F-Secure Oyj

Quarterly Report • Feb 4, 2011

This interim report is prepared in accordance with IAS 34 standard Interim Financial Reporting and with accounting principles stated in the annual report 2009. Key figures (unaudited): Euro million INCOME STATEMENT 2010 2009 2010 2009 Chge 10-12 10-12 1-12 1-12 % Revenues 34.4 31.8 130.1 125.1 4 Cost of revenues 2.0 2.1 8.1 9.9 -19 Gross margin 32.4 29.7 122.0 115.2 6 Other operating income 0.3 0.1 1.0 1.1 -9 Sales and marketing 15.9 15.9 59.6 56.9 5 Research and development 10.2 7.5 34.5 28.0 24 Administration 3.0 2.2 9.1 7.5 22 Operating result 3.6 4.1 19.8 24.0 -17 Financial net 0.2 0.3 0.0 1.2 Result before taxes 3.7 4.4 19.9 25.2 Income taxes -0.5 -1.1 -4.6 -6.5 Result for the period 3.3 3.4 15.2 18.7 Other comprehensive income: Exchange diff. on translating foreign operations 0.1 0.2 0.1 0.1 Available-for-sale fin.assets-0.2 -0.3 0.0 0.1 Income tax rel. to components of other comprehensive income 0.0 0.1 0.0 0.0 Total comprehensive Income (owners) 3.2 3.3 15.4 18.9 Earnings per share, e 0.02 0.02 0.10 0.12 EPS, diluted, e 0.02 0.02 0.10 0.12 BALANCE SHEET ASSETS 31/12/2010 31/12/2009 Intangible assets 16.0 13.5 Tangible assets 7.5 4.6 Goodwill 19.4 19.4 Other financial assets 6.0 2.8 Non-current assets total 48.8 40.4 Inventories 0.4 0.4 Other receivables 29.7 31.3 Available-for-sale financial assets 16.8 17.6 Cash and bank accounts 16.2 16.1 Current asset total 63.1 65.5 Total 111.9 105.9

SHAREHOLDERS' EQUITY
AND LIABILITIES				31/12/2010		31/12/2009
Equity				51.4		48.8
Other non-current				2.2		2.5
Deferred revenues				7.8		6.7
Non-current liabilities total				10.0		9.2
Other current				21.1		19.0
Deferred revenues				29.4		28.9
Current liabilities total				50.4		47.9
Total				111.9		105.9
Cash flow statement				31/12/2010	31/12/2009
Cash flow from operations				23.2		16.4
Cash flow from investments 1) Cash flow from financing				-11.5		-31.8
activities	2)			-13.2		-12.0
Change in cash				-1.5		-27.4
Cash and bank at 1 Jan				34.3		60.9
Change in net fair value of
Available-for-sale				0.0		0.1
Cash and bank at end of period				32.8		33.6
Statement of changes in shareholders' equity			share unstricted			assets
Equity on:	share capital	fund	premium equity- reserve	treasury ret. shares	earnings f.sale	avail.	Trans. diff.	Total
31.12.2009	1.6	0.2	3.1	-3.5	47.8	0.0	-0.3	48.8
Total comprehensive income
for the year 15.4					15.3	0.0	0.1	15.4
Dividend					-9.3			-9.3
Other change					-0.1			-0.1
Exercise of options			0.1					0.1
Treasury shares				-4.0				-4.0
Cost of
share based payments Equity on					0.5			0.5
31.12.2010	1.6	0.2	3.2	-7.5	54.1	0.0	-0.2	51.4

Note 1) Cash flow from investments The final working capital regarding the acquisition of Steek S.A. was defined and the amount was 1.1 million euros. 2) Cash flow from financing

The company has bought own shares by 4,004,441 euro. Dividend for year 2009 0.06 euro per share totaling 9,310,086.12 euro was paid on 8 th April 2010. In 2009, paid dividend totaled 10,903,928.26 euro.

Key ratios	2010	2009
	12 m	12 m
Operating result,
% of revenues	15.2	19.2
ROI, %	42.5	45.0
ROE, %	30.3	32.2
Equity ratio, %	69.1	69.8
Debt-to-equity ratio, %	-63.2	-68.1
Earnings per share (EUR)	0.10	0.12
Earnings per share diluted	0.10	0.12
Shareholders' equity
per share, e	0.33	0.31
P/E ratio	23.1	22.8
Capitalized expenditures (Me)	10.4	37.2
Contingent liabilities	17.6	19.4
Personnel, average	835	770
Personnel, end of period	812	826

Segment information

The Group has only one segment; data security.

Quarterly development

1/09 2/09 3/09 4/09 1/10 2/10 3/10 4/10 Revenues 30.6 31.7 31.1 31.8 31.4 32.3 32.0 34.4 Cost of revenues 2.6 2.5 2.7 2.1 2.0 1.9 2.2 2.0 Gross margin 28.0 29.2 28.4 29.7 29.4 30.4 29.9 32.4 Other operating income 0.3 0.4 0.3 0.1 0.3 0.2 0.2 0.3 Sales and marketing 13.5 13.9 13.6 15.9 14.4 15.4 13.9 15.9 Research and development 6.8 6.7 6.9 7.5 7.8 8.3 8.2 10.2 Administration 2.0 1.7 1.6 2.2 1.9 2.1 2.1 3.0 Operating result 6.1 7.2 6.6 4.1 5.5 4.9 5.9 3.6 Financial net 0.5 0.4 0.1 0.3 -0.1 0.2 -0.4 0.2 Result before taxes 6.5 7.6 6.7 4.4 5.5 5.2 5.5 3.7

Geographical information
	10-12/2010	10-12/2009	1-12/2010	1-12/2009
	Revenue	Revenue	Revenue	Revenue
Nordic countries	11.4	11.5	43.1	44.2
Rest of Europe	15.1	14.7	59.3	57.3
North America	3.7	2.3	12.1	10.5
Rest of the world	4.2	3.3	15.6	13.1
Total	34.4	31.8	130.1	125.1
	12/2010	12/2009
	Assets	Assets
Nordic countries	61.5	56.3
Rest of Europe	35.2	37.9
North America	4.1	3.5
Rest of the world	5.6	5.6
Total	106.4	103.3