F-Secure Group’s financial results January 1 - March 31, 2004

Helsinki, Finland - April 27, 2004

For the 1st quarter of 2004, F-Secure reported revenues of 10.5 million euros. The operating result was 0.8 million euros positive, which represents an increase of 1.0 m euros from the first quarter of 2003.

The content security revenues grew by 46% year-over-year and the growth exceeded estimates as the first quarter has traditionally been a weak one. New license sales continued to grow strongly in the corporate segments and especially strongly in the consumer segment. Service provider business (Security as a Service) increased by 158 % annually and 28% quarter-over-quarter.

The Group has four business areas in content security: corporate, service provider, consumer and wireless businesses. Content security contains among other things the following key solutions: anti-virus, firewall, intrusion prevention, anti-spam, application control and parental control. Corporate customers represented 73% of the content security revenues, the service provider business 18%, the consumer business 8% and handheld and wireless security revenues represented 1%. The quarter was characterized by solid growth in both revenues and new licenses, especially in Central Europe and Japan.

Q1 marked the shift from “plain vanilla” anti-virus products to a broader approach to content security and intrusion prevention. The F-Secure Anti-Virus Client Security product, launched in late 2003, already outsold the F-Secure Anti-Virus desktop product in the corporate segment. The Group’s newest product releases have continued to enjoy success in the industry press. Both the F-Secure Client Security and the F-Secure Internet Security 2004 product received a large amount of highly positive reviews by PC magazines in the UK, Germany and Sweden. The key service provider partners, Deutsche Telekom in Germany and Wanadoo in France, continued to increase the business. In Q1 the Group announced new partnerships with Medinet (Slovenia), InterViVo (UK), Axelero (Hungary) and Raiffeisen OnLine (Italy). The total number of announced Service Provider partnerships now exceeds 20.

“The Group’s key goal is to continue to grow the content security business faster than the industry. The current focus in corporate business is on Europe, the Group’s home market and the Security as a Service business as well as web sales (e-Store) with a global focus. Last quarter exceeded our expectations and we expect an improvement in EBIT for the full year 2004 compared to 2003”, says Risto Siilasmaa, President and CEO of F-Secure Corporation.

A press and analyst conference will be arranged today, April 27, at 11 am Finnish time at the Group’s Headquarters, Tammasaarenkatu 7, Helsinki. A conference call for international investors and analysts will be arranged at 1530 Finnish time (1430 CET, 1.30 pm UK time). Instructions can be found at http://www.europe.f-secure.com/investor-relations/

Quarterly reports for 2004 will be published on August 3 (Q2) and October 26 (Q3). A Stock Exchange bulletin will be sent at 9 am Finnish time to the Helsinki Exchanges, a press and analyst conference will be arranged at 11 am Finnish time in Helsinki, and an international conference call will be arranged in the afternoon. Full details will be provided later on the Group's web site.

Additional information:

F-Secure Corporation
Risto Siilasmaa, President and CEO tel.358 9 2520 5510
Taneli Virtanen, CFO tel.358 9 2520 5565