Finnair Oyj - Company Announcement

NORWEGIAN AIR SHUTTLE TO ACQUIRE 100% OF FLYNORDIC

Norwegian Air Shuttle today announces that they will acquire 100% of Finnair's  
Swedish subsidiary FlyNordic.                                                   

“Norwegian has since the start in 2002 become Scandinavia's largest low fares   
airline. This acquisition will strengthen our position in the Nordic region as  
well as in the European market. Stockholm will as a consequence be our new base 
for our operations from Sweden,” says Norwegian Air Shuttle CEO Bjorn Kjos.     

Norwegian Air Shuttle carried 5.1 million passengers in 2006 while FlyNordic    
carried 1.2 million.                                                            

“Since 2003 we have been building a strong brand for the Scandinavian market. As
a challenger, FlyNordic has been gaining a significant momentum as Arlanda's    
second largest airline. From Finnair's point of view”, “From Finnair's view     
point, FlyNordic has fulfilled the strategic goals originally set to it. We now 
want to proceed to the next phase. Through this co-operation we will further    
strengthen our position in the traffic between Scandinavia and Asia,” explains  
Finnair President and CEO Jukka Hienonen.                                       

Finnair and Norwegian Air Shuttle have signed a memorandum of understanding     
regarding the sale of Finnair's subsidiary FlyNordic to Norwegian Air Shuttle   
within the second quarter of this year. The transaction is subject to regulatory
clearance.                                                                      

As consideration Finnair will receive ordinary shares and stock options in      
Norwegian Air Shuttle. As a consequence of the agreed transaction structure     
Finnair's ownership in Norwegian Air Shuttle will initially exceed 5%. If       
Finnair decides to exercise all stock options, Finnair's share in Norwegian Air 
shuttle may increase to approximately 10% (based on current number of shares).  
The stock options can be exercised until the end of 2008 at an average strike   
price of NOK 115.                                                               

Finnair and Norwegian Air Shuttle have also agreed to start a strong            
co-operation. Norwegian Air Shuttle's Scandinavian network will be linked to    
Finnair's increasing Asian connections. This will, for instance, support the    
demand in Asia for travel to Scandinavia and central Europe.                    

“The co-operation brings benefits to both parties. Norwegian Air Shuttle will   
open their network to our Asian flights meaning that we do not have to fly to   
every destination in the North ourselves. At the same time, our network will    
bring passengers from Asia to Norwegians network in Scandinavia,” Finnair       
President and CEO Jukka Hienonen states.                                        

“FlyNordic will remain as a brand and we will strengthen and develop its        
position in Sweden. We will continue to have focus on low fares for both the    
business and the leisure market. In addition we will further develop our IT     
solutions with focus on the website, direct to gate and automated check-in and  
will also continue to focus on high efficiency in our operation,” says CEO Bjorn
Kjos.                                                                           

Finnair acquired FlyNordic in 2003. Since then the airline has been flying from 
Stockholm Arlanda to Copenhagen, Oslo and to various destinations in Sweden. The
network has been expanded to Europe through the airline's own routes and through
co-operation. FlyNordic and Norwegian Air Shuttle have been operating between   
Stockholm and Oslo in co-operation since 2004.                                  

FlyNordic's profitability has been improved since last summer by adding charter 
traffic and this will continue in co-operation also after the ownership         
restructuring. In the last half of 2006 FlyNordic's result was positive.        

Norwegian is Scandinavia's leading low cost carrier and started its operations  
1st September 2002 with four domestic routes and six aircraft - Boeing 737-300. 
Today Norwegian has 24 aircraft (22 x Boeing 737-300 and 2 x MD-83 on lease) and
operates 10 domestic routes and 83 international routes to 59 destinations. The 
company has 850 employees and the headquarters are located at Fornebu, Oslo.    
Norwegian has four bases: Oslo, Bergen, Stavanger and Warsaw.                   

A press conference is arranged today, April 24th 2007, at 11.30 in Scandic Hotel
Sergel Plaza, Brunkebergstorg 9, in Stockholm.                                  

At the press conference the following persons will be present:                  
President and CEO of Finnair, Mr. Jukka Hienonen                                
CEO of Norwegian Air Shuttle, Mr. Bjørn Kjos                                    
CEO of FlyNordic, Mr.Maunu von Lüders                                           


Finnair/Norwegian Air Shuttle/FlyNordic                                         
Communications                                                                  
24.4.2007                                                                       

Additional information:                                                         
Henrik Arle, Deputy CEO, Finnair, tel. +358 9 818                               
4200                                                                            
Lasse Heinonen, CFO, Finnair, tel. +358 9 818 4950