Focus on value creation

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1 Focus on value creation Matti Lievonen President & CEO Capital Markets Day September 2011

2 Results and outlook

3 EBITDA shows our ability to generate cash flow Comparable EBITDA has been over EUR 100 million, even in a low-margin environment EUR million Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11-50 Comparable EBIT Comparable EBITDA 3

4 We have kept our leverage under 50% Large investments have now been completed % EUR million Leverage target range: 25-50% 1,200 1, Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Leverage, left axis Capex*, right axis *12-month rolling Leverage = net debt to capital 4

5 Updated short-term outlook Oil Products Reference margin Q3-to-date average is roughly USD 4.6/bbl, compared to USD 4.5/bbl in Q2 (new) Production Line 4 at the Porvoo refinery to be off-line for 4 weeks in Q4 due to decoking maintenance (unchanged) Full-year 2011 comparable operating profit set to be higher than in 2010 (unchanged) Other Renewable Fuels Q3 is expected to be weaker than Q2 as high unit costs and start-up of the Rotterdam plant will impact results (unchanged) Sales volumes to double in the third quarter, thanks to new customers in Europe (unchanged) Sales volumes will continue to increase in Q4 (new) As a result, Q4 comparable operating profit is expected to improve but will remain negative (new) Retail s performance to be similar to 2010 (unchanged) Fixed costs roughly EUR 650 million and cash investments EUR 300 million in 2011 (unchanged) 5

6 Strategy and vision

7 Neste Oil Strategy Our strategy is unchanged but the vision is sharpened 7

8 Vision: The preferred partner for cleaner traffic fuel solutions Profitable over the cycle Forerunner and quality leader in cleaner traffic fuels Customer s number-one choice Solution provider Fully sustainable value chain Broad feedstock base, maximizing use of waste 8

9 Implementing our vision through coordinated value creation programs Value creation programs 9

10 Our journey of change FROM Cost & Profit Baltic Sea mindset Supplier Product Internal focus Functional Suitable feedstock Technology TO Outperforming the competition Globally local Customer-focused Solution Active partnering Cross-functional collaboration Wider feedstock range Customers & technology 10

11 Roles of Businesses and Production & Logistics Oil Products Maximizing cash flow from refinery products Base Oils Capturing value from a growing premium base oils market Renewable Fuels Generating profitable growth in the renewable fuels market Oil Retail Maximizing cash flow from existing business and leveraging market opportunities for growth and captivity Production & Logistics Improving the efficiency of production and logistics assets 11

12 Our aim is to be number one or the runner-up on our core markets Oil Products 1 on the home markets Base Oils 2 3 in Europe globally in Group III Renewable Fuels 1 in high-quality renewable diesel Oil Retail Finland: Estonia: Latvia: Lithuania: Poland: St Petersburg area: 2 = our current position 12

13 Trends in the business environment World economy Refining margin Economic growth outlook is uncertain but oil prices are likely to remain moderately high Margins are dependent on the global economic development Base oil market Biofuels market Biofuel regulations Biofeedstock Freight market Retail market Demand for premium base oils is expected to match strong supply growth Demand is projected to continue growing High-quality products offer real value for customers Overcapacity in traditional biodiesel Proceeding but some regional delays and uncertainties Current feedstocks will be used in the foreseeable future Prices to stay volatile Alternatives emerging slowly Expected to remain challenging Shift to diesel will continue, growing volumes in NW Russia, market to stay highly competitive 13

14 Our responses to current market challenges World economy Refining margin Base oil market Biofuels market Biofeedstock Freight market Retail market Focus on cash flow Competitive costs Proactive financing and healthy liquidity Higher productivity and focus on the home markets to support the additional margin Globalization of the business Expansion of the customer base and new solutions Active advocacy Maximizing use of waste and sidestreams Hedging possibilities to manage volatility Focused R&D program to develop alternative feedstocks Reduced number of vessels and high fleet utilization Continued focus on efficiency, customer loyalty and network development 14

15 Value creation roadmap Profitability improvement in Oil Retail Base oil growth Ramp-up of Renewable fuels profitability Refinery productivity and utilization Competitive costs, working capital management, investment management 15

16 refining the future

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