Building Future Finnair Investor presentation London, 7 September 2011

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1 Building Future Finnair Investor presentation London, 7 September 2011

2 Executive Summary European Network Airline connecting Asia and Europe: Turnover of 2 billion, ongoing growth: over 10% increase in million passengers per year Modern, fuel efficient and streamlined fleet of 65 aircraft Member of the Oneworld Alliance Strategy relies on exploiting sustainable geographical advantage; providing the shortest route between Asia and Europe, via Helsinki Short flight times to Asia enable excellent aircraft utilisation Fuel efficient, modern fleet provides competitive unit costs Leading European airline in customer service: Selected as the best airline in Northern Europe by World Airline Awards 2011 Goal: Asian traffic revenue to double by 2020 Transformation plan for the company: Permanent cut of 140 Mill. Eur in cost base by the end of 2013: Building sustainable structure to enable the creation of shareholder value Focus on core business and partnerships Strong balance sheet enables structural changes Mission: The most desired airline in Asia-Europe traffic, among the three largest

3 The modern silk road: 74 weekly departures to Asia in the summer 2011 Seoul Chongqing 2012 Helsinki is on the shortest route to Asia Europe-Asia: close to 30 mill. passengers per year, 15 mill. via passengers Fast market growth drives high growth rates in both passenger and cargo traffic

4 Fast connections between Europe and Asia HEL A natural choice if you have to change aircraft, for example from: PAR LON FRA CPH Stockholm Gothenburg Oslo Hamburg Düsseldorf Berlin Manchester Riga Tallinn Vilnius Budapest Warsaw Prague Barcelona Madrid Milan Zurich

5 The New Finnair

6 Profitability to be driven by Asian expansion Increasing presence in high growth markets: POS shifting more toward Asia POS Japan largest in FEA traffic and dominant in Japanese traffic In 2010, 70% of all passengers on Japanese routes originated from Japan Korea and China increasing their share and growing fast Focus on business and corporate travel Strong corporate sales growth in international markets during Q2; 26% share of passenger revenue overall Over 50% growth outside Finland High corporate sales share in POS China and Hong Kong Asian traffic to double by 2020 Finnair ambition is to become one of top three airlines in Asian transfer traffic Chongqing route launch for summer 2012 A350 XWBs deliveries from 2014 New revenue streams sought from ancillary sales delivering added value to customers New strategic opportunities continuously explored in Asian traffic

7 Partneships and alliances - Cornerstone of our growth strategy Deepening and broadening partnerships to enable growth and improved cost efficiency Flybe Nordic Joint Venture in Regional Traffic: New low cost airline acquired with the vision of building Flybe Nordic into the leading regional airline of the Nordic countries and the Baltic area Providing a cost competitive platform for Finnair's feeder traffic Improving regional coverage New production platforms in cargo business: Nordic Global Airlines Joint Venture and World Airways cooperation providing cost competitive capacity additions Qantas/Jetstar connections to Australia and New Zealand American Airlines Chicago route Kingfisher connections in India Air Berlin cooperation in Germany

8 Cargo offers great growth potential Freight traffic to triple in the next 20 years, growing streams between Asia and Europe Belly freight grows with the Asian expansion Newly established Nordic Global Airlines (NGA) offers low cost cargo capacity for further growth World Airways partnership offers new destinations for cargo traffic

9 Finnair Transformation Target: permanent cut of 140 million euros in the cost base by the year 2014 The planning of the restructuring and cost-savings program announced in connection with the interim report is proceeding as planned Main focus in European traffic costs, 70 % of these are addressable Strong Balance Sheet enables proactive restructuring, focus on lowering structural costs

10 Focus areas for restructuring Organisation Sales & Distribution Fleet & Crew Technical Services Addressable Costs IT Airport Operations

11 Short and medium haul cost reduction Finnair short and medium haul cost competitiveness Cost reduction target of 16% based on cost benchmarking Major cost items to be addressed include fleet, sales & distribution, maintenance and crew 70% 30% -16% cost reduction 64% 36% Cost efficiency to be driven by improved fleet utilisation and A32S configuration changes Current status Target by 2014 Addressable costs Non addressable costs

12 Clear objectives established Short Term Long Term Return Finnair to profitability Sustainable positive financial added value exceeding cost of capital Restructure and rationalise operations Establish new revenue streams Achieve cost competitiveness in all traffic categories Profitable growth in Asian markets Growth strategy based on high class customer service, partnerships and cost-competitiveness Building Long Term Shareholder Value

13 Fleet Development Modern, streamlined and flexible fleet of 65 aircraft, average age ~7 years Increased capacity and productivity with A319 & A320 cabin layout densification B757 to be phased out and replaced with A321 ER s in : improved cross usage & fleet utilisation Seats Total Owned Leased Airbus A Airbus A Airbus A Airbus A Airbus A Boeing B Embraer Embraer Total

14 A350 XWB - The next generation of long haul aircraft Deliveries from Q4/2014: A XWB, 11 firm orders +8 options Increased capacity with seats Improved cost efficiency and superior customer experience

15 Building The New Finnair - Summary New Management Team Clear Growth Strategy Goal: Asian revenue to double by 2020 Focus on strengthening Asian presence through organic growth, partnerships and customer service excellence Transformation Programme Underway Main focus in core business and European traffic cost competitiveness Further announcements expected in the coming months Renewed Brand and Service Identity

16 Thank you

17 Finnair Financial Performance Appendices

18 Key Figures Key figures EUR mill Turnover Operational result, EBIT 1) Operating profit, EBIT Result before taxes Earnings per share EUR Equity per share EUR Gross investment Equity ratio % Gearing % Adjusted gearing % Return on capital employed (ROCE) % Return on equity (ROE) % Average number of employees *Excluding capital gains, changes in the fair value of derivatives, changes in the exchange rates of overhauls, and non-recurring items.

19 Key Figures H1 & Q Q Q Change % H H Change % Turnover and result Turnover EUR million Operational result, EBIT EUR million Operational result, % turnover % Operating result, EBIT EUR million EBITDAR EUR million Result before taxes EUR million Net result EUR million Balance sheet and cash flow Equity ratio % Gearing % Adjusted gearing % Capital expenditure, CAPEX EUR million Return on capital employed, ROCE 12months rolling % Return on equity, ROE, 12 mohths rolling % Net cash flow from operating activities EUR million

20 Traffic Region Development Q vs. Q North Atlantic ASK 27.0% RPK 32.3% PLF% 3.3%-p Traffic revenue 16.4% Europe ASK 24.3% RPK 27.9% PLF% 2.0%-p Traffic revenue 18.0% Asia ASK 27.8% RPK 21.4% PLF% -3.9%-p Traffic revenue 28.0% Leisure traffic ASK -21.7% RPK -21.9% PLF% -0.3%-p Traffic revenue -20.5% Domestic ASK 41.7% RPK 29.1% PLF% -5.1%-p Traffic revenue 23.7% Total ASK 21.0% RPK 18.0% PLF% -1.8%-p Traffic revenue 18.2% Asia traffic share 53% of total ASK Cargo ATK 48.8% RTK 39.7% CLF% -4.2%-p Traffic revenue 54.8%

21 Travel Services The significant overcapacity in Finland s package tour market attributed to a loss of operational result of 5.6 Mill Eur Aurinkomatkat (Suntours) turnover grew in the second quarter 2011 by 8%, while passenger numbers grew by 17% compared with the previous year Integration of the leisure operations of Area and SMT into Aurinkomatkat was completed in Q2 Aurinkomatkat renewed its visual identity and the name was abbreviated to the form Aurinko in its new logo Business travel grew in Q2 and Finnair s business travel agencies increased their market share; Travel agencies productivity improved and the result turned clearly into profit

22

23 RASK & CASK development Airline Business Q vs. Q c ASK RASK, tuotto revenue per per ASK CASK, kustannus cost per ASK per ASK CASK ilman excl. Fuel pa. Polttoaine Fuel Henkilöstökustannus Staff costs Liikennöimismaksut Traffic charges Maapalvelu- Ground handling ja catering-kulut & exp. Poistot Depreciation ja leasing-maksut & lease expenses Muut Other kulut expenses Change % Change % Q vs. Q2 2010

24 Development of operating expenses Finnair Group Q vs. Q Mill. EUR Toiminnalliset Operating expenses kulut Toiminnalliset Operating expenses kulut ilman excl. Fuel pa Change % Polttoaine Fuel Henkilöstökulut Staff costs Liikennöimismaksut Traffic charges Maapalvelu- Ground handling ja catering- & catering kulut exp Valmismatkatuotannon Expenses for tour operators kulut Poistot Depreciation ja leasing-maksut & lease expenses Muut Other kulut expenses * Change % Q vs. Q2 2010

25 Cost structure Q Fuel 24 % Personnel 20 % Other Costs 11 % Traffic Charges 9 % Depreciation and Leasing 5 % Groundhandling and Catering 9% Tour operator costs 5% Other Rents 5% Maintenance 5% Sales and Marketing 4%

26 Strong balance sheet Equity ratio and adjusted gearing % Omavaraisuusaste Equity Ratio Oikaistu nettovelkaantumisaste, Adjusted Gearing Adjusted Gearing Q Q2 2011

27 Outlook for rest of 2011 Result for second half of year expected to return to profit, in line with earlier profit guidance We aim to implement part of the cost savings target during the current year We expect positive result not to be achieved in 2011, due to the heavy losses in first half of the year Turnover expected to grow by more than 10% in the full year

28 Disclaimer Certain information included in this material is forward-looking and involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements in this material are based upon information known to the company on the date. All subsequent oral or written forward-looking statements attributable to Finnair, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. The company's operations are associated with a number of strategic, economic and operational risks. Therefore there are many factors and specific events that could cause the Company s forward-looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of an airline operating in the global economy. Further information on some of the most important risks in this regard is comprehensively outlined in the 2010 Annual Review and consolidated financial statements, available at

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