancellations Top class service in Europe oneworld – alliance with best quality and coverage New aircraft in European traffic

33. Finnair Financial Targets Sustainable value creation Operating profit (EBIT) EBIT margin at least 6% => 110-120 mill. in the coming few years EBITDAR EBITDAR margin at least 17% => over 300 mill. in the coming few years Economic profit To create positive value over pretax WACC of 8% Pay out ratio Minimum one third of the EPS Adjusted Gearing Gearing adjusted for aircraft lease liabilities not to exceed 140 %

34. Finnairs Financial Targets Description of targets

35. www.finnair.com Finnair Group Investor Relations email: investor.relations@finnair.com tel: +358-9-818 4951 fax: +358-9-818 4092