1. Finnair Group Interim Report 1 January – 30 September 2009

2. Sector crisis continues Decline in passenger demand slower than before? Fall in cargo demand levelled off, but on a clearly lower price level than before No significant improvement in business travel Leisure travel post-cyclical Yields down due to industry over-capacity Poor utilisation of capacity increases relative capital costs IATA has doubled its loss forecast for this year to over 11 billion dollars from original forecast Only the best low-cost carriers have succeeded

3. Effiency programme improved the result Net sales declined in the third quarter by more than 20 per cent Operational loss 36.4 million euros, result before taxes -28.0 million euros Price level weakened in July-September by more than 12 per cent Passenger load factor remained reasonable Capacity adjusted in line with falling volume, no ability so far to compensate lower price level Efficiency programme improved Q3 result by 30 mill. euro, in January-September by 70 mill. euro Market share in Asian traffic has grown Balance sheet position strengthened Punctuality and customer satisfaction are on a high level

4. Weak operational result Q3/09Q3/08Change % Turnovermill. euro 436.9 558.7-21.8 Adjusted EBITDAR*mill. euro11.847.0 - Adjusted EBIT* i.e. Operational resultmill. euro-36.42.1- One off items/ capital gainsmill. euro8.6-1.5 - Fair value changes of derivativesmill. euro3.7-26.1- Operating profit/loss (EBIT)mill. euro-24.1-25.5- Profit before taxmill. euro-28.0-23.0- *excl. capital gains, fair values changes of derivatives and non recurring items

5. Negative trend in profitability levelled off due to cost cutting MEUR 2006 2007 2008 2005 2009 EBIT* per quarter *excl. capital gains, fair value changes of derivatives and non recurring items

6. Unit costs and revenues far from each other % Yield (EUR/RTK)Unit costs (EUR/ATK) 2006 2007 2008 2005 2004 2009 Change YoY

7. Savings materialise slowly in unit costs Q3/09Q3/08 Unit costs of flight operations*c/ASK-5,9%+7,3% Unit costs of flight operations* excl. fuelc/ASK+0,8% Personnel expensesc/ASK+4,2%-5,6% Fuel costs**c/ASK-20,0%+24,2% Traffic chargesc/ASK+1,2% Ground handling and catering€/psgr.-2,2%+4,9% Sales and marketing€/psgr.-32,8%+30,5% Aircraft lease payments and depreciationc/ASK+15,0%-12,6% Other costs*c/ASK+0,8%+6,9% * excluding fair value changes of derivatives and restructuring items ** includes realized fuel and currency hedging outside hedge accounting ASK = Available Seat Kilometre

8. 200 million euro efficiency program Aim is to reach 200 million euro savings in 2010 Savings in personnel costs totalling 120 million euros Targets of more than 130 mill. euro identified or agreed Fuel efficiency Structural and operational changes Temporary lay-offs 2008-09 Number of staff decreased by one thousand Stabilisation agreements in Technical Services, Catering and cabin service Negotiations on stabilisation agreements for others in progress Among others, 20 mill. euro share of savings by the pilots 100 mill. euro impact on profitability already this year Structural impact of the program per annum ~ 80 mill. euro

9. Finnair Group Finnair Group’s previous structure Airline Finnair Scheduled Passenger Traffic Finnair Cargo Oy Finnair Aircraft Finance Oy Aviation Services Finnair Technical Services Northport Oy (ground handling) Finnair Catering Oy Finncatering Oy Finnair Facilities Management Oy Travel Services Finland Travel Bureau Estravel Area Travel Agency Amadeus Finland Leisure Traffic Finnair Leirure Flights Aurinkomatkat – Suntours Horizon Travel Calypso Takeoff/Matkayhtymä Oy

10. Simplifying organisation Centralising scheduled and leisure traffic operations Resource Management to optimise the use of the assets Change to improve management of the service product Reinforcing sales organisation to boost Europe-Asia traffic Avoiding overlapping, clarifying responsibilities Reducing 200 jobs in back office functions Eliminating one reporting segment

11. Finnair Group’s new structure Airline Finnair Scheduled Passenger Traffic Finnair Cargo Oy Finnair Aircraft Finance Oy Aviation Services Finnair Technical Services Northport Oy (ground handling) Finnair Catering Oy Finncatering Oy Finnair Facilities Management Oy Finnair Group Travel Services Finland Travel Bureau Estravel Area Travel Agency Amadeus Finland Aurinkomatkat – Suntours Horizon Travel Calypso Takeoff/Matkayhtymä Oy As of 1 Oct 09

12. Finnair’s new management As of 1 Oct 2009 CEO Jukka Hienonen* Commercial Division Mika Perho* Operations Erno Hilden* Customer Service Timo Riihimäki* Travel Services Kaisa Vikkula* Aviation Services Lasse Heinonen* Deputy CEO & CFO Lasse Heinonen* Communications Christer Haglund* Resource management Ville Iho* HR Anssi Komulainen* Group Development & Assurance Services Erkki Lehtinen Legal Matters Sami Sarelius *)Member of the Executive Board

13. Number of staff declined in 2009 Personnel on average Personnel

14. Swap prices anticipate higher spot price

15. Change in fuel costs in Q3

16. Finnair continues its hedging policy

17. Fuel costs one fourth of turnover 2004: 12.6% of turnover 2005: 15.6% of turnover 2006: 19.4% of turnover 2007: 20.3% of turnover 2008: 24.6% of turnover 2009: ~24% of turnover Finnair scheduled traffic has hedged 71% of its fuel purchases for the next six months, thereafter for the following 24 months with a decreasing level.

18. Strengtened cash in Q3 Cash flow statement Q3/2009Q1-Q3/2009Q1-Q3/2008 Cash flow from operationsmill. euro+1-114 +70 Investments and sale of assetsmill. euro+29-275-152 Investmentsmill. euro-11-339-220 Change of advances and others mill. euro+40+64+68 Cash flow from financingmill. euro+8+301-84 Liquid funds at the beginningmill. euro266392540 Change in liquid fundsmill. euro+38-88-166 Liquid funds* at the endmill. euro304 374 *incl. financial interest bearing assets at fair value

19. Balance sheet made stronger Equity ratio and adjusted gearing Equity ratioAdjusted Gearing %

20. Changes simplify fleet structure Three Boeing 757 aircraft out of current seven will be faced out in next spring, the rest probably in 2011-2012 Boeing MD-11 planes being faced out during Q1/2010 Two Embraer 170 aircraft will be leased out, two for sale In November, one more Airbus A330 aircraft, three new A330 planes in 2010

21. Fleet renewal programme 6 E170 1* E190 1 A340 2006 5* E190 2 A340 2007 2 A340 2* E190 2008 5 A330 2 E190 2009 3 A330 2010 *) Sale-and-lease-back of totally four E190 aircraft Total capex of over €400m in 2009 and less than €300m in 2010

22. Funding secured until spring 2011 Funding of Finnair investment programme ensured until 2011 Investment schedule relaxed Cash reserves more than 300 mill. euros Sale and lease-back of properties and a spare engine, 90 mill. euros An emitted hybrid bond of 120 mill. euros lowers gearing Funding sources totalling more than 700 mill. euros European Investment Bank, 250 mill. euros Export Credit Agencies, 160 mill. euros Loan-back of TyEL pension fund reserves, 330 mill. euros remaining Liquidity reserve unused credit facility, 200 mill. euros 200 million euro commercial paper programme

23. Finnair's full year clearly loss-making Visibility in passenger and cargo demand will remain foggy, winter will be challenging in leisure based travel Capacity change in 2009 in scheduled passenger traffic -10% vs. 2008 Efficiency programme and structural change will be implemented Funding for investments arranged The entire year clearly loss-making The second half less loss-making than the first half due to cost cutting measures

24. Appendices

25. Segment results* Mill. euro Q3/2009Q3/2008 Scheduled Passenger Traffic -34,1-4,7 Leisure Traffic 5,96,0 Aviation Services-4,71,9 Travel Services-0,51,3 Unallocated items-3,0-2,4 Total-36,42,1 * Operating profit, excluding capital gains, fair value changes of derivatives and non restructuring items

26. Segment results* Mill. euro Q1-Q3/2009Q1-Q3/2008 Scheduled Passenger Traffic -140,3-7,1 Leisure Traffic 14,314,6 Aviation Services-2,68,8 Travel Services-2,93,1 Unallocated items-9,3-4,9 Total-140,814,5 * Operating profit, excluding capital gains, fair value changes of derivatives and non restructuring items

27. Negative trend in profitability levelled off MEUR 2005 20062007 2004 2008 2009 Change in EBIT* per quarter *excl. capital gains, fair value changes of derivatives and non recurring items

28. ROE and ROCE Rolling 12 months % ROEROCE

29. Average yield and costs EUR c/RTK & EUR c/ATK Yield (EUR/RTK)Unit costs (EUR/ATK) 2006 2007 2008 2005 2004 2009

30. Unit costs by cost components Q3/09Q3/08 Unit costs of flight operations*c/ATK-1,0%+4,7% Unit costs of flight operations* excl. fuelc/ATK+5,2%-1,4% Personnel expensesc/ATK+8,5%-6,9% Fuel costs**c/ATK-14,8%+21,7% Traffic chargesc/ATK+7,6%-0,9% Ground handling and catering€/psgr.-2,2%+4,9% Sales and marketing€/psgr.-32,8%+30,5% Aircraft lease payments and depreciationc/ATK+21,7%-13,8% Other costs*c/ATK+5,7%+3,0% * excluding fair value changes of derivatives and restructuring items ** includes realized fuel and currency hedging outside hedge accounting ATK = Available Tonne Kilometre

31. Investments and cash flow from operations Operational net cash flowInvestments MEUR

32. Aircraft operating lease liabilities MEUR Flexibility, costs, risk management On 30 September all leases were operating leases. If capitalised using the common method of multiplying annual aircraft lease payments by seven, the adjusted gearing on 30 September 2009 would have been 97,1%

33. Finnair Financial Targets ”Sustainable value creation” Operating profit (EBIT) EBIT margin at least 6% => over 120 mill. € in the coming few years EBITDAR EBITDAR margin at least 17% => over 350 mill. € in the coming few years Economic profit Pay out ratio Minimum one third of the EPS Adjusted Gearing Gearing adjusted for aircraft lease liabilities not to exceed 140 % To create positive value over pretax WACC of 9,5%

34. Finnair’s Financial Targets Description of targets Operating profit (EBIT) EBITDAR Economic profit Pay out ratio Adjusted Gearing Turnover + other operating revenues – operating costs Result before depreciation, aircraft lease payments and capital gains Operating profit EBIT – Weighted Average Cost of Capital Interest bearing debt + 7*Aircraft lease payments – liquid funds) / (Equity + minority interests) Dividend per share / Earnings per share

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