Juha Sivonen February 7, 2006

Tulikivi Corporation

Briefing on February 7, 2006 at 9:30

• Welcome• Financial Statements 2005• Managing Director’s review• Tulikivi’s future

Financial Statements 2005

•Consolidated revenue was up 6.1% to EUR 58.6 million (55.3)

•Comparable earnings improved by 20.2 %•Profit before taxes was EUR 6.1 million

(comparable: 5.0, published: 6,1)•Revenue in Q4 increased by 10.7% and comparable

earnings by 54.7%•Cash flow from operating activities before

investments was EUR 10.5 million (6.5)•The order book at year’s end was EUR 9.2 million

(5.4)

Comparability

• A positive non-recurring entry amounting to EUR 1,2 million was entered in the final quarter of the 2004 IFRS financial statement.• Reason was the withdrawal of the disability pension obligation due to the change in the pension system under the Employees´Pensions Act (TEL)

Sales 58,6 55,3 6,1

Operating profit 6,3 6,3/5,1 0,0/+22Percentage of sales 10,7 11,4/9

Profit before taxes 6,1 6,1/5,0 -1,0/+20Percentage of sales 10,3 11,1/9

Profit for the year 4,4 4,4 0,4

01-12/2005 01-12/2004 Change, %

Consolidated Income Statement, AbstractMe

Earning per share, EUR 0,48 0,48/0,39Equity per share, EUR 2,80 2,54Return on investment 20,7 20,3/16,5 Equity ratio, % 63,0 55,3Gearing, % -3,1 12,1Current ratio 1,6 1,9

Order book, (31 Dec.) MEUR 9,2 5,4Gross investments, MEUR 4,8 3,9Gross investment, % of sales 8,1 7,1Average number of staff 514 513

12/2005 12/2004

Number of shares average 9106385 9106385Number of shares 31 Dec. 9106385 9106385

Key Financial Ratios and Share Ratios

12/2005 12/2004AssetsNon-current assets 22.0 21.0Inventories 7.0 7.5Current assets 11.6 13.4

Equity and liabilitiesEquity 25.5 23.1Provisions 0.3 0.2Interest-bearing liabilities 3.3 8.7Non-interest bearing liabilities 11.4 9.9Balance sheet total 40.6 41.9

EUR million

Consolidated Balance Sheet

12/2005 12/2004Cash flows from operating activitiesProfit for the period 4,4 4,4Adjustments:Non-cash transactions 4,0 2,8Interest expenses and income and taxes 1,8 1,9Change in working capital 1,8 -0,6Interst paid and received and taxes paid -1,5 -2,0Net cash flow from operating activities 10,5 6,5

Cash flows from investing activitiesAcquisition of subsidiaries and associatedcompanies and loans granted to them -0,1 -0,1Investments in property, plant andequipment and intangible assets -5,1 -3,5Grants received for investments and sales of property,plant and equipment 0,3 0,2Investments in /proceeds on financial assets at fairvalue through profit and loss, change 0,8Net cash flow from investing activities -4,1 -3,4

Cash flows from financing activitiesLoans received 5,6Repayment of loans -5,3 -4,8Dividends paid -2,1 -4,6Net cash flow from financing activities -7,4 -3,8

Change in cash and cash equivalents -1,0 -0,7Cash and cash equivalents at beginning of period 5,1 5,8Cash and cash equivalents at end of period 4,1 5,1

MEUR

Consolidated Cash Flow Statement

Outlook for the Future

• Tulikivi´s sales are still rising in both its main and new markets.

• Company is making further outlays on the development of distribution channels and product marketing.

• Uncertainties regarding the distribution of energy and the rising price of heating energy increase the demand for fireplaces.

• The trend in the Group’s revenue and earnings is positive at the annual level.

• The order book is on the record level

Propositions of the board of directors to the Annual General Meeting 6.4.2006

• Dividend proposal 0,280 €/A-share, 0,273 €/K-share, totalling 2,5 m€ (=57% of the net result).• Split: nominal value of both series of shares 0,68 0,17€; each existing share will be divided in four new shares.• Renewing the authorization to buy back company´s own shares (max. 672.138 A and 238.500 K, numbers before the split)• Authorizing the Board of Directors to decide on rising the share capital (max. 1.821.277, numbers before the split) with the right to waive the pre-emptive subscription right of shareholders provided there is a weighty financial reason for the company to do so.