Finnair Oyj - Company Announcement

FINNAIR DETERMINES SCHEDULE FOR THE INVESTMENT PROGRAMME

FINNAIR PLC	STOCK EXCHANGE RELEASE 3 APRIL 2007                                 

FINNAIR DETERMINES SCHEDULE FOR THE INVESTMENT PROGRAMME                        

Finnair's annual net investment level will be over 300 million euros in the     
years 2007-2009. The previously announced investment programme of around two    
billion euros consists primarily of new Airbus wide-bodied aircraft for Asian   
traffic. The investments also include Embraer aircraft used in European and     
domestic traffic.                                                               

The intention is to implement the aircraft acquisitions in the coming years as  
purchases, but leasing alternatives will also be utilised to an increasing      
extent in acquisitions at the end of the decade. The main sources of finance for
the acquisitions will be internal financing and borrowing.                      
“A growth company's primary ability to fund investments is based on healthy     
internal financing. The goal of the 80 million euro efficiency programme, which 
we initiated last year, is a significant improvement in profitability and       
operational cash flow,” said Chief Financial Officer Lasse Heinonen, at an      
analysts seminar organised by Finnair in Kuusamo.                               

The investment programme exerts pressure on the balance sheet's key figures. One
of the key indicators on Finnair's balance sheet is adjusted gearing, which also
takes into account the company's leasing liabilities.                           
“We are exploring opportunities to strengthen our capital structure to ensure   
the smooth implementation of our extensive investment programme. The main       
options are a share issue or various forms of mezzanine financing, for example a
subordinated debt. In this way, we will clearly remain on the better side of our
own limits and those set by our financers,” explained Heinonen.                 

Finnair has ordered ten wide-bodied aircraft, of which four Airbus A340s will be
delivered during this and next year. In 2009 four A330 or A340 aircraft will    
join the Finnair fleet, in 2010 two more. In addition, Finnair has options for  
four additional aircraft.                                                       
“The agreement gives us flexibility to develop our long-haul fleet in line with 
the growth rate of the market. The acquisition programme for new aircraft will  
allow us to discontinue the use of our present long-haul Boeing MD-11s more     
quickly. The first of these aircraft will leave Finnair's service at the end of 
next year, before the start of the winter timetable. During 2009-10 three MD-11 
planes will be decommissioned annually,” said Heinonen.                         

Finnair's traffic growth is coming above all from Asia-Europe traffic, which    
will grow this year by over 30 per cent from last year. Asian traffic growth is 
also reflected in the development of Finnair's European network.                
“We have opened new destinations in Europe for the needs of our Asian traffic.  
Our new European destinations have sold well, and Bucharest, Lisbon and         
Ljubljana are particularly important,” added SVP Communications Christer        
Haglund.                                                                        

Finnair Plc                                                                     
Communications                                                                  
3 April 2007                                                                    

Further information:                                                            

Lasse Heinonen, SVP and CFO, tel. +358 50 393 4950                              
Christer Haglund, SVP Communications, tel. +358 40 555 1007                     
Taneli Hassinen, Director, Investor Relations, tel. +358 40 504 3321