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

2. Industry faces challenges despite lower oil prices Lower oil prices pave the way for better profitability Competition remains tough in Nordic countries, but unprofitable routes already cut Two airlines have withdrawn from Finnish market Strong airlines invest in new aircraft with low fuel consumption New security procedures add costs

3. Weak third quarter Demand still strong Record load factors Increasing Business Class demand Fuel expenses up 25 MEUR Decreasing unit costs Aviation Services and Leisure Traffic below targets FlyNordic´s operating result in profit

4. Restructuring programme well underway Planned restructuring programme to bring 80 MEUR annual cost benefits 670 jobs will be cut in 2006-2007 Emphasis on Finnair Technical Services and support functions Efficiency measures and flexibility also include pilots and cabin staff, negotiations underway Finnair Facilities Management to be outsourced Owner- and partnership options are being explored for Northport Oy and its subsidiaries

5. Operations systematically rationalised, Asian growth requires more personnel Personnel on average

6. Result pressed by fuel and support services Q3/2006 Q3/2005Change % Turnover mill. € 515.4 479.7 7.4 EBITDAR 69.871.0-1.7 EBIT excl. capital gains, fair values changes of derivatives, reorganization expenses, depreciation and rents 22.525.7-12.5 Capital gains 0.1 0.6-83.3 Fair value changes of derivatives -7.9 5.8 - Operating profit/loss (EBIT) 14.7 32.1-54.2 Profit after financial items 13.5 36.2-62.7

7. Unit costs fell * excluding fair value changes of derivatives ATK = Available Tonne Kilometre Q3/2006Q1-Q3/2006 Unit costs of flight operations* c/ATK-4,7%+3,6 % Unit costs of flight operations excl. fuel* c/ATK-10,0%-2,3 % Personnel expenses c/ATK-12,0%+2,8 % Fuel costs c/ATK+15,5%+29,3 % Traffic charges c/ATK-4,7%-1,5 % Ground handling and catering €/passenger-2,0%-2,3 % Sales and marketing €/passenger-10,9%-7,8 % Aircraft lease payments and depreciation c/ATK-7,0%+0,2 % Other costs c/ATK-10,0%-4,5 %

8. 2003: 10.2% of turnover 2004: 12.5% of turnover 2005: 15.6% of turnover 2006: ~20% 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 30 months with a decreasing level. Finnair leisure flights hedged 78% of winter traffic programme’s consumption. Fuel bill up with almost 80 MEUR

9. Jet Fuel derivatives still on a high level

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

11. Unit costs down 4.7% Change YoY % 2004 20052006 2003 2002

12. Most modern European fleet Average age of European fleet below four years Boeing MD-80 aircraft retired from parent company fleet in July Popular new Embraer 170/190 aircraft increase flexibility and load factors, decrease costs and are eco-efficient A total of ten new Embraer 170 in November, six new Embraer 190 next year, four options Eighth wide-body aircraft, Finnair’s first Airbus 340 took flight in July Two new Airbus A340 aircraft annually 2007-2008

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-September

16. Asian success continues Demand (Jan-Sept) grew 29,2 %, passenger numbers 28,5 %, load factor 1,6 %, cargo 22,4 % New route to Delhi opened in October. 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

17. Share of Asian traffic growing Scheduled traffic passenger and cargo revenues Q1-Q3/2006

18. Finnair transforming to Europe-Asia traffic This year two new aircraft for long haul traffic Competitive operating terms a necessity 1-2 new Asian destinations per year, more frequencies to existing destinations New feeder lines in European network Demand remains strong at a higher price level Market share continues to increase, Finnair’s Asian sales have, for example, increased by 70% in Sweden

19. Assesments for future development Impact of Flight Attendants´strike on Q4 is 10 MEUR The 80 MEUR savings of the restructuring programme mainly felt in 2007, fully evident in 2008 Fleet renewal continues Flexible capacity => load factors improve 2006 result expected to be in profit, but clearly below previous year’s level Unit costs development on track Good conditions for a clearly more positive financial performance next year

20. Appendices

21. MEUR 2003 Weak quarter Change in EBIT per quarter ( Excluding capital gains, fair value changes of derivatives and reorganization expenses) 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, fair value changes of Derivatives and reorganization expenses 20062005 Q3 MEUR Scheduled Passenger Traffic 20.320.1 Leisure Traffic 8.28.5 Aviation Services -4.47.9 Travel Services 1.01.9 Unallocated items -2.6-12.7 Total 22.525.7

24. Investments and cash flow from operations MEUR

25. Aircraft operating lease liabilities 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 2006 would have been 108,0%

26. ROE and ROCE Rolling 12 months %

27. 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

28. 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

29. 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

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% Pay out ratio Minimum one third of the EPS Adjusted Gearing Gearing adjusted for aircraft lease liabilities not to exceed 140 %

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