UPDATED: 12 August 2011

1

UPDATED: 12 August 2011

2

Contents

5 Strategy16 Production and logistics32 Business Areas81 Financials

102 Share & funding109 Global oil industry124 Sustainability141 Appendix

3

DisclaimerThe following information contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties and other factors that may cause Neste Oil Corporation’s or its businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward- looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the following forward-looking statements, possibly to a material degree. All forward-looking statements made in this presentation based on information presently available to management and Neste Oil Corporation assumes no obligation to update any forward-looking statements. Nothing in these presentations constitutes investment advice and these presentations shall not constitute an offer to sell or the solicitation of an offer to buy any securities or otherwise to engage in any investment activity.

4

Strategy

6

7

Basis for Neste Oil’s strategy

Expanding the raw material base

Delivering high-quality products for cleaner traffic

Leveraging refining excellence

8

Neste Oil’s strategy

9

Strategic roadmap

2005-2007 2010-2012

Growth•

NExBTL expansion• Singapore & Rotterdam

•

Base oil JV in Bahrain

•

Business excellence• Organizational redesign• Cost savings• Performance improvement

2008-2009

Delivery

•

Profitable growth

•

Production efficiency

•

Business excellence

Foundation•

IPO•

Diesel investment at Porvoo

•

Porvoo NExBTL plants

Higher margins, lower costs, better profitability, greater shareholder value

10

Focusing on production of higher value products

2005 2012e

~14 Mt

~17 Mt

58%1)

45%1)

1) Represents proportion of crude oil-based middle distillates, base oils and renewable diesel in total production

11

Renewable Fuels will be a significant profit contributor

Oil Products

Renewable Fuels

Oil Retail

Until now Target

Breakdown of annual EBITDA*) by segments

*) comparable EBITDA, excluding Others

12

0

10

20

30

40

50

Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11

0

5

10

15

20

25

Q1/ 06 Q3/ 06 Q1/ 07 Q3/ 07 Q1/ 08 Q3/ 08 Q1/ 09 Q3/ 09 Q1/ 10 Q3/ 10 Q1/ 11

Key financial targets

1) rolling 4 quarters

Leverage (net debt to capital), %

Return on average capital employed after tax (ROACE) 1), %

Target level: 25-50%

target: at least 15%

3.6%

46.3%

11

13

0 %

20 %

40 %

60 %

80 %

100 %

120 %

2005 2006 2007 2008 2009 2010

Dividend

2007 dividend 1.00 € /share

Payout from comparable net profit

0,00

0,20

0,40

0,60

0,80

1,00

1,20

2005 2006 2007 2008 2009 2010

Payout EUR per share

EUR

Target

14

Management agenda for 2011PROFITABLE GROWTH

OPERATIONAL EFFICIENCY

BUSINESS EXCELLENCE

-

Renewable diesel sales-

Start-up of the Rotterdam plant during Q3-

Completion of the base oil project in Bahrain during the second

half-

Keeping capex in control

-

Safeguard good operations at Porvoo and Naantali refineries

-

Optimization of the renewable diesel plants’

operations

-

Keep costs and operational efficiency competitive

-

Ensure that market opportunities are capitalized on-

Promote a results-driven culture-

Active working

capital management-

Customer

focus

14

15

Investment projects 2009–2011Business area Location Capacity Investment

(total budget)Due

onstreamOther info

Renewable Fuels

NExBTL plant Singapore 800,000 t/a 550 Meur Q4/2010 On stream

NExBTL plant Rotterdam 800,000 t/a <670 Meur Summer 2011

Oil Products

Base oil plant Bahrain 400,000 t/a ~130 Meur 2011 JV: Neste share is 45% → 180,000 t/a

Isomerization unit Porvoo 600,000 t/a 80 Meur Project is postponed

before market

situation improves

Would process 600,000 t/a of low-

value gasoline into high-quality gasoline. Increases refinery´s total gasoline output by 200,000 t/a

Base oil plant Abu Dhabi 600,000 t/a Has been changed to partnership,

no investment costs for Neste Oil

2013 Neste Oil will act as marketer and seller of volumes. ADNOC will invest in the production plant.

postponedpostponed

Production and logistics

17

Oil Refining: Porvoo refinery

Porvoo refinery

18

Porvoo Refinery•

Porvoo

is Neste Oil’s principal refinery, in operation since the mid-1960s•

An atmospheric distillation capacity of 205,000 bpd•

Very complex refinery:-

appr. 14.5 in Solomon refinery configuration factor-

appr. 12.1 in Nelson complexity index•

Very extensive bedrock cavern capacity and tank farm combined with deep sea harbor

1) bpd, except for hydrogen plants.

Major Process Units Current Licensor/ Start-Up Modified capacity 1) Process Designer

Atmospheric Crude Distillation 206,000

Lummus/Neste Oil

1975

1993Vacuum Distillation 1

52,300

Lummus/Neste Oil

1972

1993Vacuum Distillation 2

23,000

Lummus/Neste Oil

1988Visbreaking 26,050

Shell

1979Fluid Catalytic Cracking 42,300

Texaco

1972

1993Hydrocracking 21,500

UOP/Unocal

1965

1989Continuous Catalytic Reforming 41,700

UOP

1986Hydrogen Plant (thousands of standard cubic feet per day) 22,300

Power Gas

1965ETBE / MTBE

2,235

Neste Oil/ Snamprogetti

1993

1993Alkylation 7,750

Phillips

1988

1993TAME 2,880

Neste Oil

1995Hydrotreating/ Naphtha 67,100

Exxon

1975

1993Distillate Aromatics Saturation 16,500

Neste Oil

1992Hydrotreating/Distillate 2 24,800

Shell

1972Hydrotreating/Distillate 3

54,100

Shell

1993

1999VGO Desulphurization 55,600

Unocal

1975

1999EHVI Unit

6,690

Chevron

1997

1997LCF

41,800

ChevronLummus

2006MHC 33,500

ChevronLummus

2006New Hydrogen Plant (thousands of standard cubic feet per day) 118,385

Unde GmbH

2006

Note: capacity barrels streamday basisNote: capacity barrels streamday basis

19

Por

voo

Ref

iner

y co

mpl

exity

ratio

is a

ppro

xim

atel

y 14

.5 (S

olom

on)

Oil refining process at the Porvoo refinery

Renewable diesel

20

Naantali refinery

21

Naantali Refinery•

The Naantali refinery began operations in the late 1950s and refines gasolines, diesel fuels, LPGs, aviation fuels, heating oil, heavy fuel oil, bitumens and solvents

•

An ongoing investment program at the Naantali refinery has focused on increasing the production of specialty petroleum products, such as specialty gasolines, solvents and bitumen

•

An atmospheric distillation capacity of 56,000 bpd (crude and other feedstocks)•

The complexity of the Naantali refinery:-

8.4 in Solomon refinery configuration factor-

7.1 in Nelson complexity indexProcess Units

Current Licensor/ Start-Up Year

of

Majorcapacity, bpd Process Designer Year Modifications

Crude Distillation (Unit 1)

28,300

Lummus

1957

1996Crude Distillation (Unit 2)

28,300

Lummus

1962

1996Light Naphtha Dehexanizer

9,700

Neste Oil

1982Naphtha Dehexanizer 10,800

Neste Oil

1995Solvent Distillation

2,200

Neste Oil

1982

2003Arosat

500

Lummus

1971

1998Special Gasoline (BEL) unit

1,800

Neste Oil

1989

1994Reformer Unit

7,700

UOP

1985JET fuel unit

3,000

UOP

1998TCC Gasoline Desulphurization

6,600

Axens

2002Catalytic Polymerization

600

Chevron/UOP

1957

1987Solvent Hydrotreater

5,700

Neste Oil

1991

2003Solvents Dearomatization

5,200

Neste Oil

1993

2003Middle Distillate Hydrotreater 2

19,800

Lummus

1981

2002TCC-Feed Hydrotreater

7,200

Neste Oil

1987Thermofor Catalytic Cracker

14,300

Mobil Oil/Neste Oil

1957

1982Vacuum Distillation Unit

16,900

Lummus

1957

1982Visbreaker

8,800

Shell

1979Bitumen Distillation Unit

5,700

Neste Oil

1963

2003Sulphur Recovery Unit

60

Comprimo

1973

1995Naphtha Hydrotreater 9,000 Neste Oil 1963 1982Mild Vacuum Unit

5,700 Neste Oil 1963 2003Bitumen Unit 7,800 Neste Oil 1998 200Vapor Recovery Unit

N.A.

Lummus

1957

Note: capacity barrels streamday basisNote: capacity barrels streamday basis

22

CRUDEOIL

DISTILLATION1 AND 2

CRUDEOIL

OTHERFEED

GASOLINEDESULPHURISATION

SOLVENTDESULPHUR-

ISATION

VACUUMDISTILLATION

HEXANEREMOVAL

BITUMENUNIT

VISBREAKING

HYDRO-GENATION

AROSATUNIT

SOLVENTDISTILLATION

TCC-UNIT

GASRECOVERY POLYMERI-

SATION

GASOLINEREFORMATION

JET FUELTREATMENT

GAS OILDESULPHUR-

ISATION

SULPHURRECOVERY

UNIT

PROPANEBUTANE

REMOVAL OF AROMATIC

COMPOUNDSFROM SOLVENT

CITYDIESELLIGHT

FUEL OIL

JETFUEL

HEAVYSOLVENTS

NAPHTHAMOTOR-

GASOLINE

LIGHTSOLVENTS

HEAVYFUEL OILBITUMEN

SULPHUR

H2

H2

H2

H2S-FEED

SPECIALITYGASOLINE UNIT SPECIALITY

GASOLINES

Refining process at the Naantali refinery

23

Performance of our refineries (Solomon Study 2008)

Refinery utilization

Energy intensity, net cash margin

Maintenance

Naantali

Net cash margin ($/bbl)

Energy intensity, maintenance

Refinery utilization

Porvoo Targets:

Porvoo To rank top among Western European refineries in all aspects by 2012

Naantali

To improve maintenance efficiency performance

24

Refinery capacity utilization

93 %

70 %

77 % 89 %

92 %

79 %

84 %

92 %

91 %

51 % 90

%97

%90

%81

%

0 %

20 %

40 %

60 %

80 %

100 %

120 %

Q1 200

8Q3 2

008

Q1 200

9Q3 2

009

Q1 201

0Q3 2

010

Q1 201

1

Porvoo Naantali

92 %

92 %

94 %

91 %

82 %

86 %

91 %

89 %

85 %

86 %

84 %

83 %

85 %

84 %

0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %

100 %

Q1 200

8Q3 2

008

Q1 200

9Q3 2

009

Q1 201

0Q3 2

010

Q1 201

1

•

Porvoo: Challenges on PL4 have been reflected in utilization•

Naantali’s performance has been stable

•

Major turnaround (one in five years) was carried out at Porvoo during Q2/2010Note: Utilization calculations are based on Solomon methodology

25

Russian heavier crude is our main feedstock

•

Neste Oil is procuring approximately 2/3 of its feedstock under one-year

term

contracts and 1/3 on a spot basis–

Pricing under term contracts is based on market prices•

Neste Oil’s largest suppliers are major Russian oil companies–

No supplier represents more than 20% of total procurement•

Apart from tankers, feedstocks from FSU are also transported by rail

3447 47 54 52 54 57 63 57 67 63 66 70 67 70 68 68 64

6653 57

46 48 46 43 37 43 37 33 37 34 30 33 30 32 32 36

636443 51

3653 49

0 %10 %20 %30 %40 %50 %60 %70 %80 %90 %

100 %

200320042005200620072008Q1

2008Q2

2008Q3

2008Q4

20082009Q1

2009Q2

2009Q3

2009Q4

20092010Q1

2010Q2

2010Q3

2010Q4

20102011Q1

2011Q2

Russian Export Blend Other

Share of Russian Export Blend out of total feed of Neste Oil´s refineries

30

70

2008

European average

Source: Neste Oil, Bernstein Research

26

Russian crude is very close to Porvoo and Naantali

Million tons

17.7

44.857.4

66.174.2 74.3

0

20

40

60

80

2003 2004 2005 2006 2007 2008Oil export from Primorsk

Primorsk oil harborPorvoo refineryNaantali refinery

Shorter destination means lower shipping costs (Primorsk to Porvoo vs. Rotterdam to Porvoo)

27

Large storage facilities and modern terminals are supporting our business

Rock caverns Tank farms Harbor

Porvoo refinery 24 bedrock caverns, capacity 5.6 million cubic meters

Capacity 3.0 million cubic meters in 121 above ground tanks

Approach route up to 15.3 meters deep, capacity to accomondate vessels up to160,000 cargo tons

Naantali refinery 1 becrock cavern, capacity 0.25 million cubic meters + 7 steel shell tanks inside bedrock, capacity 0.03 million cubic meters

Capacity 0.82 million cubic meters

Approach route up to 15.3 meters deep

Refineries together

25 caverns (+7 steel shell tanks inside bedrock), capacity 5.88 million cubic meters

Tank farm capacity 3.82 million cubic meters

•

Storage system and harbor capacity together with our own shipping fleet are key drivers for Neste Oil’s superior logistics•

Flexibility; we can keep products as components (e.g. gasoline) and blend them just before shipment fulfilling buyer’s requirements even with very short notice

•

Large scale contango storaging in favorable market conditions •

Modern harbor and bedrock caverns are also safery elements

28

NExBTL plant in Singapore

•

Commissioned in 2010 •

The world's largest and most advanced facility producing renewable diesel

•

Production capacity 800,000

tons

of NExBTL

diesel annually •

Raw materials include, for example, palm oil and by-products of its production such as stearin, as well as animal fat

•

Products are sold to Europe and North America, later

possibly also to Asia. •

Employs approximately 120 persons

29

Flexible tanker portfolio

Neste Oil fleet split by categories

Number of ships

Our shipping flexibility

•

Flexible portfolio of double-hull vessels

•

2,638 port

calls in 2010

•

Average

vessel age is 5.4

years

•

31

million tons of cargo transported in 2010

•

Operations

in Baltic Sea, North Sea and Intercontinental routes

9

9

9

9

9

4

4

4

4

4

3

3

3

3

0

11

13

18

20

20

0 5 10 15 20 25 30 35 40

2010

2009

2008

2007

2006

Own* Bareboat JV Chartered

*inc. 1 tug & 2 Pusher-barger combinations

30

Neste Shipping Fleet

Kiisla -04, FI, 14750 DWT, 1A S

Sten Hidra -07, NIS, 16600 dwt, 1A

Sten Aurora -07, NIS, 16600 DWT, 1A

Sten Nordic -06, NIS, 16613 DWT, 1A

Tempera -02, FI, 106034 DWT, 1A S

Propontis -06, GR, 117055 DWT, 1A

Tärndal -98, NIS, 8300 DWT, 1A S

Proteas -06, GR, 117055 DWT, 1A

Stena Arctica -05, FI, 117000 DWT, 1A S

Crude & dirty

Astina -06, S, 11283 DWT, 1A

Astoria -99, S, 12712 DWT, 1A

Stena Poseidon -07, FI, 74999 DWT, 1A

Palva -07, FI, 74999 DWT, 1A

Futura -04, FI, 25084 DWT, 1A S

Neste -05, FI, 25080 DWT, 1A S

Jurmo -04, FI, 25049 DWT, 1A S

Purha -03, FI, 25000 DWT, 1A S

Clean

Suula -05, FI, 14665 DWT, 1A S

Sten Suomi -08, NIS, 16619 DWT, 1A

Sten Bothnia -08, NIS, 16611 DWT, 1A

Scorpius -06, S, 11249 DWT, 1A

Bitpro I / Kari -89, FI, 4088 DWT, 1A

Bitpro II / Aulis -90, FI, 4088 DWT, 1A

Pushers, Barges

Tugs

Ahti -02, FI, 1A

Esko -81, FI, 1A

Ukko -02, FI, 1A

Mastera -03, FI, 106208 DWT, 1A S

Sten Baltic -05, NIS, 16613 DWT, 1A

Stenstraum -01, GI, 13 610 DWT, 1A

31

Business Areas

33

Oil Products

35

0

2

4

6

8

10

12

14

16

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Q1/

2008

Q2/

2008

Q3/

2008

Q4/

2008

Q1/

2009

Q2/

2009

Q3/

2009

Q4/

2009

Q1/

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

0

2

4

6

8

10

12

14

16

Long track record of high refining margins

•

Key drivers of Neste Oil’s refining margin:•

Ability to use heavier crude and other feedstocks•

Refinery configuration and high-value product

slate (including base oils)•

Location and logistics (transport differential in domestic and export markets)

Note:Margins are calculated in different ways and are not directly comparableRefining margins include variable costs

Neste Oil Total Refining Margin

USD/bbl

Neste Oil reference margin

36

-25

-20-15

-10

-50

5

10

1520

25Ja

n-20

09

Apr

-200

9

Jul-2

009

Oct

-200

9

Jan-

2010

Apr

-201

0

Jul-2

010

Oct

-201

0

Jan-

2011

Apr

-201

1

Jul-2

011

Oct

-201

1

usd/

bbl

1) Brent Dated 2) ULSD 10 ppm CIF ARA3) Premium Unleaded 10 ppm CIF ARA 4) HSFO 3.5% CIF ARA

Product margins (updated 28 July 2011)

Heavy Fuel Oil 4)Gasoline 3)Diesel 2) (price difference to crude oil price 1), USD/bbl)

forward curve

Forward curve sources: PVM, TulletPrebon and Mitsui

37

Neste Oil is a middle distillate producer

43% 36%45%

54%

18%46%

17%

33%

39%

18%

38%

13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Europeanaverage

US average Asian average Neste Oil

Middle distillates Motor gasoline OtherSources: EIA, Wood Mackenzie, Neste Oil

38

Neste Oil is a middle distillate producer

33% 28% 22% 22% 24%

44% 46%

54%52%

50% 47% 44%

35% 33%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Neste Saras OMV Petroplus PKN Orlen TSO VLO

Gasoline Middle Distillates Heavy products (mainly heavy fuel oil) OtherData: Neste Oil = 2009 / Other companies = 2007-2008

Data source: company based data

39

Sales from in-house production in 2010

Diesel: 5,655 kt (37%)

Gasoline: 4,339 kt (30%)

Others: 1,675 kt (12%)

Heating

oil: 691 kt (5%)Heavy fuel

oil: 908 kt (6%)

Renewable

fuels: 270 kt (2%)

Aviation

fuel: 640 kt (4%)

Base

oils: 307 kt (2%)Base

oils: 307 kt (2%)

Total 14,485 kt

40

Sales by market area in 2010

Finland: 7,881 kt (54%)

Other

Nordic

countries: 2,685 kt (19%)

Other

countries: 179 kt (1%)USA and Canada: 1,081 kt (7%)

Rest

of Europe: 2,659 kt (19%)

Total 14,485 kt

41

Oil Products’ business priorities

Business excellenceBusiness excellence

Growth in selected market areas

Growth in selected market areas

•

Implement growth in the Base Oils business•

Support growth in renewable fuels and leverage synergies

•

PL4 operational efficiency and maximize value of production

•

Fixed cost reduction•

Working capital management (inventories, payment terms)

•

Supply chain optimization in line with market potential

•

Value creation from logistics assets

Strong position in focus markets

Strong position in focus markets

•

Focus on strong position in Baltic Sea market•

Provide solutions to meet growing biomandate

•

Focus on highest-value export markets

42

Co-development of new products /

formulations

Base oil and lubricant

formulation

Additive and lubricant

formulation

Base Oils business concept

Neste Oil Base Oils

Additive companies

Car manufacturers

(First fill)

Lubricant manufacturer

Retail channel(Service fill)

43

Base Oils strategy and market outlook

• Bahrain project on schedule and on budget•

Construction progressing according to plan•

Neste Oil ownership 45 %•

Nameplate capacity 400 kta (Group III)•

Neste Oil’s investment cost EUR 130 million•

Start-up in H2/2011

• Partnership in Abu Dhabi•

Local partner ADNOC•

Planned capacity of approx. about 500 ktpa Group III base oils and 120 ktpa Group II base oils

•

Neste Oil will act as marketer and

seller of volumes

•

ADNOC will invest in production plant•

Due to come on stream in end 2013

•

Short term market outlook - demand and margins recovering gradually

•

Long term business growth driven by demand

• Demand growth driven by regulation•

Neste Oil to maintain position in global top 3

•

Expected production capacity growth reflects expected demand growth:

Business outlook Strategy implementation

Neste Oil's Share of Global VHVI Production Capacity

0

1 000

2 000

3 000

4 000

5 000

6 000

2009 2010 2011 2012 2013 2014 2015 2016

kt/a

Global production capacity

ADNOC/Neste Oil partnership

JV BaPCo Neste Oil

Neste Oil current capacity

44

Supply-demand balance forecast for Group III base oils is still lucrative

Sources: Press releases, Neste Oil estimates

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

2005 2007 2009 2011 2013 2015

t/a

DemandSupply

45

We will leverage our market position to exploit growth opportunities

Company 3

12%

Company 448%

Neste Oil35%

Neste Oil16%

Key strategic advantages•

Focus on higher quality base oils•

Extensive portfolio of car industry approvals•

Broad customer portfolio•

Leading position in Europe

Total market 600

ktpaTotal market1,400

ktpa

European merchant market (group III) 2010 Global merchant market (group III) 2010

Competitors65%

Competitors84%

46

In addition to automotive uses, base oils are used in industrial lubricants and as process oils

Uses of NEXBASETM Base OilsExample: Where are lubricants used in the Mercedes C series

Renewable Fuels

48

Why to invest in renewable diesel?

C02 reduction Local air quality improvement

High biocontent Excellent fuel properties

All in one – available today

NExBTL renewable diesel

49

Neste Oil's approach on sustainable biofuels

Real GHG savings over the entire life cycle

Sustainable feedstock and full traceability

Lower tailpipe emissions


50

Biofuel legislation is progressing globally

•

Renewable Energy Directive (RED) to be implemented during 2010

•

10 % mandate by energy content for renewable traffic fuels by 2020 confirmed, but many countries plan to accelerate implementation and increase targets

•

Renewable Fuels Standard (RFS 2) was approved in 2010•

The program is expected to displace about 20% of expected annual gasoline and diesel consumption by 2022

•

Trend is towards increasing use of biofuels •

Rapidly growing air quality problems are seeing major urban areas looking for new solutions such as NExBTL renewable diesel

51

7% for biodiesel 7% for biodiesel

52

Status of the Renewable Energy DirectiveRENEWABLE ENERGY DIRECTIVE•

Setting binding targets for the use of biofuels in transport within EU•

Rules for sustainability of biofuels

KEY RESULTS•

Biofuel target in transportation maintained at 10% by 2020•

Use of renewable electricity in transport supported heavily (2.5

x liquid bioenergy)•

Waste, residues, non-food cellulosic and ligno-cellulosic material supported (2 x

liquid bioenergy)•

GHG threshold 35% by 2010, rising to 50% by 2017, and even further to 60% in regard to new plants•

Principle of harmonized legislation across EU member states applied

CONCLUSIONS •

The directive has a positive approach to feedstock trade with 3rd countries•

The directive will allow our current feedstock base •

Palm oil has a low default value on GHG savings (26% compared to

the 35% threshold); we will use the actual value, to be calculated still (preliminary indications 40-60%)

•

Current approval process has two steps: harmonized sustainability legislation across the EU, and formal product appproval process at member state level

•

General: the directive is more positive than what was expected based on Parliamentary discussion; the sustainability criteria are seen as reasonable and manageable from operators’

point of view

53

Mt

23.2

4.95.7

7.8 8.4

6.1

11.6

16

21 21 21

0

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2010e 2020eproduction total capacity

Note: Assumes that both gasoline and diesel have 5.75% biocontent in 2010 and 10% in 2020 : Sources: European Biodiesel Board, EU Commission

Historical and targeted EU biomass-based diesel production

EU: Biodiesel production and capacity in 2004-2007 and Commission proposal for 2010-2020

EU mandates mean that 10-12 Mt of capacity needed in 2010 and 21 Mt in 2020

Renewable Energy Directive•

10% of energy consumption in transport from renewable sources by 2020

•

GHG saving -35% in 2010; 50% in 2017 and 60% for new installations 2017

•

Member States legislations to include the RED within 18 months from official publication

•

Open questions to be resolved in Comission-led comitology process

54

Potential market for NExBTL will grow globally to at least 35 million tons by 2020

Lower emission city

traffic

High levels of FAME cannot

be used

Cold climate market areas

FAME limited by logistics issues, e.g underground

storage

Fuels for high- performance

diesel engines

US renewable growth target

Bio-jet

= future value prospect

EU biodiesel production, and targeted demand 2020

2.03.2

4.9 5.77.8 8.4

21.0 21.0 21.0

0

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2009 2010 2020e

Mt

production

targ

et

capacity in EU

= current value

55

NExBTL projects are proceeding according to plan

0250,000500,000750,000

1,000,0001,250,0001,500,0001,750,0002,000,000

2007 2009 2010 2011

nam

epla

te c

apac

ity t/

a

Porvoo I Porvoo II Singapore RotterdamPlant Capacity Investment Status

Porvoo 1 190,000 t/a €100 million Onstream

Porvoo 2 190,000 t/a > €100 million Onstream

Singapore 800,000 t/a €550 million Onstream

Rotterdam 800,000 t/a €670 million Start-up in Q3 2011

5656

NExBTL renewable diesel is the best fuel of its type available anywhere, and can be used in all diesel engines.

About the product

•

NExBTL is the cleanest diesel available, and its technology is several years ahead of any competitors in the renewable fuels market

•

Can be produced in large volumes on an industrial scale•

NExBTL renewable diesel significantly reduces both tailpipe and greenhouse gas emissions

•

NExBTL renewable diesel can be used in all modern diesel engines, hence there is no need to replace existing vehicles

•

Can be used as such or as a blending component in conventional diesel•

Performance and ease of use is equal to that of fossil diesel•

NExBTL renewable diesel is engine-friendly

High cetane number

A pure hydrocarbon

57


•

Key advantages: feedstock flexibility, excellent fuel properties

•

High quality (energy value, cetane number, cold properties) enables premium pricing

TechnologyEsteröinti

Esteri - biodiesel

BiodieselFAME / RME

NExBTLrenewable

dieselFischer-Tropsch

Feedstock

End product

BiomassaKasviöljyt &

EläinrasvatKaasutus &

Fischer- Tropsch

Vetykäsitte ly

Vegetable oils & animal fats

(mainly rapeseed oil)

Esterification

Ester-based biodiesel

OII

H3

C-O-C-R

Vegetable oils &animal fats

Hydrogenation

Bio-based hydrocarbon

Cn

H2n+2

Biomass

Gasification &Fischer-Tropsch

Bio-based hydrocarbon

Cn

H2n+2

Mineral Oil

Refining

Hydrocarbon

Cn

H2n+2

Fossil diesel

58

Commercial

Esters

BTL

Vegetable oils

Esterification

FAME =

Biodiesel

In

Out

BTL GTL

Mineral Oil

Gasoline

Jet

Diesel

Cn H2n+2

Cn H2n

ParaffinsAromatics

Polyaromatics

Refining

Natural gas

Coal

GasificationFischer-Tropsch

Cn H2n+2

Paraffins

Gasoline

Jet

Diesel

Vegetable oils

Animal fats

Hydrotreating

Cn H2n+2

Paraffins

Renewable:Gasoline

Jet

Diesel

Biomass

Cn H2n+2

Paraffins

NExBTL is a hydrocarbon renewable diesel

Commercial Commercial Commercial by Neste Oil

Gasification Fischer-Tropsch

Renewable:Gasoline

Jet

Diesel

Developmentphase

59

0< 10< 10Sulfur content (mg/kg)

StableStableUnstableProduct stability

43

- 5

53

835

Sulfur-freediesel fuel1)

38

- 5

51

885

Biodiesel

44Heating value (lower) (MJ/kg)

- 5 ... - 30Cloud point (°C)

84 ... 992)Cetane number

775 ... 785Density at +15°C (kg/m3)

NExBTLFuel properties •

CO2

reduction•

Cleaner emissions•

No implications for existing car pool

•

No need to relax specifications to achieve high bio content

•

Distribution within existing oil refinery logistics

•

No need to compromise fuel quality

NExBTL characteristics

NExBTL properties enable premium pricing

60

NExBTL renewable diesel is superior to traditional biodiesel

•

Technically possible to blend up to 100%

•

No need to relax specifications to achieve high bio-content

•

All emissions reduced•

No "use by" -date•

No implications for end users

•

No implications for vehicle technology


•

Maximum blend of 5 % (EN590 diesel specification)

•

Bio targets not achievable without specification changes

•

NOx increase•

Limited storage possibilities•

Problems with engine cleanliness

•

Ash formation blocks exhaust after treatment filters

Traditional biodiesel

6161

Using NExBTL renewable diesel improves the quality of the air we breathe.

Significant reduction in tailpipe emission

•

Engine tests have proven that particulate, carbon monoxide, and nitrogen oxide emissions released by NExBTL renewable diesel are all lower than with traditional diesel

•

Regulated emissions are significantly reduced

NOx

10% lower

Particulates 28% lower

CO

28% lower

HC

50% lower

Source: Scania, MAN, VTT

62

Significant reduction in GHG emissions

NExBTL diesel

Vegetable oil production, processing

and transportation0.95 -

2.25 t CO2

1.3 -2.6 t CO2 per ton of NExBTL

Production and processing

End use

Fossil diesel

Crude oil production,

processing and transportation

Refining

End use

3.8 t CO2 per ton of diesel

Annual production of the first NExBTL plant in Porvoo is 170 000 tons

GHG emissions of NExBTL renewable diesel over the entire lifecycle are 40-80% lower than those of fossil diesel

Majority of emissions are generated during raw material production

Potential to reduce GHG emissions in raw material production

• optimising fertilizer use• waste water treatment• use of wasteSource: Concawe/Eucar WTW 2004,

IFEU

63

NExBTL is the world’s best and cleanest diesel

•

Greenhouse gas emissions calculated over the product´s entire life cycle are 40-80% lower than those of crude-based diesel

•

Generates significantly less other tailpipe emissions•

Meets automotive manufacturers’ toughest specifications

•

Premium quality compared to traditional biodiesel•

Can be used in all diesel engines as such or blended with fossil diesel

•

Compatible with existing distribution systems •

Flexible production technology enables the use of a very wide range of raw materials

•

Quality has been proven in extensive field tests

64

Competitiveness Of Neste Oil’s Renewable Fuels

Conventional biodiesel

Sulfur-free diesel fuel


-pr

oduc

t pric

e $/

ton

+

Price premium due to higher quality and energy content

illustrative exampleExpensive feedstocks

Biomass to liquids

Potential to meet EU’s bio content mandate more efficiently

>90% of world biodiesel production

is FAME/RME

Lower-cost feedstocks

65

Prices of renewable feedstocks (updated 28 July 2011)

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

Jan-

10

Feb-

10

Mar

-10

Apr

-10

May

-10

Jun-

10

Jul-1

0

Aug

-10

Sep-

10

Oct

-10

Nov

-10

Dec

-10

Jan-

11

Feb-

11

Mar

-11

Apr

-11

May

-11

Jun-

11

Jul-1

1

Soybean oil Rapeseed oil Palm oil Animal fat

USD/t

8

66

Palm oil productivity

•

Palm oil is cost-effective: cheapest oil to produce•

Palm oil requires less energy:•

No need for sophisticated equipment

•

Less pesticide (Fairhurst, 2003)

Soybean (USA)

Rapeseed (Europe)

Palm (Malaysia)

0 100 200 300 400 500 600 700 800 900 1000usd/t

Cost of the production of oils/ton (NOTE: based on 2007 data)

Source: MPOC Factsheet 2007

67

Among existing crops palm oil yield is superior (in crude oil equivalent)

End product: Yield (ton/hectare) as crude oil equivalent:

rapeseed oil (EU)

NExBTL / (FAME) 0.9

soya oil(US)

NExBTL / (FAME) 0.54

palm oil (Malaysia)

NExBTL / (FAME) 4.2

wheat (EU) EtOH 1.1

barley (Finland)

EtOH 0.6

corn(US)

EtOH 1.2

sugar beet (EU)

EtOH 3.1

sugar cane (Brazil)

EtOH 3

Jatropha* NExBTL / (FAME) 1 - 1,5

Algae* NExBTL / (FAME) 30

* Alternative feedstock, commercial volumes not yet available

Source: Several sources & Neste Oil internal analysis

68

From plantations to our site: The palm oil we use is fully traceable

SEEDLINGSThe seedlings are grown in a nursery adjacent to the plantation

PLANTATIONPlantations are set up according to RSPO’s sustainable development criteria

CULTIVATION 12-month old trees are planted. Proper care guarantees well-being and long life of the palms.

OIL PRESSING The palm fruit is freed from the bunches and mashed. Oil is extracted by mechanical pressing and stored in tanks which are sealed

until transportation. The rest of the bunch is recycled or used towards energy.

HARVEST Oil palm trees bear fruit for approximately 30 years. At harvest the fruit bunches are cut down and transported to the extraction plant adjacent to the plantation.

The separation of Neste Oil’s fruit ensures traceability.

TRANSPORT Neste Oil’s palm oil is loaded into ships, sealed and shipped to Europe.

REFINERY At the NExBTL plant at Neste Oil's refinery in Finland, palm oil is used as one of the raw materials for NExBTL renewable diesel.

Audited by SGS 5/2007 Audited by SGS 3-4/2008

69

Source: Oil World Annual 2009 vol 1., volumes are forecasts for Oct/08-Sept/09 (Tallow & Grease), countries present 93 % of world production

EU-27: 1.1 M mt/a

Australia & New-Zealand: 0.7 M mt/a

USA, Canada & Mexico: 4.1 M mt/a

Argentina & Brazil: 0.8 M mt/a

China, India & Pakistan: 1.2 M mt/a

Animal fat: world production 8.5 M mt/a

70

Feedstocks – today, tomorrow and the future

Vegetable oil and animal fat

Non-food plant oils e.g. jatropha

Wood biomass, algae, microbes and waste streams e.g. forestry waste

today tomorrow In the future..

7171

Algae

Forest residuals and biomass gasification

Microbes

Neste Oil’s six research initiatives

Nonfood vegetable oil

72

Drivers supporting lignocellulose-based renewable fuels Wood residues as an example – StoraEnso/Neste Oil

1. Climate change

Renewable diesel made from lignocellulosic feedstocks such as wood residues by Biomass to Liquids (BTL) technology is very greenhouse gas (GHG)

efficient, i.e. resulting in low net CO2 emissions throughout the cycle

GHG balance is expected to have a direct impact on price level

2. Feedstock availability

Lignocellulosic feedstocks need to be taken into use as current farming-based biomass is not sufficient for the targeted growth

Strong pressure to find non-food raw materials

3. Product quality

Cleaner tailpipe emissions targeted

The properties of renewable diesel made using a BTL process are comparable or above those of conventional diesel

Automotive companies appreciate BTL as the quality and compatibility are better than those of 1st generation biodiesel = FAME (Fatty Acid Methyl

Ester)

73

NOSE: JV With Stora Enso to develop renewable diesel from forest residues

•

Demonstration plant at Stora Enso’s Varkaus Mill in Finland•

Started in late 2009

•

Expand production to commercial scale •

The project combines expertise from Neste Oil, Stora Enso, and VTT (Technical Research Centre of Finland)

Forest biomass

1 million t/a (fresh wood)

REFINING WAX INTO FUEL

Joint Venture

Steam (energy equivalent to 100,000 t/a of fuel oil)

Drying

Biodiesel crude wax to refining, 100 000 t/a

Gasifier

Gas purification to Ultra Clean Gas

Fischer-

Tropcsh Synthesis

74

Algae – one example of future feedstock with great potential

Pic

ture

: Exa

mpl

e of

alg

ae c

ultiv

atio

n sy

stem

;

pict

ures

ourc

e: A

lgae

Link

(ww

w.a

lgae

link.

com

)

•

Algae can grow 20 to 30 times faster than food crops. Studies show that algae can produce up to 60% of their biomass in the form of oil

•

Algea can double mass several times a day and produce significantly more oil per acre than alternatives such as rapeseed, palms, soybeans, or jatropha.

•

Algae-growing facilities can be built on coastal land unsuitable for conventional agriculture •

A possible nutrient source is waste water from the treatment of sewage, agricultural, or flood plain run-off, all currently major pollutants and health risks

Yield (ton/hectare) as crude oil equivalent:rapeseed oil (EU) 0.9

palm oil (Malaysia) 4.2corn (US) 1.2

sugar cane (Brazil) 3algae 30

Algae cultivation = chemical salts, water, CO2, light all these are cheap, renewable and available in large scale

Oil Retail

76

Leader in Finland – second in St. Petersburg

Poland*

Latvia

Lithuania

St.Petersburg

Finland

54

853

2

2

2

1

3

4

57

52

47

106

Estonia

= market position

Gasoline market shares in Finland, 2004-2010

*in present market areas

Neste Oil28% 27% 26% 26% 27 26% 25%

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007 2008 2009 2010

42% 41% 41% 41% 42% 39% 39%

0%

20%

40%

60%

80%

100%

2004 2005 2006 2007 2008 2009 2010

Neste Oil

Diesel market shares in Finland, 2004-2010

Competitors

Competitors

77

Baltic Rim sales volumes 1,000 m3

Baltic Rim market is the growth market

0200

400600

8001,000

1,2001,400

1,600

2001

2003

2005

2007

2009

Gasoline Diesel Fuel Heating OilNotes: Baltic rim = Estonia, Latvia, Lithuania, Poland, St. Petersburg area. Figures include both direct sales and sales through retail network.

Neste Oil is a significant player in the Baltic Rim –

especially in the St. Petersburg area

78

Oil Retail’s top priorities

Neste Oil brand

Customer loyalty and market

position

Lowest unit cost

Optimal pricing

Maximize profitability

79

•

Unit costs are the most important profitability driver in the retail business

•

In general, an unattended stations are the most cost-efficient due to their low fixed costs

•

Fixed costs of an unattended site are roughly 1/3 compared to those of attended stations

•

Our unit costs in Finland are already the lowest in the sector

•

The unattended site concept has made us competitive in the Baltics, where demand is down but our volumes have remained healthy

Targeting lower unit costs

Unit cost €/ton*Neste Oil 0.75Competitor 1 0.83Competitor 2 0.85Competitor 3 1.16* Source: financial statements and FOGF

80

Financials

82

83

11,892

9,789

3654

169328

0

2000

4000

6000

8000

10000

12000

14000

2010

240

208

6045

-65-100

-50

0

50

100

150

200

250

300

2010

Revenue Comparable operating profit

Gro

up

Oil

Prod

ucts

Ren

ewab

le fu

els

Oil

Ret

ail

Gro

up

Ren

ewab

le fu

els

Oil

Ret

ail

Oth

ers

Key figures by segments (EUR millions)

Neste Oil's reporting segments are the business divisions as well as Other segment consisting of Group administration, shared service functions as well as Research and Technology and Neste Jacobs.

Oth

ers

Oil

Prod

ucts

84

Key figures by segments

2 260

315 276

4 544

1703

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

31 12 2010

19,3%

7,9%

-5,1%

-10 %

-5 %

0 %

5 %

10 %

15 %

20 %

25 %

31 12 2010

Net assets Comparable return on net assets, %G

roup

Oil

Prod

ucts

Ren

ewab

le fu

els

Oil

Ret

ail

Oth

er

Oil

Prod

cts

Ren

ewab

le fu

els

Oil

Ret

ail

Neste Oil's reporting segments are the business divisions as well as Other segment consisting of Group administration, shared service functions as well as Research and Technology and Neste Jacobs.

85

119

189202

87

158

225

159

84

119

181199

103

5647 42

-29

88

5

57

90

4432

-50

0

50

100

150

200

250Q

1/06

Q2/

06Q

3/06

Q4/

06Q

1/07

Q2/

07Q

3/07

Q4/

07Q

1/08

Q2/

08Q

3/08

Q4/

08Q

1/09

Q2/

09Q

3/09

Q4/

09Q

1/10

Q2/

10Q

3/10

Q4/

10Q

1/11

Q2/

11

Quarterly comparable EBIT

1) Excluding inventory gains/losses, changes in the fair value of oil and freight derivatives and capital gains/losses

MEUR

2007 20082006 2009 2010 2011

86

Annual comparable EBIT and ROACE

565597

626602

116

240

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009 2010

MEUR %

15.5

13.1

2.5

4.6

0

2

4

6

8

10

12

14

16

18

20

2007 2008 2009 2010

ROACE

87

Indicative comparable EPS

Comparable EPS = comparable EBIT –

reported financial costs –

taxes (26%) / reported number of shares

0.46

0.65

0.49

0.27

1.87

0.31

0.510.58

0.18

1.58

0.12 0.13 0.08

-0.12

0.21 0.22

0.010.14

0.28

0.65

0.08 0.02

-0.50

0.00

0.50

1.00

1.50

2.00

Q1 Q2 Q3 Q4 Q1-Q4

Q1 Q2 Q3 Q4 Q1-Q4

Q1 Q2 Q3 Q4 Q1-Q4

Q1 Q2 Q3 Q4 Q1-Q4

Q1 Q2

2007 2007 2007 2007 2007 2008 2008 2008 2008 2008 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2011 2011

88

•

Comparable operating profit was EUR 32 million (5 million, due to the major turnaround at Porvoo)

•

Turnaround on PL4 had a negative impact of EUR 30 million•

Renewable Fuels reported bigger losses due to low volumes

•

Refinery production costs were USD 5.3/bbl (5.7)•

Investments totaled EUR 91 million (374 million)•

Net cash from operations was EUR -126 million (243 million)•

Leverage ratio was 46.3% (31 Dec 2010: 42.6%) at the end of June

•

In-house sales volumes were 3.5 million tons, impacted by the turnaround on PL4

•

Rotterdam plant achieved mechanical completion•

New renewable feedstocks were introduced

Second quarter 2011 in brief (compared to Q2/2010)

Results

Other

Capex, cash flow &

costs

4

89

Key Figures EUR million unless otherwise noted

* Excluding inventory gains/losses, changes in the fair value of oil- and freight derivatives and capital gains/losses

18

Q2/11 Q2/10 Q1/11 H1/11 H1/10 2010

Revenue 3,674 2,576 3,472 7,146 5,301 11,892IFRS operating profit 109 -63 171 280 34 323Comparable operating profit * 32 5 44 76 93 240Profit before taxes 98 -70 160 258 18 296Profit for the period 64 -50 118 182 14 231Earnings per share, EUR 0.25 -0.20 0.46 0.71 0.05 0.89Net cash from operating activities -126 243 58 -68 617 1 105Investments 91 374 120 211 564 943

30 Jun 11 30 Jun 10 30 Dec 10Interest-bearing net debt 2,176 1,926 1,801ROCE (pre-tax), % 12.2 1.9 7.7ROE, % 14.7 1.4 9.9

90

Balance Sheet

2 527 2 367

4 358 4 297

0

1000

2000

3000

4000

5000

6000

7000

30 Jun 11 31 Dec 10

2 047 2 057

2 317 2 181

2 521 2 426

0

1000

2000

3000

4000

5000

6000

7000

30 Jun 11 31 Dec 10

Total assets Total equity and liabilities

Non-current assetsCurrent assets

Equity Int-bear. liabilitiesInt-free liabilities

6,885 6,664 6,6646,885

30 Jun 11 31 Dec 10

Capital employed, MEUR 4,838 4,607Equity-to-assets, % 36.7 36.5Leverage, % 46.3 42.6Gearing, % 86.3 74.3

19

91

EUR million

Cash flow

20

Q2/11 Q2/10 Q1/11 H1/11 H1/10 2010

Profit before taxes 98 -70 160 258 18 296Adjustments total 49 147 109 158 233 395Change in working capital -237 150 -194 -431 337 486Cash from operations -90 227 75 -15 588 1,177Net finance costs -1 19 -12 -13 33 -39Taxes -35 -3 -5 -40 -4 -33Net cash from operations -126 243 58 -68 617 1,105Capital expenditure and investments in shares -91 -374 -120 -211 -564 -943Other 25 36 -37 -12 29 29Cash flow before financing activities -192 -95 -99 -291 82 191Net change in loans 260 160 -118 142 -80 136Dividends paid -90 -64 0 -90 -64 -66Net increase/decrease in cash -22 1 -217 -239 -62 261

Cash at the end of the period 140

92

Oil Products

Short-term outlook (published 28 July 2011)

15

•

Market continue to favor complex refiners

•

Diesel margins to remain higher than gasoline; base oil market strong

•

Urals discount to Brent expected to average USD 2.50-

3.00 in 2011

•

PL 4 to be off-line for 4 weeks in Q4

•

Full-year 2011 comparable operating profit set to be higher than in 2010

•

Business in ramp-up mode in 2011

•

Expected to report comparable operating loss throughout the year

•

Q3 expected to be weaker than Q2 as high unit costs and start-up of the Rotterdam plant will weigh on results

•

Sales volumes to double in the third quarter, thanks to new customers in Europe

•

US exports to grow towards the end of the year

•

Retail’s performance to be similar to 2010

•

Fixed costs roughly EUR 650 million and cash investments EUR 300

million in 2011

Renewable Fuels

Other

93

Segment financials – Oil Products

SEGMENT FINANCIALSEUR million Q1/08 Q2/08 Q3/08 Q4/08 2008 Q1/09 Q2/09 Q3/09 Q4/09 2009 Q1/10 Q2/10 Q3/10 Q4/10 2010 Q1/11 Q2/11

IFRS EBIT 197 272 15 -301 183 106 105 80 27 318 65 -18 116 170 333 178 136Comparable EBIT 113 162 173 154 602 64 37 15 -11 105 58 -3 45 108 208 84 60

Depreciation 46 41 44 44 175 44 43 43 48 178 42 49 48 50 187 47 48

Investments 33 39 46 47 165 43 51 45 59 198 54 158 23 34 269 19 32

Net assets 2 951 2 602 3 277 2 436 2 436 2 660 2 602 2 573 2 943 2 943 2 748 2 617 2 610 2 260 2 260 2 323 2 480Comparable RONA, % 16.2 7.9 20.3 21.2 21.2 10.0 7.9 6.0 4.0 4.0 8.2 4 4.9 7.9 7.9 14.7 12.2

SALES VOLUMES1000 tons 3 256 3 755 3 791 3 735 14 571 3 399 3 623 3 552 3 493 13,969 3 689 2 713 3 637 4 232 14,485 3 665 3 510Million barrels 25 28 29 28 110 26 27 27 26 106 28 20 27 32 109 28 27

REFINING MARGINSReference margin, $/bbl 7.71 12.85 10.48 8.66 9.84 5.03 3.65 2.18 1.73 3.14 4.20 5.23 3.52 4.77 4.36 4.46 4.46Total refining margin, $/bbl 11.91 12.38 13.54 15.05 13.39 9.44 7.87 5.97 5.85 7.35 7.83 7.35 7.48 9.67 8.14 8.92 8.99

94

Segment financials – Renewable Fuels


IFRS EBIT 1 12 -2 -9 2 -10 -3 -1 -11 -25 -16 -19 2 -7 -39 -4 -53

Comparable EBIT 2 13 -3 -10 2 -7 -7 -6 -10 -30 -18 -23 -12 -13 -65 -36 -55

Depreciation 2 1 2 2 7 2 2 4 6 14 5 5 5 12 27 15 16

Investments 27 50 64 108 249 123 150 161 191 625 129 149 157 143 578 96 50

Net assets 166 212 259 371 371 462 601 763 940 940 1 081 1 268 1 468 1 703 1 703 1 826 1 940

Comparable RONA, % 5.2 15.9 8.2 0.9 0.9 -6.6 -5.8 -4.8 -4.8 -4.8 -6.3 -7.4 -5.9 -5.1 -5.1 -8.2 -10

Sales volumes, 1000 t 18 35 23 70 94 31 43 68 66 209 41 72 102 59 270 87 80

95

Segment financials – Oil Retail


IFRS EBIT 11 11 9 -6 25 12 13 19 6 50 6 14 24 17 61 12 13

Comparable EBIT 9 11 7 -5 22 12 14 19 5 50 6 13 23 18 60 12 13

Depreciation 8 8 9 6 31 7 8 8 8 31 8 8 8 10 34 8 8

Investments 8 15 18 22 63 4 6 9 10 29 2 13 8 10 33 4 6

Net assets 362 385 351 351 351 321 296 308 305 305 307 310 316 315 315 326 319

Comparable RONA, % 9.7 10.7 9.7 6.0 6.0 14.3 16.1 18.8 15.8 15.8 7.8 12.4 18.1 19.6 19.6 15 15.6

Sales volumes, 1000m3 1 056 1 051 1 104 1 142 4,353 1 021 964 986 1 030 4,002 1 034 973 1 023 1 121 4 150 978 963

96

Key sensitivities for 2011

Approximate effect on Neste Oil’s EBIT before hedgesAnnual change

+/-

10 % in the EUR/USD exchange rate -90/+110 MEUR

+/-

1.00 USD/bbl in total refining margin +/-

110 MUSD

+/-

10 USD/bbl in crude oil price +/-

100 MUSD

+/-

100 USD/t in palm oil price

+/-

15 MUSD

+/-

10 USD/t in Renewable Fuels refining margin

+/-

15 MUSD

97

Oil Products´

sensitivities

Estimated impact of $1/bbl change in key market parameters on Oil Products’ annual comparable EBIT

Note: Assumed USD/EUR exchange rate is 1.4

48

27

6 4

68

4238

8 6

30

0

20

40

60

80

100

Urals -

Brent Diesel Gasoline Fuel Oil Jet

MEUR MUSD

98

Investments by category 2005-2011

259

153 153234

195 223

0100200300400500600700800900

1000

2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011e

Maintenance & Productivity StrategicDepreciation Maintenance ShutdownTotal Capex

668668

535535

334334

508508

870870

~300~300

892892

mE

UR

9999

417334

3874

135118

89

49

367

45

116

75

0

100

200

300

400

500

600

700

800

2008 2009 2010

mEU

R

Oil Products Renewable Fuels Oil Retail Others

The Group’s fixed costs

604679575

100

Refined products Million barrels

Exchange rate EUR/USD

Maintenance costs EUR million

$/bbl

Utilities costs

Total

External sales

EUR million

$/bbl

EUR million

$/bbl

EUR million

$/bbl

110.0 27.5 16.7 28.9 29.8 102.9 27.4 26.0

1.1 0.7 1.1 0.7 0.8 0.8 0.7 1.3

-66.3 -17.4 -17.9 -19.1 -23.6 -78.0 -22.2 -21.7

2010

Other costsEUR million

$/bbl

Q1/10

1.39 1.38 1.28 1.29 1.36 1.33 1.37 1.44

88.3 14.5 13.7 15.3 17.2 60.7 14.6 23.8

2.4 2.5 3.6 2.4 2.7 2.7 3.0 3.2190.0 50.6 46.7 53.2 58.1 208.6 59.6 57.2

1.7 1.8 2.3 1.0 1.1 1.4 1.4 2.0132.5 36.0 30.1 22.8 23.1 112.0 27.4 36.7

4.4 4.2 5.6 3.2 3.4 3.9 4.0 5.3344.5 83.6 72.7 72.2 74.8 303.3 79.4 95.6

-0.8 -0.9 -1.4 -0.9 -1.1 -1.0 -1.1 -1.2

2009

Refinery production costs (Porvoo and Naantali)

2009 Q2/10 Q3/10 Q4/10 2010 Q1/11

2011

Q2/11

101

Share & Funding

103

Share performance and ownership

Shareholders by sector, 30 June 2011

50,1 %

20,6 %

11,9 %

17,4 %

Finnish State

Households

Finnish Institutions

Non-FinnishShareholders

5.00

10.00

15.00

20.00

25.00

30.00

35.0018

.4.2

005

18.7

.200

5

18.1

0.20

05

18.1

.200

6

18.4

.200

6

18.7

.200

6

18.1

0.20

06

18.1

.200

7

18.4

.200

7

18.7

.200

7

18.1

0.20

07

18.1

.200

8

18.4

.200

8

18.7

.200

8

18.1

0.20

08

18.1

.200

9

18.4

.200

9

18.7

.200

9

18.1

0.20

09

18.1

.201

0

18.4

.201

0

18.7

.201

0

18.1

0.20

10

18.1

.201

1

18.4

.201

1

18.7

.201

1

104

Liquidity position on 30 June 2011

Size Utilized Available

Committed Credit Facilities-

Short term

150

0

150

-

Long term

1575 400 1175

Cash and Cash Equivalents

140

Total Cash and Committed Credit Facilities 1465

Uncommitted Programs

Commercial Papers 400

255

145

EUR million

105

Debt profile on 30 June 2011

Interest-bearing net debt EUR 2,176 million

Total interest-bearing liabilities EUR 2,316 million

Short-term interest bearing liabilities EUR 413 million

0

100

200

300

400

500

600

700

2011 2012 2013 2014 2015 2016 2017+

Short-term Long-term

Debt maturity profile Interest-bearing liabilities

Material financing arrangements

Size(million) MaturityRevolving Credit Facility EUR 1,500 2016Bond issue 2009 EUR 300 2016Bond issue 2010 EUR 300 2015NIB & EIB EUR 280 2014->Bilateral bank loan EUR 200 2014Bilateral bank loans EUR 200 2013Bond issue 2005 EUR 120 2012Domestic CP ProgrammeEUR 400 <1 yrBank overdrafts EUR 150 <1 yr

767

0

165

25424

1 105

LT Fin. inst 48%Domestic Bond 33%LT Others 0%Leasing 7%CP 11%ST Others 1%

106

Neste Oil’s credit programs

Total of EUR 400 million unsecured short term notes with maturities less than one year

Dealers: Pohjola Bank, Nordea, Sampo Bank plc,Skandinaviska Enskilda Banken AB (publ), Svenska Handelsbanken AB (publ) and Swedbank AB (publ), Helsinki Branch

7-year fixed rate note 2/2005Size:

EUR 120 millionCoupon: 3.50% (issue price 99.606%, MS + 60 bps)Arrangers: Sampo & Pohjola

7-year fixed rate note 1/2009Size: EUR 300 millionCoupon:

6.00% (issue price 99.463%, MS + 300 bps)Arrangers: Danske, Nordea Markets, Pohjola

5-year fixed rate note 1/2010Size:

EUR 300 millionCoupon: 4.875% (issue price 99.532%, MS + 290 bps)Arrangers: BNP Paribas, DB, Nordea

Bond Issues 2005 - 2010

Domestic Commercial Paper Program 2005Revolving Credit Facility 2010

Overdraft Facilities

EUR 1.5 billion

Maturity: March 2016

Mandated Lead Arrangers: Barclays Capital, BNP Paribas, Crédit Agricole CIB, Danske Bank, Merchant Banking, Skandinaviska Enskilda Banken AB (publ), Nordea Bank Finland Plc, Pohjola Bank plc and The Bank of Tokyo-Mitsubishi UFJ, Ltd

Investment Loans 2005 - 2007

Bilateral Loans 2008 - 2009

Loans from financial institutions totaling EUR 515 million

Loans from EIB and NIB totaling EUR 230 million

EUR 50 million per bank totaling EUR 150 million

Investment Loan 2011

Loan from NIB totaling EUR 50 million

107

Financial risk management

94 %

3 % 3 %

EUR USD Other

Foreign Exchange Risks•

Policy is to hedge the estimated net cash flow on rolling basis:

•

On average 80% of the next 6 months

•

On average 40% of the following 6 months

•

Both option and forward strategies in use

Interest Rate Risks•

Average interest rate of the loan portfolio is 3.4%

•

Flow risk is EUR 14 million 1)

•

Duration benchmark of the loan portfolio is 12 months

1) The change in interest expenses within one year if interest rates change 1%Updated June 30 2011

TOTAL2,316 MEUR

Currency structure of interest-bearing liabilities, %

108

Global Oil Industry

110

111

Global oil demand

Total demand 89.5 mbbl/d in 2011

Source: IEA August 2011

112

Qualities of the most important crude oils

API gravity

Sulfur

Brent dated 38° 0.4%

Fortis (usually sets daily Brent dtd quote)

38° 0.6%

Urals 31° 1.3%

WTI 40° 0.3%

0%10%20%30%40%50%60%70%80%90%

100%

Neste Oil aims to maximize Urals usage; target is 3/4 of

total feedstocks used

API gravity is a measure of how heavy or light a petroleum liquid is compared to water.

Crude oil is classified as light, medium or heavy, according to its measured API gravity.

1. Light crude oil is defined as having an API gravity higher than 31.1 °API

2. Medium oil is defined as having an API gravity between 22.3 °API and 31.1 °API

3. Heavy oil is defined as having an API gravity below 22.3 °API

113

Global end-markets for oil products

Source: UBS

114

Regional demand by product in December 2010OECD Europe (14.39 MM bbl/d)OECD North America (24.74 MM bbl/d)

China (9.39 MM bbl/d)OECD Pacific (8.57 MM bbl/d)

14%

8%

29%16%

10%

23%

Motor Gasoline Jet & Kerosene DieselOther gasoil Fuel oil Other Products

17%

13%

4%

32%

8%

6%

20%

Motor Gasoline Naphtha Jet & KeroseneGas/Diesel Oil LPG & Ethane Fuel oilOther Products

19%

14%

13%7%9%

38%


Source: IEA Dec 2010

44%

7%15%

5%

4%

25%


115

Product inventories

Source: IEA, 8 August 2011

116

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

Gasoline Road diesel

Long term European automotive fuels volume development

1000 barrels per day

KBC Market Services database

• CO2

emissions legislation favours diesel vehicles• Growth of heavy transport based on diesel technology• By 2030 over 2/3 of all European transport energy consumption• Trends similar elsewhere

117

European trends

Transport sector•

Largest energy consumer: 31% of total, rising to 33% by 2030.

•

Largest oil consumer: 60% of total, rising to over 64% in 2030.

Road transport dominates•

Over 80% of total transport energy consumption.

•

By 2030 cars and trucks will account for

some 50% of total European oil consumption –

unless alternative transportation fuels

emerge.

Similar trends around the world

118

Middle distillate balances

119

IEA, December 2010

Expected new refining capacity

120

Porvoo: 205,000 bbl/d-Nelson 12.1 / Solomon 14.5

Plock: 276,000 bbl/d -Nelson comp. index 9.5

Schwedt: 210,000 bbl/d-Nelson comp. Index 10.36

Leuna: bbl/d 227,000 bbl/d-Nelson comp. Index NA.

Karlsruhe: 302,000 bbl/d-Nelson comp. 9.75 Index

Sarroch: 300 000 bbl/d-Nelson comp. Index 9.9

Raffinerie Mediterranee: 320 000bbl/d-Nelson comp. Index 9.3

Anvors (Antwerp) : 360,000bbl/d-Nelson comp. Index NA.

Pernis: 416,000 bbl/d-Nelson comp. Index NA.

Nelson complexity averages: • Europe 6.5• USA 9.5

Notes:

1. Supersites classification is based on Wood Mackenzie ”global Refinery View –map”2. Capacities are atmospheric distillation capacities

Source: Wood Mackenzie

Supersites in Europe – Porvoo is one of them supersite: strategic, large scale, competitive assets usually integrated with large petrochemical operations

121

Neste and other independent refiners’ refining capacities in Europe

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000

Unipetrol

Lotos

Motor Oil

Neste Oil

Saras

Mol

Hellenic Petroleum

ERG

Tupras

PKN Orlen

Petroplus Holdings

bbl / yearSource: companies

122

Source: BernsteinResearch

Neste Oil’s assets are highly complex

123

Sustainability

125

126

Neste Oil is a leader in:

TECHNOLOGY

HSSE

SUSTAINABILITY

128

Sustainability: Economical - Ecological - Social

Neste Oil has been selected as an index component three times globally and 1st time on a European level.

•

Overall score improved by 1%•

Economic dimension: best in the industry

•

Environmental dimension: good •

Social dimension: better than average within the industry

•

Best improved dimensions: brand management, standards for suppliers and stakeholder engagement

129

Commitment to sustainability

•

We believe that by acting responsibly the industry can make a change and therefore sustainability is at the heart of all biofuel operations:

•

Working with governments to develop policies on sustainable development

•

Comply with highest standards (e.g. RSPO, RSB, RTRS)•

Work with raw material suppliers to continuously improve sustainability performance

•

Search for new competitive non-food feedstock alternatives and implement them as soon as possible

•

Continuously improve the greenhouse gas balance and environmental impacts of the whole lifecycle

•

Production growth of vegetable oils must be based on increasing yields of currently used land area and utilisation of wasteland

130

Our sustainability policy statement•

We are socially responsible, environmentally sound and economically viable

•

All our actions are safe for us, our neighbors, contractors, customers and the environment

•

We act responsibly in society and respect human rights wherever we operate

•

We provide our customers with products that help tackle sustainability issues such as global climate change and improve local air quality

•

We are committed to engaging with our stakeholders and participating in multi-stakeholder initiatives to help develop more sustainable solutions

•

We use natural resources responsibly and are actively working towards a more sustainable supply chain

131

Sustainability and HSSE - foundation of responsible operations

Our role:Ensuring safe operations and responsible procedures across all

activities. Supporting the Business through reduced risk position and contributing leading stakeholder perception in operational excellence,

responsible and environmentally sound performance and sustainability.

- Creating a sustainable business model

132

Our businesses have different requirements

Proactive approach on regulations

Ethical, social issue management

Indirect impact

NGO exposure

Influencing the regulatory environmentE.g. wider reporting principles

Statements, commitments

Human Rights

Biodiversity

Food vs fuelSupply chain

‘Traditional’Health, Safety, Environment:

Occupational SafetyProcess & Fire Safety

Environment ProtectionRegulatory compliance

Security

133

Neste Oil’s strong track record in HSSESulfur in motor gasoline Sulfur in diesel

0

200

400

600

800

1000

1990 1995 2000 2005 2010

max

sul

phur

(mg/

kg)

EU regulation Neste Oil

0

200

400

600

800

1000

1990 1995 2000 2005 2010

max

sul

phur

(mg/

kg)

EU regulation Neste Oil

Environment: SO2

emissions Porvoo refinery

HSSE is getting a wider content and covers the whole supply chain

Outstanding companies are committed to continuous improvements over the whole life cycle of their products

Safety (TRIF, oil refining, own personnel)

0

5

10

15

20

25

1998

1999

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

0

5000

10000

15000

20000

25000

30000

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

SO2 emission from the refinery

SO2

emis

sion

t/a

134

Work continues to enhance safety performance

Total recordable injury frequency (TRIF)

0123456789

2006 2007 2008 2009 2010

Major annual improvement since early 2000

Target is zero accidents

TRIF = total recordable injury frequency (number of cases per million hours worked)

135

Supply chain management is the key

Renewableraw materials

Fossilraw materials

Feedstocklogistics Refining Product

logistics Sales

Consumers,households

Industry

Oil companies

Fuel Quality Directive: Sustainability; GHG savings

Renewable Energy Directive: Sustainability; GHG savings

Verifying sustainability

Indirect impactof feedstock production

Direct impact of feedstock production

IPPC Directive (Refineries)

Reducing emissions

in production

Improving energy efficiency

Developing LCA know-how; focus on measures and reporting over the entire LC

Measuring the well-to-wheels impact

136

Neste Oil’s palm oil chain of custody

PLANTATIONS MILLSNESTE OIL’S REFINERYHARBOUR

PALM OIL REFINERY

CUSTOMER

AUTHORITY

Supplier

Crude Palm Oil (CPO)

PFAD RBD stearin

Plantation - Mill•Approved mills (Appendix of the agreement including name of plantation,Previous land use, plantation historyand establishment year)•Truck loading/discharging (FFB) documents

Mill - (Refinery) - Harbour•Summary of plantations of origin for each barge•Summary of discharging of barges•History of shore tanks of harbour

Supplier - Neste Oil•B/L•Shoretanks measurement (+)•CoC report (++)•Certificate of quantity (+)•Certification of quality (+)•Certification of origin/T2L•RSPO certificates•Ullage report (+)

Neste Oil - Customer•Customer specific reports•B/L•Shoretanks measurement (+)•CoC report (++)•Certificate of quantity (+)•Certification of quality (+)•Certification of origin/T2L•RSPO certificates•Ullage report (+)

Neste Oil - Authority•Authority report

PFAD = Palm Fatty Acid DistillateRBD stearin = Refined Bleached and Deodorized stearin

137

Material balance and emissions

138

CO2 emissions and emission rights

3

3.1

3.2

3.3

3.4

3.5

3.6

2008 2009 2010 2011e 2012e

mill

lion

tons

CO2-emissions allocated CO2-rights

•

We have a short position around 0.3 million tons/a

139

The key social, environmental and governance related risks facing the business and what Neste Oil does to minimized these risks•

Strategic risk: ability to respond to developing product market –

future growth in

climate benign products•

Neste Oil strategy statement in Sep 2006: risk eliminated

•

Ensuring renewable raw material acceptability

•

Sustainability criteria for biofuels, supply chain management, active work to promote certifications, flexibility of NExBTL technology: risk minimized

•

Major ship wreck in the Baltic Sea: business wide image risk

•

Trained own crew, double-hull fleet, escort tugs, vetting process: risks controlled

•

Global market with local regulations: level playing field unrealistic target for the moment

•

Increased conversion rates with increased energy use at the refineries: challenging to meet simultaneously CO2

reduction targets and tightening product specifications; and maintain profitability

140

Appendix

142

Appendix – Management, Management Compensation and Personnel

144

Neste Executive BoardPresident & CEO: Matti Lievonen

Production & Logistics Ilkka

Poranen Oil Products

andRenewables

Matti Lehmus

Business AreasCommon functions

Oil Retail

Sakari Toivola

Legal Affairs Matti

Hautakangas*Legal Affairs Matti

Hautakangas*

Communications, Marketing, Public Affairs O. KammonenCommunications, Marketing, Public Affairs O. Kammonen

Technology & Strategy Lars Peter LindforsTechnology & Strategy Lars Peter Lindfors

HSE Simo

HonkanenHSE Simo

Honkanen

Human Recources Hannele

Jakosuo-JanssonHuman Recources Hannele

Jakosuo-Jansson

Finance Ilkka

SalonenFinance Ilkka

Salonen

*Secretary to the Neste Executive Board, not a member*Secretary to the Neste Executive Board, not a member

145

1) Annual salary and fringe benefits2) A short-term incentive bonuses•

Based on both the Company's financial performance and the individual performance3) A long-term management performance share arrangement•

The plan includes three three-year earning periods, which will start in 2010, 2011 and 2012. The Board of Directors will decide the earnings criteria and targets

to be met as well as the maximum level of the payable reward for each earning period in December preceding the earning period. The earnings criteria for the 2010–2012 period are the sales volume at Renewable Fuels and total shareholder return on Neste Oil share in relation to the Dow Jones Nordic Return Index.

•

The potential reward will be paid partly in Company shares and partly in cash in 2013, 2014 and 2015. The maximum level of payable reward may not, during any earning year, exceed the annual gross salary of the year in question. The proportion to be paid in cash will cover taxes and tax-related costs arising from the reward.

•

The plan prohibits the transfer of shares within three years from the end of the earning period, i.e. the length of the plan is six years for each share allocation. Even after this, key personnel must hold 50% of the shares received on the basis of the plan as

long as the value of the shares held in total corresponds to their annual gross salary. This obligation to own shares is valid as long as the employment or service in the Group continues.

•

The maximum rewards to be paid on the basis of the 2010–2012 earning period if all the set targets are met will correspond to the approximate value of a maximum total of 850,000 Neste Oil Corporation shares (including the proportion to be paid in cash).

Management's Compensation

146

Personnel, by division

Total personnel: approximately 5,000 (31 December 2010)

Oil Products: 42%Neste Jacobs: 27%

Oil Retail: 26%

Technology

& Strategy: 5%

Others: 8%

Renewable

fuels: 5%

147

Neste Oil's Global Presence

Focus in Northern Europe

Singapore

BeringenEdmonton

Houston

Toronto

Dubai

Oil Retail

Production

Refinery, plant, or

other facility

Office

Naantali

St Petersburg

MoscowLatvia

Nynäs

Lithuania

Porvoo

Estonia

Poland

Singapore(under deveploment)

Rotterdam (under deveploment)

Extensive retail network-

Over 200 stations

Ownership of the only Finnish refineries- Porvoo: 205,000 bbl/d- Naantali: 56,000 bbl/d

Leading wholesale market positions across refined products

Market leader in Finland-

Almost 900 outlets-

Direct sales of petroleum products to end customers

Finland Baltic States, Poland and St. Petersburg

Shipping fleet of average 30 crude and product tankers with a carrying capacity of almost 1.3 MM tons

Three

refineries

in Sweden

and the UK, as well

as stakes

in other

sites

specializing

in production

and marketing

bitumen

and napthenics (through Nynäs 50/50 JV with PdVSA)

-

Bitumen

volumes

about

2.5MT and napthenics

close

to 0.8MT (2006)

JV Nynas: Sweden/UK

Porvoo

Top-tier base oil production, 250,000 t/a

Beringen, Belgium

50,000 t/a base oil plant

Edmonton, Canada

530,000 t/a iso-octane plant (50% ownership)

Production outside Finland

Bahrain (under deveploment)

Geneva

Atlantic Basin

Appendix – How to calculate Neste Oil reference margin

Updated margin data is available at:

http://www.nesteoil.com/default.asp?path=1,41,538,2035,5187

http://www.nesteoil.com/default.asp?path=1,41,538,2035,5187

149

Details on Neste Oil reference margin

Feed/ProductFeed/Product Reference PriceReference Price

REB Urals RDAM usd/bbl

Brent dated Brent dtd

+ Freight TD7 usd/bbl

Products are priced in MT at Platts

NWE Cargoes CIFPropane Propane (7000+ MT)

Butane Butane (3000+ MT)

Gasoline 10ppm Premium unl

10 ppm

Naphtha Naphtha

Jet Jet

Diesel 10ppm ULSD 10 ppm

LSFO 1.0 pct

HSFO 3.5 pct

150

FeedsFeeds FormulaFormula

REB Standard share of REB 55 % * Price

Brent dated Standard share of Brent dtd

45 % * Price

SUM(above) = Feed cost usd/bbl

ProductsProducts

Propane Standard yield 1 % * Price / weighted average bbl-

multiplier of feed (7,39)**

Butane Standard yield 1 % * Price / weighted average bbl-


Gasoline 10ppm

Standard yield 30 % * Price / weighted average bbl-


Naphtha Standard yield 1 % * Price / weighted average bbl-


Jet Standard yield 5 % * Price / weighted average bbl-


Diesel 10ppm

Standard yield 45 % * Price / weighted average bbl-


LSFO Standard yield 1 % * Price / weighted average bbl-


HSFO Standard yield 9 % * Price / weighted average bbl-


SUM(above) = Product value usd/bbl

Neste Oil Reference Margin

= Product value – Feed cost – Standard refining variable costs (2 usd/bbl) - Sales freight (1,02 usd/bbl) ***

** REB bbl-multiplier 7,25 and Brent dtd bbl-multiplier 7,55

*** Sales freight is fixed standard 15 usd/ton. An estimate is made that 50% of production is exported. Freight formula = 15 * 50% / 7,39

Freights:

• Primorsk/Rotterdam freight usd/bbl = flat rate 8,55 usd/ton * WS TD17 (month ave) / 100 /

7,25• Primorsk/Porvoo freight usd/bbl

= flat rate 3,84 usd/ton * WS TD17 (month ave) / 100 / 7,25

• Sullom Voe/Porvoo freight usd/bbl = flat rate 8,90 usd/ton * WS TD7 (month ave) / 100 /

7,55

ItemItem Reference PriceReference Price

REB Urals/Brent CIF differential Rotterdam (Platt’s) usd/bbl –

Freight Primorsk/Rotterdam + Freight Primorsk/Porvoo

Brent dated Brent dtd

(Platt’s) + Freight Sullom

Voe/Porvoo

Product prices Platt’s CIF Cargoes quotes usd/t

Details on the reference margin

Appendix –Unit Conversions

152

Crude Oil

From Totons

(metric) kilolitres barrels US gallons tons per year

Tonnes (metric) 1 1.165 7.33 307.86 -Kilolitres 0.8581 1 6.2898 264.17 -Barrels 0.1364 0.159 1 42 -US Gallons 0.00325 0.0038 0.0238 1 -Barrels per day - - - - 49.8(based on worldwide average gravity)

Products

From To convert tons kilolitres tonsbarrels to barrels to tons to kilolitres

tons

LPG 0.086 11.6 0.542 1.844Gasoline 0.118 8.5 0.740 1.351Kerosene 0.128 7.8 0.806 1.24Gas oil / Diesel 0.133 7.5 0.839 1.192Fuel oil 0.149 6.7 0.939 1.065

Units and conversion multiples

Documents

UPDATED: 12 August 2011