1. Finnair Group Interim Report 1 January – 31 March 2006

2. Industry bracing for tightening competition Competition remained tough, especially in Nordic countries All airlines have strict efficiency programmes US airlines are shifting capacity to international traffic Record high volume of orders for new aircraft Many airlines still in shaky financial shape

3. Finnair’s fuel bill grew 30 MEUR in first quarter Fuel price remained high Average price of tickets still at last year’s level Good development in demand and turnover Asian demand engine for growth Introduction of new aircraft will temporarily weaken productivity during first part of year

4. Slow quarter as predicted Q1/2006 Q1/2005Change % Turnover mill. € 480.3 443.4 8.3 EBITDAR 40.959.7-31.5 EBIT excl. capital gains and fair values changes of derivatives -5.114.0 - Capital gains 0.0 0.0 ‘- Fair value changes of derivatives -0.1 4.7 - Operating profit/loss (EBIT) -5.218.7 - Profit after financial items -5.217.4 -

5. Group continues to have strong liquidity Cash flow January-March

6. Strong balance sheet Equity ratio and adjusted gearing %

7. Unit costs +10.2%, without fuel +3.0% Change YoY % 2004 20052006 2003 2002

8. Expensive fuel raises unit costs * excluding fair value changes of derivatives ATK = Available Tonne Kilometre Q1/2006 Unit costs of flight operations* c/ATK+10,2 % Unit costs of flight operations excl. fuel* c/ATK+3,0 % Personnel expenses c/ATK+2,4 % Fuel costs c/ATK+46,4 % Traffic charges c/ATK+5,4 % Ground handling and catering €/passenger-2,0 % Sales and marketing €/passenger-6,4 % Purchases and maintenance of equipment c/ATK+13,7 % Aircraft lease payments and depreciation c/ATK-1,3 % Other costs c/ATK+8,3 %

9. Asian success story continues Demand grew by 21.8%, passenger numbers by 26.5% and load factors by 1.5% Amount of cargo grew by 20.4% New route to Nagoya (Japan) in June and Delhi (India) in November. Next year Kuala Lumpur (Malesia) which is 11th Asian destination. 1-2 new Asian destinations per year, more frequencies to existing destinations New Asian feeder routes to Edinburgh, Pisa, Kiev, Krakow, and Geneva, more flights to St Petersburg and Warsaw Lie-flat bed seats installed in long-haul business class

10. Share of Asian traffic growing Scheduled traffic passenger and cargo revenues Q1/2006

11. Modern fleet Finnair Scheduled Traffic will have one of most modern fleets in Europe by summer Very popular new Embraer 170/190 aircraft increase flexibility, decrease costs and are eco- efficient Remaining Boeing MD-80 aircraft retired at quickened pace, last flight on 3 July Eighth wide-body aircraft, Finnair’s first Airbus 340 takes flight in July New Airbus A340/350 aircraft replace current wide-body fleet by 2012

12. 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 has hedged 55% of its fuel purchases for the next six months, thereafter for the following 18 months with a decreasing level. Fuel costs increasing

13. Realized prices and swap prices

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

15. 120 million euro challenges Fuel prices remain high Fuel bill grew by 100 million euros last year, 120 million euros this year Ticket prices still at low level Focus on improving competitiveness without sacrificing service level Internal services to work according to market rules Streamline hierarchy, improve flexibility

16. Personnel cuts of 670… New allocation of jobs Statutory employer-employee negotiations beginning to cut 670 jobs in 2006-2007 Planned efficiency measures to bring 80 MEUR annual cost benefits Efficiency measures everywhere in organisation Emphasis on Finnair Technical Services and support functions

17. …and increases of over 1000 Strong growth in traffic between Asia and Europe has already ensured 3000 jobs This year 350 persons will be recruited to flight operations If competitive cost level is met, at best over 1000 will be recruited during next 5 years to operational functions

18. Growth from traffic between Europe and Asia as well as from near-by areas Most desired airline by customers Increased flexibility Cost efficiency vs. competitors Strategic cornerstones SUSTAINABLE, PROFITABLE GROWTH

19. Assesments for future development Focus on traffic expansion between Asia and Europe will continue with additional aircraft Load factors will improve with more flexible capacity Strong booking situation Continuing improvement of profitability Fuel expenses will continue to be high Price development continues poor due to tight competition 2006 result clearly profitable

20. Appendices

21. MEUR 2003 Slow fourth quarter as predicted Change in EBIT per quarter ( Excluding capital gains and fair value changes of derivatives) 2004200520022006

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

23. Development of Group Business Areas Excluding capital gains and fair value changes of derivatives 20062005 Q1 MEUR Scheduled Passenger Traffic -4.59.7 Leisure Traffic 5.94.9 Aviation Services -3.55.2 Travel Services 0.31.3 Unallocated items -3.3-7.1 Total -5.114.0

24. Investments and cash flow from operations MEUR

25. Aircraft operating lease liabilities have grown in line with strategy Flexibility, costs, risk management On 31 March all leases were operating leases. If capitalised using the common method of multiplying annual aircraft lease payments by seven, the adjusted gearing on 31 March 2006 would have been 85,0%

26. ROE and ROCE Rolling 12 months %

27. Finnair share price beats industry index

28. 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

29. Operations systematically rationalised Personnel on average

30. 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 8.5% Pay out ratio Minimum one third of the EPS Adjusted Gearing Gearing adjusted for aircraft lease liabilities not to exceed 140 % Total Shareholder Return (TSR) On average 15% annual TSR => to double the value for shareholders in five years

31. Finnair’s Financial Targets Description of targets

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