F-Secure CorporationAnnual Shareholder Meeting

March 26, 2008

Kimmo Alkio, President and CEO

March 13, 2008 Page 2

• Market - drivers for growth

• 2007 – a good year

• Future outlook

Outline

March 13, 2008 Page 3

F-Secure 2007 - Summary

1988 Founded

1999

Today

IPO Helsinki Stock Exch.

2007

• Enabling safe use of computers and smartphones

• Strong solution portfolio covering consumers and businesses

• World class malware research and operations

• Pioneer in Security as a Service and mobile security

• Global reach

• 166 Internet Service Provider partners, 36 countries

• Strong market presence in Europe, North America and Asia

• Key figures (end 2007):

• Revenue: 97m€

• Headcount: 566

• Market value: >350m€

March 13, 2008 Page 4

Market - drivers for growth

• Internet growth

• Broadband growth and Value Added Services

• Internet being exploited by criminals

• Traditional Anti-Virus market 6B$ with 11% annual growth

• Security as a Service

• Mobile broadband and smartphones

March 13, 2008 Page 5

Internet Growth

Internet User Penetration (Mn)

0

500

1000

1500

2000

2500

3000

2005 2010 2015

WE EE NA MEA APAC China LA

Worldwide Internet connections (Mn)

0

200

400

600

800

1 000

1 200

1 400

1 600

2005 2006 2007 2008 2009 2010

Dialup DSL Cable Other Mobile

Mobile = Connect to Internet monthly

Source: Nokia, Nokia Siemens Networks, July 2007

March 13, 2008 Page 6

Customer needs

My connected life is

always protected.

My children are safe

from on-line threats .

My digital content is safe

and available

My connected devices

are always up-to-date

and optimized for

performance.

My service provider

provides me useful tools

and support.

F-Secure protects and enhances connected life.

March 13, 2008 Page 7

Security as a Service

March 13, 2008 Page 8

F-Secure Service Provider - 166 partners in36 countries –some reference partners

March 13, 2008 Page 9

F-Secure Partners’ market share of residential broadband

0 %

5 %

10 %

15 %

20 %

25 %

30 %

35 %

40 %

2006 2007 2006 2007 2006 2007

F-Secure

Partners’ market share of residential

broadband

• 37% (34%) in Europe

• 10% (10%) in NA

• 9% (n/a) in Asia

(estimates by Dataxis & F-

Secure)

Europe

NA ASIA

March 13, 2008 Page 10

Protecting millions of customers – the amount of malware doubled in 2007

• Total amount of malware reached 0.5 Million in 2007

• 25.000 new malware samples to analyze each day

• Storm: a sophisticated distributed botnet that fights back

• Spying tools for smartphones got commercialized

• Risks with social networking sites – good source of information for

targeted “spear”-phishing attackers, but not many attacks yet

2007 Results

March 13, 2008 Page 12

View on 2007 – a good year

• Year of strong growth and solid

profitability, successful execution in ISP

segment

• Revenue growth +20% to 96.8m

• EBIT 19.5m€, 20% of revenues

• +120% increase from 2006

• EPS: EUR 0.10 (EUR 0.05 ’06)

March 13, 2008 Page 13

Expansion of global ISP business

• Network of 166 partners (+30)

• New innovations launched with PC health

check

• Security as a Service expands to business

users and reseller channel

Customer satisfaction and quality

2007 major developments

• Annual customer satisfaction good at 4.1

• Scalable and global operations through

Malaysia support center

• Research processes scaling to 4 times

2006 level

Mobile user base expands• Handset manufacturers and operators

show increasing interest

• First mass market pre-installations

March 13, 2008 Page 14

Revenues

• Solid overall growth

• Annual growth +20%

• Recent estimates of general market

growth around +11% (IDC)

• Strong ISP growth continues

• Annual growth +38%

• 37% of total revenues

• Traditional reseller and eStore channels

• Annual growth +11%

• 63% of total revenues

• Mobile security advances

• Agreement with Sony Ericsson

• Close co-operation with Nokia and

several operators

0

5

10

15

20

25

30

Q2'05

Q3'05

Q4´05

Q1'06

Q2'06

Q3'06

Q4'06

Q1'07

Q2´07

Q3'07

Q4'07

Revenues

March 13, 2008 Page 15

Strong ISP Business – a growth engine

• Strong partner and customer base with

166 partners across 36 countries:

• Longer term growth potential

• Attractive base for new services

• Proven and scalable operations

• Customer acquisition programs

• Service quality

0

2000

4000

6000

8000

10000

12000

kE

UR

Q1/01 Q1/02 Q1/03 Q1/04 Q1'05 Q1'06 Q1'07

March 13, 2008 Page 16

Profitable growth

• Average EBIT has improved gradually

• Continue to emphasise growth over

profitability

• The 2-4 year goal is to reach 25% EBIT

level

• Graph shows EBIT without the non-recurring impairment

loss of Network Control in 4Q06

0%

5%

10%

15%

20%

25%

30%

Q3'0

3

01'0

4

Q3'0

4

Q1'0

5

Q3'0

5

Q1'0

6

Q3'0

6

Q1'0

7

Q3'0

7

EBIT% Ave (4 qrts)

March 13, 2008 Page 17

12 months stock development

• Positive market reaction to company

progress and future competitiveness

March 13, 2008 Page 18

Growth

• Accelerate growth above industry avg.

• Scale through strong ISP network

• Mobile business partnerships and pre-

installations

Investments and innovations

Focus areas for longer term value creation

Financial management

• Continue to master Security as a Service

business model and quality

• New augmented services

• Acquisitions as one alternative approach

• Systematic profitability and cash flow

management (liquid assets 84.1m€ end’07)

• Continued efficiency and cost controls

• Further focus on balance sheet optimisation

March 13, 2008 Page 19

Summary

• Exciting market

• Solid opportunities for innovation & growth

• Systematic value creation

• Inspiring and attractive company