Finnair Group Interim results January-June 2001

A strong downturn in the industry - Finnair one of the best performers

Industry market conditions Total demand has clearly slowed down Airline profitability has weakened drastically Passenger and cargo volumes are declining Cabin factors among European airlines has fallen, especially on North American routes

Finnair at the forefront Finnair´s strong market position well maintained Profitability well above the industry average Healthy cashflow, strong balance sheet Cost per unit trend good for eight quarters already Improved productivity Strong growth in on-line sales Quality of operations on target –punctuality and quality among best in Europe

Wind chill factors First weaker quarter since autumn 1999 Business travel on the decline, weaker domestic demand High cost of fuel and the dollar Low visibility due to uncertainty of global economy Operating result expected to fall clearly below 2000 result

Key figures MEUR

Operating result for H1/2001 remained at the previous year’s level, but Q2 was weaker January-June 2001 profit after financial items and excluding revenues from the sale of assets, amounted to EUR 28.6 million (MEUR 28,1), Q2 MEUR 22,6 (33,9 MEUR) Q2 yield: -1.6 % (per RPK), +2.6 % (per RTK) Q2 unit costs: -1,0 % Q2 operating costs +9.5 %, excl. jet fuel +7.8 % Q2 jet fuel costs % (9.4 MEUR) H1 Staff productivity +5 %

Finnair traffic January-July 2001 CF %: Cabin factor

Growth in Business and Tourist class International scheduled traffic -20,0 -15,0 -10,0 -5,0 0,0 5,0 10,0 15,0 20, % Business classTourist class

Cabin factor January-July 2001 & 2000 %

Demand (RPK) and production (ASK) January-July 2001 %

Growth in turnover January-June %

Second Quarter EBIT MEUR

Yield and unit cost development Year on year change % 2001

MEUR EBIT per quarter

MEUR Change in EBIT per quarter Excluding book gains from asset disposals 2000 Change excl. exceptional items in the closing of accounts and due to change of fiscal year * * 2001 *

EBITDAR Excluding gains from asset disposals MEUR

Cash flow and Capex MEUR

Net debt June 30, % of turnover

Strong balance sheet Equity ratio

Gearing

ROCE and ROE rolling 12 months %

EUR Finnair share Price to Book

Finnair Group Business Areas as of Jan 1, 2001

Finnair Group business areas

Capital employed per Business Area January 1, 2001

Group personnel -2,3%

Group Business Areas Personnel Jan-Jun 2001

From here onward Increase of capacity for winter season approx. 2% in tonne and 6% in passenger kilometers New growth in Asia and Baltic region –fourth MD-11 into regular scheduled service –two leased B757 into leisure traffic –Startup of Aero and development of feeder traffic More in-depth cooperation within alliance Operating costs –distribution and purchasing Electronic and mobile eFinnair “Wind chill foreseen, but long term confidence remains”

Appendices

Changes in Passenger Traffic & Capacity TOTAL TRAFFIC apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

Changes in Passenger Traffic & Capacity EUROPE apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

Changes in Passenger Traffic & Capacity ATLANTIC apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

Changes in Passenger Traffic & Capacity FAR EAST apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

Changes in Passenger Traffic & Capacity DOMESTIC apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

Changes in Passenger Traffic & Capacity LEISURE apr jun aug oct dec feb apr jun aug oct dec feb apr jun aug oct dec feb apr jun % Traffic - Revenue Passenger-Km Capacity - Available Seat-Km

SHARE OF BUSINESS CLASS International scheduled traffic - 12 mths rolling average ,0 23,5 24,0 24,5 25,0 25,5 26,0 26, %

TRAFFIC GROWTH vs PASSENGER CABIN FACTOR 12 m rolling sum -4,0 -2,0 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 16, RPK Y-o-y growth % 58,0 60,0 62,0 64,0 66,0 68,0 70,0 72,0 74,0 76,0 cf % change, y-o-y (left)cabin factor (right)

Jet fuel prices